When VMPX (BRC-20) launched on the Bitcoin network, it encountered extremely high demand, which significantly disrupted the network. Transaction fees soared to an unprecedented 600 sat/vB, accompanied by nearly 400,000 mint transactions. The disruption resulted in outflows from Binance totaling $4.95 billion.
For the first time in Bitcoins history, revenue from on-chain transactions surpassed that from block rewards for miners. This event effectively demonstrated that miners can have financial incentives even after block rewards diminish, and also highlighted the scalability challenges of Bitcoin's blockchain in accommodating rising demand.
The launch of VMPX (ERC-20) on Ethereum was strategically designed to replicate the conditions seen during its Bitcoin deployment, with a specific focus on monopolizing the entire block space solely for minting the token. VMPX (ERC-20) mirrored the VMPX (BRC-20) mint by aiming to utilize as much block space as possible. As a result, currently 599.9MiB, or 0.2% of the whole ethereum state consists of VMPX(ERC-20) data.
