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.
Avalanche’s Unique Position In The Inscription Phenomenon
A deep dive into the data reveals intriguing deta
We współpracy z: https://bitcoinist.com/avalanche-users-shell-out-over-4m-inscription-fees/
