Avalanche users pay $13.8 million in fees for inscriptions over 5 days
Avalanche users paid $13.8 million in transaction fees over the last five days to mint and move tokens and NFTs created with inscriptions. Inscription-based tokens are created by writing text in normal blockchain transactions and using an off-chain numbering system to keep track of them. They were created as a workaround on the Bitcoin network owing to its lack of native support for tokens.
Avalanche, transaction fees spent on inscriptions have risen as high as $5.6 million per day in the last few days, according to a Dune Analytics dashboard created by Hildobby, a pseudonymous researcher at VC firm Dragonfly. The total amount of $13.8 million is roughly 70% of all fees spent on inscriptions across all blockchains tracked by the dashboard. Avalanche has experienced two significant periods of interest in inscriptions. The first, lasting about five days in late November, generated transaction fees totaling approximately $1.5 million. However, fees have been substantially higher in the more recent period. This seems to be largely due to a significant rise in non-inscription transactions during the latter period.
Source
https://t.me/Bitcoin_Crypto_Signals
