{"id":199461,"date":"2023-11-24T01:12:04","date_gmt":"2023-11-23T19:42:04","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=199461"},"modified":"2023-11-24T01:12:04","modified_gmt":"2023-11-23T19:42:04","slug":"avalanche-transactions-skyrocket-2000-on-asc-20-hype-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/avalanche-transactions-skyrocket-2000-on-asc-20-hype-crypto-news\/","title":{"rendered":"Avalanche Transactions Skyrocket 2,000% On ASC-20 Hype – Crypto News"},"content":{"rendered":"

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A recently launched token standard allowing arbitrary data to be inscribed on the blockchain, like Bitcoin Ordinals, is driving the surge as traders pile into ASC-20 tokens. <\/p>\n

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Ordinals fever is spreading beyond Bitcoin<\/a>, with Avalanche becoming the latest chain to develop its own token standard enabling arbitrary information to be inscribed onto the blockchain.<\/p>\n

Dubbed ASC-20s (like Bitcoin\u2019s BRC-20s<\/a>), the launch of these tokens has led to a spike in trading activity, with transactions surging by more than 2,000% in less than a week.<\/p>\n

Avalanche<\/a>, an Ethereum-compatible Layer 1 network accustomed to an average daily transaction count between 150,000 and 250,000, saw volume spike to a peak of 6.36 million transactions on Nov 21st, only days after ASC-20s were set loose.<\/p>\n

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Avalanche Daily Transactions<\/figcaption><\/figure>\n

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The resurgence of activity is welcome news for a blockchain that took some hits<\/a> in Q3. Not only did the development team behind the project, Ava Labs, downsize their team by 12%, but on-chain activity and users declined during the first three quarters of the year.<\/p>\n

Avalanche also struggled to maintain its market share during the protracted bear market, witnessing its total value locked (TVL) plummet from $11.5B in December 2021 to $642M at the time of writing.<\/p>\n

The hype is likely unsustainable \u2013 near vertical numbers are usually a cause for caution \u2013 but ASC-20s are definitely sparking newfound interest in the network.<\/p>\n

Metrics across the board are beginning to trend upward. Fees generated by ASC-20s have been slightly slower to catch up with demand from users, although they spiked on Nov 21st, hitting an all-time high of $837,000, as per DefiLlama.<\/p>\n

AVAX, the network\u2019s native token, has also rallied sharply, nearly doubling in the past thirty days.<\/p>\n

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\"AVAX
AVAX Price<\/figcaption><\/figure>\n

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Notably, and similar to Ordinals when they first appeared, there are currently no marketplaces to trade ASC-20s, nor any indexers to analyze the actual number of users minting these tokens.<\/p>\n

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