if you don't know what's going on right now with the fee situation it's probably because you don't know anything about XEN or BRC-20
they're both essentially doing the same thing
BRC-20 is issuing tokens on bitcoin in tiny batches via ordinal inscriptions (lots of different tickers)
XEN is a specific ERC-20 that is issued on ETH and other EVM chains. it is minted for free by wasting gas.
both are essentially "you get a shitcoin if you waste blockchain capacity/burn fees"-schemes
on top days, XEN has been responsible for ~750 ETH burn/day. if you take that in comparison to what the burn rate is on average (~2400 ETH/day since the merge), XEN peaks at ~30% of the total gas burn
BRC-20-related transactions on Bitcoin just exceeded 50%. they're also responsible for ~30% of the total btc fee expenditure right now
there are other chains that have it much worse. moonbeam (EVM chain) state is growing *500x* faster over the last couple of days due to XEN minting (2nd screenshot)
market dynamics dictate that people will keep issuing these coins as long as issuing them is cheaper than what the shitcoin is worth. shitcoin demand thus dictates how big the capacity burn is.
there is no trivial way to stop this. the way you limit "bloat" is by setting block size / gas limits at the consensus level
that someone is using your blockspace should never come as a surprise to you or have any negative impact on the syncability of the chain or the resource requirements of running a node--that's what the consensus limits are for!
what these "abnormalities" can do however, is cause fee levels to rise and give us a tiny hint into the very natural challenges of scalability that we're eventually going to have to face anyway if we want mainstream adoption
they push us to make sure we have L2 solutions in place and wallet infrastructure that can accommodate it. it's a stress test. it's good and you should stop crying about it.
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Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
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