FacebookTwitterLinkedInTelegramCopy LinkEmail

Avalanche Records Almost $14M in 5-Day Inscription Fees

Avalanche Records Almost $14M in 5-Day Inscription Fees

Over five days, Avalanche users spent $13.8 million in fees for creating and moving tokens and NFTs via inscriptions, text added within regular blockchain transactions.

These inscription-based tokens were initially devised as a workaround for Bitcoin’s lack of native token support and have expanded to other blockchains due to their cost-effectiveness.

Avalanche saw a recent surge, with fees peaking at $5.6 million daily, marking 70% of tracked inscription fees across blockchains.

Avalanche had two periods of heightened inscription interest, notably seeing a significant rise in non-inscription transactions, leading to increased block space demand and rising transaction costs, exceeding 5,000 nAVAX on December 18.

READ MORE: Big Decision Looms: U.S. Bitcoin ETF’s Fate to Be Revealed Soon

Despite a stable total count of inscriptions across blockchains, there’s been a sharp increase in unique addresses engaging in inscription-related activities, notably reaching 180,000 addresses on peak days.

In contrast to other validators, Avalanche validators don’t receive transaction fees; instead, these fees are burned.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

Learn more about crypto and blockchain technology.