- EVM inscriptions on the Polygon network surpass Bitcoin Ordinals according to the latest report.
- Currently, the asset has a bearish market sentiment but an increasing market capitalization.
The past few months have seen inscriptions on the Ethereum Virtual Machine (EVM) gaining traction with the Polygon network leading the charge. This was disclosed by Hildobby, a data analyst at crypto-native venture capital firm Dragonfly. Inscriptions on Polygon accounted for 20 percent of gas spent and 72 percent of the overall transactions.
So far, gas fees spent in inscriptions peaked at $800k, before retreating. Hildobby explained that the PolsMarket has had its inscription “pol” recording the most minters with 100k addresses. For now, Polygon seems to be the favorable destination for most inscriptions.
So how do these work? Much like Ordinals on Bitcoin, those use CBOR metadata that is stored in transactions’ call data. Below is a sample of inscriptions as found in the call data on different chains.
Hildobby Speaks More on Inscriptions on Polygon
According to him, Inscriptions can skew basic metrics including transaction count. This implies that such metrics should be factored in when viewing.
FYI, if you see a TX count spike on some chains, inscriptions are the reason. but they can easily be filtered since call data always starts with data:,{“…Other marketplaces like @evmink exist. Which other projects are built around inscriptions on EVM chains? FYI: Inscriptions go against every EVM design decision, with gas costs being the only benefit, at the expense of indexing, non-compatibility, integration challenges.
Polygon has also had an interesting development in other areas with Polygon Chief Executive Officer (CEO) Sandeep Nailwal disclosing last month that the number of transactions conducted on the network crossed 6 million in just the past 24 hours. Around that time, 806,832 MATIC had been burnt in 24 hours.
Polygon (MATIC) currently has a bearish market sentiment, but has surged by 0.14% in the last 24 hours to trade at $0.817053. This takes its weekly surge to 5% and a market cap of $7,593,851,484.
Market data also shows that the asset has had an incredible surge of 51% in the last 90 days, adding $0.276245 to the previous price. The minimum the asset is expected to go this year is $0.980463. According to predictions, MATIC could finish the year with $1.23 on average, and even proceed to hit $1.47 before December 31.
Bitcoin Ordinals Protocol’s Popularity Raises Concerns
In October, it was reported that Bitcoin Inscriptions have surpassed 35 million since January. The mempool of the digital asset is also reported to have 280,000 transactions unconfirmed. This is the waiting area where transactions temporarily wait before being confirmed by the network.
A larger mempool indicates that there is more traffic on the network. As of yesterday, the mempool usage had a 300 MB threshold and sat at around 1.57 GB. The congestion is said to be the reason for the rising popularity of the Bitcoin Ordinals Protocol. OG Bitcoiner and developer Luke Dashjr have commented on this:
PSA: “Inscriptions” are exploiting a vulnerability in #Bitcoin Core to spam the blockchain. Bitcoin Core has, since 2013, allowed users to set a limit on the size of extra data in transactions they relay or mine (`-datacarriersize`). By obfuscating their data as program code, Inscriptions bypass this limit.
200 days after the inception of Bitcoin Inscription, 1.14 million image-based inscriptions were created.
