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Avalanche Users Shell Out Over $4M In Inscription Fees

Avalanche Users Shell Out Over $4M In Inscription Fees: A Five-Day Crypto Phenomenon

Samuel Edyme
by Samuel Edyme
1 year ago
·
Posted in AVAX
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Over the past five days, users of the Avalanche network have collectively paid more than $4 million in transaction fees. This significant expenditure is primarily attributed to creating and moving tokens and non-fungible tokens (NFTs) using inscriptions, a novel method gaining traction in the blockchain world.

Inscriptions have emerged as a creative bypass on networks like Bitcoin, which lack native token support. By embedding text in standard blockchain transactions and employing an external numbering system, these inscription-based tokens offer a unique approach to token creation and movement.

Initially developed for Bitcoin, their utility has extended to other blockchains such as Arbitrum, Polygon PoS, and so on, mainly due to the cost-effectiveness of transferring these tokens compared to native ones. The recent phenomenon of Avalanche stands out in terms of scale and cost.

Related Reading: Did Avalanche Founder Just Label Polygon As “Unreliable” And “Non-Functional”?

Avalanche’s Unique Position In The Inscription Phenomenon

A deep dive into the data reveals intriguing details about this surge in fees on Avalanche. According to a Dune Analytics dashboard crafted by Hildobby, the $4.06 million in fees paid on Avalanche constitutes 75.32% of all inscription-related fees across multiple blockchains on the dashboard.

Fees spent on inscriptions
Fees spent on inscriptions. | Source: Dune Analytics

This spike in transaction costs is not merely a byproduct of inscriptions but also a result of a significant increase in general network transactions, leading to heightened demand for block space on Avalanche. This has culminated in a dramatic spike in gas prices, with costs soaring over 5,000 nAVAX per unit on December 18.

Avalanche soaring gas price.
Avalanche soaring gas price. | Source: Dune analytics

Notably, the more recent spike in Avalanche fees indicates a growing trend in using inscriptions on the network. To date, Avalanche has processed 63 million inscription-related transactions, according to data from Dune Analytics.

Market Impact And Broader Implications

The rise in transaction fees on Avalanche has coincided with notable market movements. The blockchain’s native token, AVAX, has experienced a significant increase in value, surging by over 10% in the last week.

Avalanche (AVAX) price chart on TradingView
AVAX price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Despite a 6.5% drop in the past 24 hours, AVAX continues to trade above the $39 mark. Concurrently, there has been a decline in the asset’s trading volume from over $3 billion last week to around $1.3 billion as of today.

This trend in Avalanche is not an isolated case in the crypto world. Users on various blockchain networks are increasingly encountering substantial transaction fees. A recent incident involving a Bitcoin whale who accidentally paid a network fee of $3.1 million underscores the potential for high costs in crypto transactions.

Related Reading: Bitcoin Blunder: Mining Giant Set To Return $3 Million Fee After Record Transaction Mishap

Though the mining pool AntPool has offered a refund, this incident highlights the complexities and sometimes the high stakes involved in blockchain transactions.

Featured image from Unsplash, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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