In the dynamic realm of blockchain technology, a paradigm shift is underway as Polygon emerges as the indisputable leader in inscription activity across EVM (Ethereum Virtual Machine) chains.
The primary feature of this inscription trend is Polygon’s pivotal function as an Ethereum layer 2 scaling solution. It is clear from the Dune Analytics dashboard that it has become the hub for inscription activity in the EVM ecosystem.
Source: Dune Analytics
This discovery makes it necessary to investigate more closely the elements that have contributed to Polygon’s success in this specific field.
Polygon Inscriptions Thrive Despite Recent Setbacks
Despite a recent decline, inscriptions continue to play a significant role on Polygon, accounting for 76% of all transactions on the chain. Two weeks ago, gas costs spent on inscriptions reached a peak of over $800,000 before leveling off.
The POLS Market, which specializes in polygon-focused inscriptions, is mostly responsible for this activity, according to Hildobby.
Source: Dune Analytics
The data indicates that the inscriptions found on EVM chains are a persistent trend that is attracting the interest of both investors and blockchain aficionados. They are not just a random occurrence.
The spike in gas prices indicates that there is a greater need for inscription transactions and the smart contract interactions that go along with them. This emphasizes the growing value of blockchain-based services and decentralized apps (DApps).
1/ Inscriptions have gained traction on EVM chains over the past month, most notably on Polygon where they account for 20% of gas spent & 72% of transactions 📝
more below pic.twitter.com/1s78sUqyik
— hildobby (@hildobby_) December 6, 2023
The astounding numbers that the inscription craze has amassed on the network attest to its stratospheric ascent. A growing user base of more than 133,000 people has contributed to this phenomena by actively creating an astounding 109 million inscriptions on the Polygon network.
MATIC market cap currently at $7.99 billion. Chart: TradingView.com
With this widespread involvement, Polygon has solidified its position as the leader of EVM chains and demonstrated its unparalleled power in this emerging market.
Fantom, the second-ranking entity in the EVM chain, has a far smaller number of inscriptions—26 million—than its competitors. The large disparity in inscription volumes between Polygon and Fantom highlights the exceptional momentum that Polygon has acquired following the inscription frenzy.
This spike in inscriptions has an influence that goes beyond the numbers. According to recent data, inscriptions have accounted for roughly 69% of all transactions on the Polygon network over the last week.
MATIC seven-day price action. Source: CoinMarketCap
This statistical domination highlights how inscriptions have fundamentally changed the transactional landscape of the network and indicates a shift in user behavior toward more intensive engagement with inscription-related activities.
At the time of writing, Polygon’s native token MATIC was trading at $ 0.86, up 5.79% in the last 24 hours and tallied an impressive 10.4% rally in the last week, data from CoinMarketCap shows.
Featured image from Shutterstock