-AD-
HomeNewsPolygon's Inscription Revolution: EVM Chains Take Center Stage

Polygon’s Inscription Revolution: EVM Chains Take Center Stage

- Advertisement -
  • Growing Popularity of Inscriptions: Inscriptions on Ethereum Virtual Machine (EVM) chains, particularly on Polygon, have seen a significant rise, accounting for a substantial portion of transactions.
  • Concerns and Challenges: While EVM inscriptions have gained traction, they raise concerns about scalability and compatibility, challenging traditional EVM design principles.

Inscriptions: A New Trend in EVM Chains

The world of blockchain technology is witnessing a notable shift with the rising popularity of inscriptions on Ethereum Virtual Machine (EVM) chains. This trend, especially pronounced on the Polygon network, represents a significant development in blockchain transactions.

Polygon at the Forefront of Inscription Adoption

According to data analyst Hildobby from the crypto-native venture capital firm Dragonfly, inscriptions have recently surged in popularity on the Polygon network. These inscriptions have come to represent a staggering 72% of total transactions on Polygon in the past week. This trend is partly attributed to the influence of POLS Market, a Polygon-focused inscription marketplace.

How Inscriptions Work on EVM Chains

Inscriptions on EVM chains function by embedding small amounts of metadata within the call data of a blockchain transaction. Similar to Bitcoin Ordinals, these inscriptions effectively create smart contract-based non-fungible tokens (NFTs). They offer a unique way to store and represent digital assets on the blockchain.

Rising Popularity and Emerging Concerns

While the concept of EVM chain inscriptions has gained traction, it also brings forth several concerns, particularly regarding the scalability and the broader impact on the blockchain’s ecosystem. Hildobby points out that inscriptions challenge core EVM design decisions, with gas costs being the only apparent benefit. This benefit comes at the expense of indexing challenges, non-compatibility issues, and integration hurdles.

The Impact on Gas Fees and Market Dynamics

Inscriptions have peaked in terms of gas fees, reaching around $800,000 two weeks ago before witnessing a slight retreat. This high level of activity, particularly on the Polygon network, underlines the growing interest and potential impact of inscriptions on the market dynamics of EVM chains.

Conclusion

The emergence of inscriptions on EVM chains, especially on Polygon, marks a significant evolution in blockchain technology. While they offer new possibilities for digital asset representation and transaction, they also raise essential questions about the future scalability and compatibility within the broader blockchain ecosystem. As this trend continues to develop, it will be crucial to address these challenges to fully realize the potential of inscriptions in the evolving landscape of blockchain and cryptocurrency.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Ralf
Ralf
Ralf Klein is a computer engineer specializing in database technology, and as such, he was immediately fascinated by the possibilities of blockchain when he first heard about it, especially since this distributed, tamper-proof technology can be the foundation for much more than just cryptocurrencies. At ETHNews, he translates the articles of his English-speaking colleagues for the German readers. Business Email: info@ethnews.com Phone: +49 160 92211628
RELATED ARTICLES

LATEST ARTICLES