The wind of inscriptions blows towards various major public chains. Is the nationwide frenzy behind blind following or a fair trend?

Blowing Towards Various Major Public Chains The Inscription Wind - Blind Following or Fair Trend?

Author: Nancy, LianGuaiNews

Suddenly, overnight, the wave of Bitcoin engraving has overflowed to major public chains, sparking a frenzy of engraving. Investors are holding the mentality of “it’s better to be wrong than to miss out on the big trend” and are willing to fill up the Gas and quickly grab, which has even caused a Gas War and led to the phenomenon of scientists and proxy platforms colliding with each other.

Amidst the booming engraving ecosystem, this article from LianGuaiNews takes stock of the popular public chain leaders in engraving, let’s take a look at the market performance of these engravings, and whether the trend behind it is breaking through innovation or blindly following the crowd.

Ethscriptions Engravings on Ethereum

In June of this year, Tom Lehman, co-founder and former CEO of Genius.com, launched the first engraving protocol on Ethereum called Ethscriptions. It allows financial and arbitrary data to be written into the Ethereum blockchain main chain. Users can engrave any type of file, as long as the file size does not exceed 96 KB. Shortly after its launch, due to vulnerabilities in V1, Ethscriptions was attacked by hackers, leading to a large number of listed engravings being stolen. The V2 version was subsequently launched, introducing a new protocol for the Ethereum subscription market called ESIP-2.

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Not only that, in the following months, Ethscriptions introduced ESC VM and Dumb Contracts, allowing for low-cost interaction and execution of contracts on Ethereum. They also announced $eths as the official token and continuously proposed upgrade proposals such as ESIP-1, ESIP-4, and ESIP-5 to improve system efficiency and reduce gas fees. They also launched the testnet of DumbSwap, a DEX based on Dumb Contracts. Recently, Orion, a Binance liquidity aggregator, announced the release of the relay Scorpio in the Ethscriptions ecosystem, bridging the gap between Dumb Contracts and smart contracts, bringing traditional Ethereum DApp applications into the Ethereum engraving system. The team plans to introduce a variety of products such as algorithmic stability, liquidity staking, and cross-chain bridges to Ethscriptions in the future.

It can be said that Ethscriptions has been constantly empowering itself with more functionalities and ecosystem.

According to data from Dune, as of November 28th, the number of Ethscriptions engravings has exceeded 2.314 million, with a total of more than 114,000 users and over 257,000 transactions. Judging from the daily active users and the daily increase in engravings, Ethscriptions has been growing at a relatively stable pace since October. In addition, according to ETCH market data, the total transaction volume of eths has exceeded 11,000 ETH, with a total market value of 82.874 million USD.

POLS engravings on Polygon

Compared to Bitcoin and Ethereum, low Gas is the main advantage of Polygon engravings, which has led to a surge in Gas usage. According to Polygonscan data, on November 16th, the number of transactions on Polygon reached a record high of nearly 16.45 million, but has since dropped significantly. Currently, Polygon’s on-chain engraving market, POLS Market, has also been launched and is open for trading.

The first Polygon inscription, pols, is based on the PRC-20 minting protocol, which was also inspired by Ordinals. The total supply is 2,100, making it the first inscription on the EVM chain. The off-chain price of pols has skyrocketed and has even been sold on the second-hand trading platform, Xianyu. According to Dune data, as of November 28th, there are over 83,000 holding addresses for pols, with more than 25 million pols inscriptions minted, including several hundred thousand held by large holders.

According to POLS Market data, as of November 28th, the floor price of pols is 0.69 MATIC, with a total market value of $10.85 million and a total trading volume of over 401,000 MATIC, with over 82,000 holding addresses.

Solana inscriptions on sols and lamp

Solana inscriptions have received support from popular trading platforms such as OKX Web3 Wallet NFT Market and Magic Eden. The first inscription, Sols, is created based on a protocol similar to Ordinals called SPL-20, with a total supply of 21,000. Despite the relatively complex minting process of Sols, it is still very popular. Besides the innovative form of inscriptions engraved on NFTs, it also increases the effectiveness of inscriptions through minting, double-locking, and migration to verification. According to NFT platform Magic Eden data, as of November 28th, Sols ranks first in trading volume, with a floor price of nearly 6.3 SOL (costing 0.1 SOL), a total trading volume of 114,000 SOL, and over 2,900 holding addresses.

Similar to Bitcoin’s Satoshi, Lamport, the smallest unit on Solana, is another hot inscription project that also requires verification for it to take effect, causing website crashes at one point. Worth mentioning is that according to Magic Eden data, as of November 28th, the floor price of Lamp is 0.1 SOL, with a total trading volume of over 12,000 SOL and over 5,400 holding addresses.

The popularity of Solana inscriptions may be directly related to the recent strong surge in SOL prices.

Avalanche inscriptions on aval

The sharp increase in Avalanche transaction volume is closely related to the leading inscription, AVAL, which set a new historical high for daily transaction volume on the C-Chain (responsible for processing smart contracts) with 5.84 million transactions on November 21st, while the average daily transaction volume on Avalanche is around 450,000 transactions.

AVAL is a script based on ASC20, with a total of 21 million in circulation, and has gained support from Ava Labs CEO Emin Gun Sirer. According to Dune data, all the script for Avalanche, AVAL, has been engraved, with over 23,000 holding addresses. However, at the moment, there is no public trading market available for AVAL.

Fantom Fans Script

Due to the impact of script forging activities, FTMScan data shows that gas fees on the Fantom network briefly soared to over 10,000 gwei on November 23. FANS is Fantom’s first script and is referred to by the community as the “first true fan script” on the network, with a total of 21 million in circulation. Dune data shows (based on self-circulation only) that as of November 28, there are 24,000 holding addresses for FANS, and all have been engraved, but the quantity is decreasing.

In addition, there has been a script craze for BNB, Celo, zkSync, Tron, ADA, and others. Based on the above, this script frenzy not only brings significant data growth to various public chains but also allows miners to earn plentiful rewards.

Undeniably, although investors are rushing to “buy in” due to the wealth effect, script forging with characteristics such as “fairness” and “first come, first served” also faces complex regulations for initial offerings, relatively high entry barriers, and the issue of scientists “taking over.” At the same time, some investors have expressed that many scripts attract players to sell by artificially inflating trading volume and price movements. Additionally, the cost of issuing scripts on many public chains is very low, resulting in numerous fake scripts flooding the market. Most of them are speculation-driven and lack actual value. Trying to find valuable targets in the midst of this hype is like playing with fire.

Furthermore, currently, most scripts rely on institutional support, community and meme culture to drive speculative sentiment. Under the repetition of reinventing the wheel, the script market still faces challenges in long-term application narratives, as well as weak infrastructure and a lack of liquidity.

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