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 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.
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.