Polygon Leads in Inscription Activity on EVM Chains
Polygon, represented by its native token MATIC, has established itself as the forefront leader in inscription activity on Ethereum Virtual Machine (EVM) chains. This information is gleaned from a Dune Analytics dashboard that meticulously tracks and analyzes inscription-related activities across various EVM-compatible chains.
Overview of Inscription Activities
The data reveals that Polygon has witnessed a surge in demand over the past few days, with MATIC experiencing heightened interest. Specifically, the nonfungible token (NFT) collection POLS, launched on the Polygon network in November, has exhibited similar trends to Bitcoin Ordinals, showing increased activity.
The Dune Analytics dashboard monitors inscription-related activities on EVM-compatible chains, including but not limited to Polygon, BNB Chain (BNB), Ethereum (ETH), Avalanche C-Chain (AVAX), Fantom (FTM), zkSync, Arbitrum (ARB), Optimism (OP), Base, Celo, and Gnosis.
Insights from the Data
Among these chains, Polygon stands out with the highest number of actively inscribed collections in the last week, totaling 938. Following closely is the BNB Chain, which recorded 936 inscribed collections during the same period.
Additionally, Polygon accounts for 66.46% of all inscription-related activities on EVM chains within the last week, making it the most active Layer 2 (L2) network in this domain.
The Polygon network boasts over 109 million inscriptions made by more than 133,000 users, surpassing other EVM chains. Fantom comes in second place with 26 million inscriptions from 29,000 users.
Notably, the increased demand for POLS has resulted in Polygon experiencing the highest gas fees spent on inscriptions among EVM chains. According to the Dune Analytics dashboard, Polygon accounts for over 25% of all gas fees spent on inscriptions in the past seven days.
MATIC’s Chaikin Money Flow (CMF)
After a brief period of decline, MATIC’s Chaikin Money Flow (CMF) has rebounded above the zero line. The CMF, which tracks buying and selling pressure, indicates a positive value when it rises above zero, suggesting an influx of funds into the asset.
At the time of this report, MATIC’s CMF has trended upward to 0.08, signifying increased buying pressure and a resurgence in demand for the altcoin.
