Polygon Co-Founder Sandeep Nailwal Reports Record 161 Million Inscriptions
Polygon co-founder Sandeep Nailwal recently shared on X that the blockchain has achieved a remarkable milestone, recording over 161 million inscriptions. This achievement places Polygon ahead of competitors like BNB and Avalanche in inscription statistics.
In comparison, BNB secures the second spot with 77 million inscriptions, and Avalanche follows closely with 60 million.
Nailwal emphasized, “Highest number of inscriptions on @0xPolygon POS, 161m. More than 2X the amount of inscriptions on the second-ranked chain for inscriptions.”
Inscriptions on Polygon, similar to Ordinals on Bitcoin, function as data embeds, resembling smart-contract-based ERC20 tokens and NFTs.
Gas Fees Comparison and Critique
Nailwal took the opportunity to critique rivals, especially Avalanche, pointing out that gas fees on Polygon remained below 10 cents. In contrast, he noted that fees on other networks soared to $400 during peak activity when Polygon experienced a peak of 18 million transactions in a single day.
The co-founder likened the surge in gas fees during peak activity to a horror story.
Gas Fee Data and Insights
Data from the DUNE dashboard reveals Avalanche’s substantial gas fees, with the percentage of gas spent on inscriptions highest for Goerli at 91%, followed by Avalanche at 68.5% in the past 24 hours.
Transaction activity on December 19 showed that gas spent on inscriptions on Avalanche exceeded $150,000, while Polygon’s fees were a mere $29.
A tweet from Trader Joe’s co-founder Cryptofishx on X suggested that BEEG minting, a DeFi token on Avalanche, was the cause of the gas fee increase. Cryptofishx stated, “I was thinking we might take weeks to mint out, but looks like we’ll get there much sooner. The sooner, the better, so gas prices can get back to where they originally were.”
Avalanche’s Market Trend and Scalability Solutions
Meanwhile, Token Terminal data indicates an optimistic market trend for Avalanche, with its price exceeding $40 at the time of writing, marking a significant increase across various time frames.
Despite the positive market trends, there is a surge in daily active users and revenue on Avalanche. However, this heightened activity brings about network issues, evident in rising fees and congestion. Consequently, scalability solutions are expected to take the front seat, especially with EVM chains in the future.