The EOS EVM chain, a smart contract platform compatible with the Ethereum Virtual Machine (EVM), experienced a sudden increase in transactions today.
According to blockchain data provider Bitquery, the number of transactions on the EOS EVM chain has reached over 1 million, a record high for the network.
The increase in transactions was driven by the activities of the first inscription, a decentralized application (DApp) that allows users to write messages to the EOS EVM chain. The feature in question was launched on Friday, December 8, 2023 and attracted great attention from users who wanted to leave their mark on the blockchain.
Similarly, the Bitcoin blockchain is experiencing major network congestion due to inscriptions, and transaction fees have risen to their highest levels in recent months. Inscriptions are offered as a way to store arbitrary data such as images, text, audio, and even applications on the blockchain. NFTs can be created by connecting this data to a single satoshi in the BTC network.
However, high volumes of transactions have put extreme strain on the EOS EVM chain, which was virtually unused before. The network faced congestion and delays as transactions exceeded the capacity of the chain. Some users reported that their transactions were stuck or failed, while others complained about the high fees required to process their transactions.
*This is not investment advice.