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Blockchain Commission Rates Soared Over The Weekend! Meme Coin, NFT, and inscription frenzy continue, blockchain network transaction fees increased over the weekend.
Recently, Avalanche, zkSync Era, BNB Chain, and usage rates on various blockchain networks have seen a significant increase and continue to rise.
One example of this crazy increase was the Avalanche network because it was the network that consumed the most gas with more than 5.6 million dollars spent on gas that day alone. Then, Arbitrum One ranked second with $2.1 million spent on inscriptions.
EVM inscriptions are located on the chain along with information embedded in transaction call data to create unique non-replaceable tokens (NFTs), which shows us that diversification in the crypto ecosystem is increasing.
According to research, this increase in Bitcoin transaction fees and the difficulty of using the network for its intended purpose made peer-to-peer digital money transfer difficult for many users. The Bitcoin network also saw an increase in inscriptions over the weekend, which increased block space demand and transaction fees. According to some data, there are still unconfirmed transactions on various networks.