What Blockchain Inscriptions Mean for Gas Fees and Transactions

Table of Links Abstract and 1. Introduction 1.1 Research Questions and Contributions Related Work Background Inscriptions and ordinals 4.1 Operation Types 4.2 Comparison with NFTs and ERC-20s Data Collection Empirical Analysis and 6.1 Overall Transactions 6.2 Inscriptions Characterization 6.3 Inscription Trading 6.4 Impact on Gas Fees Discussion Conclusion and References 8 Conclusion The inscriptions boom between December 2023 and January 2024 was the first real-life stress test for various EVM-compatible blockchains. Our study of Ethereum, Arbitrum, Base, Optimism, and zkSync Era during this period revealed stark differences between L1 and L2 blockchains and among rollups. First, we observed that, on specific peak days, transactions related to inscriptions accounted for more than 89% on Arbitrum, more than 88% on zkSync Era, over 53% on Ethereum, and almost 35% on Optimism and Base. The surge in on-chain inscriptions overwhelmed some rollups, causing them to be unprepared for the increased transaction volume. This resulted in downtimes and delays in transaction processing. We further found that 99% of these inscription transactions across all examined blockchains were driven by the claim or minting of inscription-based meme-coins, followed by a modest amount of trading activity, mostly associated with listing operations on marketplaces. All chains show a dominant token that encompasses more than 70% of all inscription transactions. Interestingly, token variability is greater in Ethereum. Even though trading of these inscription tokens is limited, we still find some interesting activity. When we look at trading values of the two top tokens on zkSync Era, we see that they range between $0.1 and $0.8. These trades typically occur in batches of 4 or 5 tokens, thus offering minimal compensation to the seller to cover the gas fees required for minting and listing the inscriptions. This explains in part the interest of inscription traders in moving to cheaper chains as the feasibility of trading inscriptions at such low prices is due to the low gas fees on rollups. Looking at the impact of encryption on gas fees, we concluded that gas fees on rollups either remained stable or decreased during the transaction volume peak. Particularly, the median transaction fee remained the same on Base and Optimism, and decreased on Arbitrum and zkSync Era. On the other hand, Ethereum experienced a rise in fees, which is not surprising. Unlike L1 blockchains, rollups are designed to offer lower gas fees as transaction counts increase, due to their ability to compress multiple L2 transactions into a single batch on the L1 network zkSync Era was particularly efficient in reducing gas fees during the inscriptions boom. ZK rollups, like zkSync Era, spread the cost of generating validity proofs across many transactions. In addition, they only need to post state changes and commitments in the L1 blockchain instead of the full transaction data, further allowing cost sharing in times of high transaction volume. for This results in lower costs per transaction with higher volumes, as observed on specific dates for zkSync Era. Inscriptions, initially proposed as a workaround for the lack of virtual machines on the Bitcoin blockchain, proved their applicability in EVM blockchains. Nevertheless, the introduction of temporary data storage on Ethereum — blobs — and rollups’ dependence on them — puts the security and longevity of blob- and rollup-based inscription into question. In fact, following an 18-day interval, BlobScriptions are no longer available on the Ethereum blockchain and are solely maintained in the creator protocol’s indexer, which is external to the blockchain. Likewise, rollups are not obligated to retain (beyond blobs) the transaction input data utilized by rollup-based inscriptions, which brings up concerns regarding the ownership of these inscriptions in the long-run. The future of inscriptions as a stable market for token trading in EVM-chains is still not cemented. The questions about data availability, the still limited trading volume, and the UI challenges of interacting with inscriptions highlight how nascent the market still is. It is nevertheless an interesting trend and a lot of innovation can still occur to turn the space into a more mature one. References Dune Dashboard - EVM Inscriptions, 2024. URL: https://dune.com/hildobby/ inscriptions. Ethereum Roadmap, 3 2024. URL: https://ethereum.org/en/roadmap/. Hayden Adams, Noah Zinsmeister, Moody Salem, River Keefer, and Dan Robinson. Uniswap v3 core, 2021. Abhinav Anand and Jalaj Pathak. The role of reddit in the gamestop short squeeze. Economics Letters, 211:110249, 2022. Jannis Angelis and Elias Ribeiro Da Silva. Blockchain adoption: A value driver perspective. Business Horizons, 62(3):307–314, 2019. Anonymous. Brc-20 experiment. 2023. URL: https://domo-2.gitbook.io/brc-20- experiment/. Louis Bertucci. Bitcoin ordinals: Determinants and impact on total transaction fees. Available at SSRN 4486127, 2023. BigInt. BigInt. hhttps://bigint.co/inscriptions, 2024. Accessed on May 22, 2024. Binance. Binance NFT Marketplace to Support Bitcoin NFTs. https://www.binance.com/en/ blog/nft/binance-nft-marketplace-to-support-bitcoin-nfts-4250480174684233711, 2024. Accessed on May 22, 2024. Corwin Smith. ERC-20 Token Standard. https://ethereum.org/en/developers/docs/ standards/tokens/erc-20, 2024. Accessed on May 22, 2024. Corwin Smith. ERC-721 Non-Fungible Token Standard. https://ethereum.org/en/ developers/docs/standards/tokens/erc-721, 2024. Accessed on May 22, 2024. Philip Daian, Steven Goldfeder, Tyler Kell, Yunqi Li, Xueyuan Zhao, Iddo Bentov, Lorenz Breidenbach, and Ari Juels. Flash boys 2.0: Frontrunning in decentralized exchanges, miner extractable value, and consensus instability. In 2020 IEEE Symposium on Security and Privacy (SP), 2020. Ethereum Foundation. Non-fungible tokens (NFT). https://ethereum.org/en/nft, 2023. Accessed on April 15, 2024. Ankit Gangwal, Haripriya Ravali Gangavalli, and Apoorva Thirupathi. A survey of layer-two blockchain protocols. 2022. arXiv:2204.08032. Samuel Haig. Mantle’s Throughput Peaks At 200 TPS As Inscriptions Expand Across Layer 2s. https://thedefiant.io/news/defi/mantle-s-throughput-peaks-at-200-tpsas-inscriptions-expand-across-layer-2s, 2024. Accessed on May 23, 2024. Insacribe. Incentivized mainnet. https://inscribe.app/app, 2024. Accessed on May 22, 2024. Protocol Labs. Ipfs powers the distributed web. https://ipfs.tech, 2024. Accessed on May 22, 2024. Robert Leshner and Geoffrey Hayes. Compound: The money market protocol, 2019. Ningran Li, Minfeng Qi, Qin Wang, and Shiping Chen. Bitcoin Inscriptions: Foundations and Beyond, January 2024. arXiv:2401.17581 [cs]. URL: http://arxiv.org/abs/2401.17581, doi:10.48550/arXiv.2401.17581. MakerDAO. Governance Module – Maker Protocol Technical Docs. https://docs.makerdao. com/smart-contract-modules/governance-module, 2023. Accessed on April 2, 2023. Johnnatan Messias, Vabuk Pahari, Balakrishnan Chandrasekaran, Krishna P Gummadi, and Patrick Loiseau. Understanding blockchain governance: Analyzing decentralized voting to amend DeFi smart contracts. arXiv preprint arXiv:2305.17655, 2023. Johnnatan Messias, Aviv Yaish, and Benjamin Livshits. Airdrops: Giving money away is harder than it seems. arXiv preprint arXiv:2312.02752, 2023. Satoshi Nakamoto. Bitcoin: A Peer-to-Peer Electronic Cash System, 2008. Nansen. Nansen Query: Empowering Crypto Teams With In-Depth Blockchain Data. https: //www.nansen.ai/query, 2024. Accessed on May 22, 2024. Seongwan Park, Bosul Mun, Seungyun Lee, Woojin Jeong, Jaewook Lee, Hyeonsang Eom, and Huisu Jang. Impact of EIP-4844 on Ethereum: Consensus Security, Ethereum Usage, Rollup Transaction Dynamics, and Blob Gas Fee Markets, May 2024. arXiv:2405.03183 [cs, math]. URL: http://arxiv.org/abs/2405.03183, doi:10.48550/arXiv.2405.03183. Daniel Perez, Sam M Werner, Jiahua Xu, and Benjamin Livshits. Liquidations: Defi on a knife-edge. In Financial Cryptography and Data Security, 2021. Kyleen W Prewett, Gregory L Prescott, and Kirk Phillips. Blockchain adoption is inevitable—barriers and risks remain. Journal of Corporate accounting & finance, 31(2):21–28, 2020. Provenance. Blockchain: the solution for transparency in product supply chains. https: //www.provenance.org/whitepaper, November 2015. Kaihua Qin, Liyi Zhou, Benjamin Livshits, and Arthur Gervais. Attacking the DeFi Ecosystem with Flash Loans for Fun and Profit. In Financial Cryptography and Data Security, 2021. Robert Hackett. Walmart and 9 Food Giants Team Up on IBM Blockchain Plans. http:// fortune.com/2017/08/22/walmart-blockchain-ibm-food-nestle-unilever-tyson-dole, August 2017. Cosimo Sguanci, Roberto Spatafora, and Andrea Mario Vergani. Layer 2 blockchain scaling: A survey. arXiv preprint arXiv:2107.10881, 2021. Shivam Sharm. BRC-20 Tokens: A Primer. https://www.binance.com/en/research/ analysis/brc-20-tokens-a-primer, 2023. Accessed on Jan 15, 2023. Tom Blackstone. Arbitrum network went offline for 78 minutes because of inscriptions. https:// cointelegraph.com/news/arbitrum-network-goes-offline-december-15, 2023. Accessed on Jan 15, 2023. Evangelos Vasileiou, Eleftheria Bartzou, and Polydoros Tzanakis. Explaining gamestop short squeeze using intraday data and google searches. forthcoming in the Journal of Prediction Markets, 2021. Qin Wang, Rujia Li, Qi Wang, and Shiping Chen. Non-fungible token (NFT): Overview, evaluation, opportunities and challenges. arXiv preprint arXiv:2105.07447, 2021. Qin Wang and Guangsheng Yu. Brc-20: Hope or hype. arXiv preprint arXiv:2310.10652, 2023. Qin Wang and Guangsheng Yu. Understanding brc-20: Hope or hype. Available at SSRN 4590451, 2023. Jan Werth, Mohammad Hajian Berenjestanaki, Hamid R Barzegar, Nabil El Ioini, and Claus Pahl. A review of blockchain platforms based on the scalability, security and decentralization trilemma. ICEIS (1), pages 146–155, 2023. Gavin Wood. Ethereum: A secure decentralised generalised transaction ledger, 2014. Jiahua Xu, Krzysztof Paruch, Simon Cousaert, and Yebo Feng. Sok: Decentralized exchanges (dex) with automated market maker (amm) protocols. ACM Computing Surveys, 55(11):1–50, 2023. Bennet Yee, Dawn Song, Patrick McCorry, and Chris Buckland. Shades of Finality and Layer 2 Scaling. 2022. arXiv:2201.07920. Guangsheng Yu and Qin Wang. Bridging brc-20 to ethereum. arXiv preprint arXiv:2310.10065, 2023. Xiaolong Zheng, Hu Tian, Zhe Wan, Xiao Wang, Daniel Dajun Zeng, and Fei-Yue Wang. Game starts at gamestop: Characterizing the collective behaviors and social dynamics in the short squeeze episode. IEEE Transactions on Computational Social Systems, 9(1):45–58, 2021. ZKS Market. A Tool To Inscribe zrc-20. https://zksmarket.ink, 2024. Accessed on May 22, 2024. Authors: (1) Johnnatan Messias, Matter Labs; (2) Krzysztof Gogol, Matter Labs, University of Zurich; (3) Maria Inês, Silva Matter Labs; (4) Benjamin Livshits, Matter Labs, Imperial College London. This paper is available on arxiv under CC BY 4.0 DEED license. Table of Links Abstract and 1. Introduction Abstract and 1. Introduction 1.1 Research Questions and Contributions 1.1 Research Questions and Contributions Related Work Background Inscriptions and ordinals 4.1 Operation Types 4.2 Comparison with NFTs and ERC-20s Data Collection Empirical Analysis and 6.1 Overall Transactions 6.2 Inscriptions Characterization 6.3 Inscription Trading 6.4 Impact on Gas Fees Discussion Conclusion and References Related Work Related Work Related Work Background Background Background Inscriptions and ordinals 4.1 Operation Types 4.2 Comparison with NFTs and ERC-20s Inscriptions and ordinals Inscriptions and ordinals 4.1 Operation Types 4.1 Operation Types 4.2 Comparison with NFTs and ERC-20s 4.2 Comparison with NFTs and ERC-20s Data Collection Data Collection Data Collection Empirical Analysis and 6.1 Overall Transactions 6.2 Inscriptions Characterization 6.3 Inscription Trading 6.4 Impact on Gas Fees Empirical Analysis and 6.1 Overall Transactions Empirical Analysis and 6.1 Overall Transactions 6.2 Inscriptions Characterization 6.2 Inscriptions Characterization 6.3 Inscription Trading 6.3 Inscription Trading 6.4 Impact on Gas Fees 6.4 Impact on Gas Fees Discussion Discussion Discussion Conclusion and References Conclusion and References Conclusion and References 8 Conclusion The inscriptions boom between December 2023 and January 2024 was the first real-life stress test for various EVM-compatible blockchains. Our study of Ethereum, Arbitrum, Base, Optimism, and zkSync Era during this period revealed stark differences between L1 and L2 blockchains and among rollups. First, we observed that, on specific peak days, transactions related to inscriptions accounted for more than 89% on Arbitrum, more than 88% on zkSync Era, over 53% on Ethereum, and almost 35% on Optimism and Base. The surge in on-chain inscriptions overwhelmed some rollups, causing them to be unprepared for the increased transaction volume. This resulted in downtimes and delays in transaction processing. We further found that 99% of these inscription transactions across all examined blockchains were driven by the claim or minting of inscription-based meme-coins, followed by a modest amount of trading activity, mostly associated with listing operations on marketplaces. All chains show a dominant token that encompasses more than 70% of all inscription transactions. Interestingly, token variability is greater in Ethereum. Even though trading of these inscription tokens is limited, we still find some interesting activity. When we look at trading values of the two top tokens on zkSync Era, we see that they range between $0.1 and $0.8. These trades typically occur in batches of 4 or 5 tokens, thus offering minimal compensation to the seller to cover the gas fees required for minting and listing the inscriptions. This explains in part the interest of inscription traders in moving to cheaper chains as the feasibility of trading inscriptions at such low prices is due to the low gas fees on rollups. Looking at the impact of encryption on gas fees, we concluded that gas fees on rollups either remained stable or decreased during the transaction volume peak. Particularly, the median transaction fee remained the same on Base and Optimism, and decreased on Arbitrum and zkSync Era. On the other hand, Ethereum experienced a rise in fees, which is not surprising. Unlike L1 blockchains, rollups are designed to offer lower gas fees as transaction counts increase, due to their ability to compress multiple L2 transactions into a single batch on the L1 network zkSync Era was particularly efficient in reducing gas fees during the inscriptions boom. ZK rollups, like zkSync Era, spread the cost of generating validity proofs across many transactions. In addition, they only need to post state changes and commitments in the L1 blockchain instead of the full transaction data, further allowing cost sharing in times of high transaction volume. for This results in lower costs per transaction with higher volumes, as observed on specific dates for zkSync Era. Inscriptions, initially proposed as a workaround for the lack of virtual machines on the Bitcoin blockchain, proved their applicability in EVM blockchains. Nevertheless, the introduction of temporary data storage on Ethereum — blobs — and rollups’ dependence on them — puts the security and longevity of blob- and rollup-based inscription into question. In fact, following an 18-day interval, BlobScriptions are no longer available on the Ethereum blockchain and are solely maintained in the creator protocol’s indexer, which is external to the blockchain. Likewise, rollups are not obligated to retain (beyond blobs) the transaction input data utilized by rollup-based inscriptions, which brings up concerns regarding the ownership of these inscriptions in the long-run. The future of inscriptions as a stable market for token trading in EVM-chains is still not cemented. The questions about data availability, the still limited trading volume, and the UI challenges of interacting with inscriptions highlight how nascent the market still is. It is nevertheless an interesting trend and a lot of innovation can still occur to turn the space into a more mature one. References Dune Dashboard - EVM Inscriptions, 2024. URL: https://dune.com/hildobby/ inscriptions. Ethereum Roadmap, 3 2024. URL: https://ethereum.org/en/roadmap/. Hayden Adams, Noah Zinsmeister, Moody Salem, River Keefer, and Dan Robinson. Uniswap v3 core, 2021. Abhinav Anand and Jalaj Pathak. The role of reddit in the gamestop short squeeze. Economics Letters, 211:110249, 2022. Jannis Angelis and Elias Ribeiro Da Silva. Blockchain adoption: A value driver perspective. Business Horizons, 62(3):307–314, 2019. Anonymous. Brc-20 experiment. 2023. URL: https://domo-2.gitbook.io/brc-20- experiment/. Louis Bertucci. Bitcoin ordinals: Determinants and impact on total transaction fees. Available at SSRN 4486127, 2023. BigInt. BigInt. hhttps://bigint.co/inscriptions, 2024. Accessed on May 22, 2024. Binance. Binance NFT Marketplace to Support Bitcoin NFTs. https://www.binance.com/en/ blog/nft/binance-nft-marketplace-to-support-bitcoin-nfts-4250480174684233711, 2024. Accessed on May 22, 2024. Corwin Smith. ERC-20 Token Standard. https://ethereum.org/en/developers/docs/ standards/tokens/erc-20, 2024. Accessed on May 22, 2024. Corwin Smith. ERC-721 Non-Fungible Token Standard. https://ethereum.org/en/ developers/docs/standards/tokens/erc-721, 2024. Accessed on May 22, 2024. Philip Daian, Steven Goldfeder, Tyler Kell, Yunqi Li, Xueyuan Zhao, Iddo Bentov, Lorenz Breidenbach, and Ari Juels. Flash boys 2.0: Frontrunning in decentralized exchanges, miner extractable value, and consensus instability. In 2020 IEEE Symposium on Security and Privacy (SP), 2020. Ethereum Foundation. Non-fungible tokens (NFT). https://ethereum.org/en/nft, 2023. Accessed on April 15, 2024. Ankit Gangwal, Haripriya Ravali Gangavalli, and Apoorva Thirupathi. A survey of layer-two blockchain protocols. 2022. arXiv:2204.08032. Samuel Haig. Mantle’s Throughput Peaks At 200 TPS As Inscriptions Expand Across Layer 2s. https://thedefiant.io/news/defi/mantle-s-throughput-peaks-at-200-tpsas-inscriptions-expand-across-layer-2s, 2024. Accessed on May 23, 2024. Insacribe. Incentivized mainnet. https://inscribe.app/app, 2024. Accessed on May 22, 2024. Protocol Labs. Ipfs powers the distributed web. https://ipfs.tech, 2024. Accessed on May 22, 2024. Robert Leshner and Geoffrey Hayes. Compound: The money market protocol, 2019. Ningran Li, Minfeng Qi, Qin Wang, and Shiping Chen. Bitcoin Inscriptions: Foundations and Beyond, January 2024. arXiv:2401.17581 [cs]. URL: http://arxiv.org/abs/2401.17581, doi:10.48550/arXiv.2401.17581. MakerDAO. Governance Module – Maker Protocol Technical Docs. https://docs.makerdao. com/smart-contract-modules/governance-module, 2023. Accessed on April 2, 2023. Johnnatan Messias, Vabuk Pahari, Balakrishnan Chandrasekaran, Krishna P Gummadi, and Patrick Loiseau. Understanding blockchain governance: Analyzing decentralized voting to amend DeFi smart contracts. arXiv preprint arXiv:2305.17655, 2023. Johnnatan Messias, Aviv Yaish, and Benjamin Livshits. Airdrops: Giving money away is harder than it seems. arXiv preprint arXiv:2312.02752, 2023. Satoshi Nakamoto. Bitcoin: A Peer-to-Peer Electronic Cash System, 2008. Nansen. Nansen Query: Empowering Crypto Teams With In-Depth Blockchain Data. https: //www.nansen.ai/query, 2024. Accessed on May 22, 2024. Seongwan Park, Bosul Mun, Seungyun Lee, Woojin Jeong, Jaewook Lee, Hyeonsang Eom, and Huisu Jang. Impact of EIP-4844 on Ethereum: Consensus Security, Ethereum Usage, Rollup Transaction Dynamics, and Blob Gas Fee Markets, May 2024. arXiv:2405.03183 [cs, math]. URL: http://arxiv.org/abs/2405.03183, doi:10.48550/arXiv.2405.03183. Daniel Perez, Sam M Werner, Jiahua Xu, and Benjamin Livshits. Liquidations: Defi on a knife-edge. In Financial Cryptography and Data Security, 2021. Kyleen W Prewett, Gregory L Prescott, and Kirk Phillips. Blockchain adoption is inevitable—barriers and risks remain. Journal of Corporate accounting & finance, 31(2):21–28, 2020. Provenance. Blockchain: the solution for transparency in product supply chains. https: //www.provenance.org/whitepaper, November 2015. Kaihua Qin, Liyi Zhou, Benjamin Livshits, and Arthur Gervais. Attacking the DeFi Ecosystem with Flash Loans for Fun and Profit. In Financial Cryptography and Data Security, 2021. Robert Hackett. Walmart and 9 Food Giants Team Up on IBM Blockchain Plans. http:// fortune.com/2017/08/22/walmart-blockchain-ibm-food-nestle-unilever-tyson-dole, August 2017. Cosimo Sguanci, Roberto Spatafora, and Andrea Mario Vergani. Layer 2 blockchain scaling: A survey. arXiv preprint arXiv:2107.10881, 2021. Shivam Sharm. BRC-20 Tokens: A Primer. https://www.binance.com/en/research/ analysis/brc-20-tokens-a-primer, 2023. Accessed on Jan 15, 2023. Tom Blackstone. Arbitrum network went offline for 78 minutes because of inscriptions. https:// cointelegraph.com/news/arbitrum-network-goes-offline-december-15, 2023. Accessed on Jan 15, 2023. Evangelos Vasileiou, Eleftheria Bartzou, and Polydoros Tzanakis. Explaining gamestop short squeeze using intraday data and google searches. forthcoming in the Journal of Prediction Markets, 2021. Qin Wang, Rujia Li, Qi Wang, and Shiping Chen. Non-fungible token (NFT): Overview, evaluation, opportunities and challenges. arXiv preprint arXiv:2105.07447, 2021. Qin Wang and Guangsheng Yu. Brc-20: Hope or hype. arXiv preprint arXiv:2310.10652, 2023. Qin Wang and Guangsheng Yu. Understanding brc-20: Hope or hype. Available at SSRN 4590451, 2023. Jan Werth, Mohammad Hajian Berenjestanaki, Hamid R Barzegar, Nabil El Ioini, and Claus Pahl. A review of blockchain platforms based on the scalability, security and decentralization trilemma. ICEIS (1), pages 146–155, 2023. Gavin Wood. Ethereum: A secure decentralised generalised transaction ledger, 2014. Jiahua Xu, Krzysztof Paruch, Simon Cousaert, and Yebo Feng. Sok: Decentralized exchanges (dex) with automated market maker (amm) protocols. ACM Computing Surveys, 55(11):1–50, 2023. Bennet Yee, Dawn Song, Patrick McCorry, and Chris Buckland. Shades of Finality and Layer 2 Scaling. 2022. arXiv:2201.07920. Guangsheng Yu and Qin Wang. Bridging brc-20 to ethereum. arXiv preprint arXiv:2310.10065, 2023. Xiaolong Zheng, Hu Tian, Zhe Wan, Xiao Wang, Daniel Dajun Zeng, and Fei-Yue Wang. Game starts at gamestop: Characterizing the collective behaviors and social dynamics in the short squeeze episode. IEEE Transactions on Computational Social Systems, 9(1):45–58, 2021. ZKS Market. A Tool To Inscribe zrc-20. https://zksmarket.ink, 2024. Accessed on May 22, 2024. Dune Dashboard - EVM Inscriptions, 2024. URL: https://dune.com/hildobby/ inscriptions. Dune Dashboard - EVM Inscriptions, 2024. URL: https://dune.com/hildobby/ inscriptions. https://dune.com/hildobby/ Ethereum Roadmap, 3 2024. URL: https://ethereum.org/en/roadmap/. Ethereum Roadmap, 3 2024. URL: https://ethereum.org/en/roadmap/ . https://ethereum.org/en/roadmap/ Hayden Adams, Noah Zinsmeister, Moody Salem, River Keefer, and Dan Robinson. Uniswap v3 core, 2021. Hayden Adams, Noah Zinsmeister, Moody Salem, River Keefer, and Dan Robinson. Uniswap v3 core, 2021. Abhinav Anand and Jalaj Pathak. The role of reddit in the gamestop short squeeze. Economics Letters, 211:110249, 2022. Abhinav Anand and Jalaj Pathak. The role of reddit in the gamestop short squeeze. Economics Letters, 211:110249, 2022. Jannis Angelis and Elias Ribeiro Da Silva. Blockchain adoption: A value driver perspective. Business Horizons, 62(3):307–314, 2019. Jannis Angelis and Elias Ribeiro Da Silva. Blockchain adoption: A value driver perspective. Business Horizons, 62(3):307–314, 2019. Anonymous. Brc-20 experiment. 2023. URL: https://domo-2.gitbook.io/brc-20- experiment/. Anonymous. Brc-20 experiment. 2023. URL: https://domo-2.gitbook.io/brc-20- experiment/. https://domo-2.gitbook.io/brc-20- Louis Bertucci. Bitcoin ordinals: Determinants and impact on total transaction fees. Available at SSRN 4486127, 2023. Louis Bertucci. Bitcoin ordinals: Determinants and impact on total transaction fees. Available at SSRN 4486127, 2023. BigInt. BigInt. hhttps://bigint.co/inscriptions, 2024. Accessed on May 22, 2024. BigInt. BigInt. hhttps://bigint.co/inscriptions, 2024. Accessed on May 22, 2024. Binance. Binance NFT Marketplace to Support Bitcoin NFTs. https://www.binance.com/en/ blog/nft/binance-nft-marketplace-to-support-bitcoin-nfts-4250480174684233711, 2024. Accessed on May 22, 2024. Binance. Binance NFT Marketplace to Support Bitcoin NFTs. https://www.binance.com/en/ blog/nft/binance-nft-marketplace-to-support-bitcoin-nfts-4250480174684233711, 2024. Accessed on May 22, 2024. https://www.binance.com/en/ Corwin Smith. ERC-20 Token Standard. https://ethereum.org/en/developers/docs/ standards/tokens/erc-20, 2024. Accessed on May 22, 2024. Corwin Smith. ERC-20 Token Standard. https://ethereum.org/en/developers/docs/ standards/tokens/erc-20, 2024. Accessed on May 22, 2024. https://ethereum.org/en/developers/docs/ Corwin Smith. ERC-721 Non-Fungible Token Standard. https://ethereum.org/en/ developers/docs/standards/tokens/erc-721, 2024. Accessed on May 22, 2024. Corwin Smith. ERC-721 Non-Fungible Token Standard. https://ethereum.org/en/ developers/docs/standards/tokens/erc-721, 2024. Accessed on May 22, 2024. https://ethereum.org/en/ Philip Daian, Steven Goldfeder, Tyler Kell, Yunqi Li, Xueyuan Zhao, Iddo Bentov, Lorenz Breidenbach, and Ari Juels. Flash boys 2.0: Frontrunning in decentralized exchanges, miner extractable value, and consensus instability. In 2020 IEEE Symposium on Security and Privacy (SP), 2020. Philip Daian, Steven Goldfeder, Tyler Kell, Yunqi Li, Xueyuan Zhao, Iddo Bentov, Lorenz Breidenbach, and Ari Juels. Flash boys 2.0: Frontrunning in decentralized exchanges, miner extractable value, and consensus instability. In 2020 IEEE Symposium on Security and Privacy (SP), 2020. Ethereum Foundation. Non-fungible tokens (NFT). https://ethereum.org/en/nft, 2023. Accessed on April 15, 2024. Ethereum Foundation. Non-fungible tokens (NFT). https://ethereum.org/en/nft , 2023. Accessed on April 15, 2024. https://ethereum.org/en/nft Ankit Gangwal, Haripriya Ravali Gangavalli, and Apoorva Thirupathi. A survey of layer-two blockchain protocols. 2022. arXiv:2204.08032. Ankit Gangwal, Haripriya Ravali Gangavalli, and Apoorva Thirupathi. A survey of layer-two blockchain protocols. 2022. arXiv:2204.08032. Samuel Haig. 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