Fantom: Can rising interest in inscriptions boost the network

Journalist

Posted: December 20, 2023

• Inscription transactions make up over 60% of Fantom transactions.
• The surge in transactions is yet to be reflected in fees.

Fantom [FTM] has recently joined the inscription zone due to a rise in user activity. The rise has resulted in an increased number of inscriptions on the network.

Recent data also showed that it has become the latest Ethereum Virtual Machine (EVM) network to experience a rise in inscriptions.

Fantom inscription transactions on the rise

According to a recent post by Hildobby, Fantom experienced a notable increase in the number of inscription transactions on its network.

A Dune Analytics chart analysis showed a previous low volume of transactions, with a sudden rise observed in hourly inscriptions. The chart showed that the number of inscriptions reached its highest point in the past four days on 19th December.

The chart indicated an hourly inscription volume of 74,017, the highest recorded so far. Also, two transactions of over 70,000 inscriptions per hour were observed before the day concluded. 

Source: Dune Analytics

While the growth in inscription transactions on Fantom was evident, its volume was still low. This was particularly so when compared to other EVM networks highlighted by the Dune Analytics data.

However, it was still significant, representing a good portion of the overall transaction volume.

Inscriptions take half of overall Fantom transactions

As per the Dune Analytics chart, the most recent increase in inscription volume on Fantom had a noticeable effect on the overall transactions.

The chart showed that inscription transactions accounted for nearly 64% of the total transactions on the network.

Additionally, this represented the third-highest percentage of inscription transactions, with Avalanche leading with over 90% in comparison.

Impact on fees

Despite the notable increase in transaction volume and the percentage it represents, inscription transactions are yet to lead to a rise in fees on the Fantom network.

According to data showing the gas spent on inscriptions, the highest hourly fee observed was $21. At the time of this writing, the fee was $2.

How much are 1,10,100 FTMs worth today

Furthermore, a look at the fee trend on DefiLlama showed that the recent increase in inscription transactions has yet to influence fees.

The fee trend displayed a normal pattern, and over the last 24 hours, the recorded fees were less than $2,000.