Avalanche gets the 'Ordinals' bump, sets new transaction record


21 Nov 2023 9:51 AM

Avalanche has been inundated with transactions for inscriptions, similar to the Ordinals that already hit Bitcoin, Litecoin and Dogecoin....

  • Avalanche has experienced a surge in transactions for inscriptions, similar to Bitcoin Ordinals.
  • The transaction count on Avalanche's C-Chain has reached new all-time highs, with an estimated 2.3 million transactions per day.
  • ASC-20 tokens on Avalanche use inscription to store information on-chain at a reduced cost compared to ERC-20 tokens.
  • The surge in ASC-20s has led to increased transaction speeds on the Avalanche Primary Network.
  • Average gas price for ASC-20 transactions is around 80 nAVAX, resulting in an average cost of $0.05 per transaction.
  • Over 6.8 million transactions have interacted with ASC-20 tokens so far.
  • There are no specialized marketplaces for ARC-20s yet, and the number of individual users responsible for the transactions is unclear.
  • Despite the increase in transaction volume, daily average transaction fees and unique active addresses remain unchanged.
  • Other networks like Polygon and Litecoin have also seen activity spikes due to inscription minting.

The article highlights the significant increase in transactions on Avalanche due to the use of ASC-20 tokens for inscriptions. It also mentions the potential benefits of this technology in terms of reduced costs and increased transaction speeds. However, it also notes the lack of specialized marketplaces for ARC-20s and the unclear number of individual users involved.

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You May Ask

What are ASC-20 tokens and how do they differ from ERC-20 tokens?How many transactions per second can the Avalanche Primary Network handle during moments of high activity?What is the average cost of an ASC-20 transaction on Avalanche?Are there any specialized marketplaces for ARC-20 tokens currently available?How have daily average transaction fees and unique active addresses on Avalanche been affected by the surge in transactions?

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