In a span of just five days, users of the Avalanche network have incurred over $4 million in transaction fees, a considerable sum attributed to the use of inscriptions for token and NFT creation. Inscriptions, initially popularized on Bitcoin, have found utility on other blockchains like Arbitrum and Polygon PoS, offering a unique approach to token creation and movement. Avalanche's share of these fees is substantial, constituting 75.32% of all inscription-related fees across various blockchains, as reported by Dune Analytics. This surge is not just due to inscriptions but also an overall increase in network transactions, leading to dramatically higher gas prices, with costs exceeding 5,000 nAVAX per unit on December 18. Avalanche has now processed a staggering 63 million inscription-related transactions, indicating a growing trend in their usage.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.