Crypto Collectibles Drive Avalanche's Daily On-Chain Transactions to New Highs

According to Blockworks, a new type of crypto collectibles, similar to Bitcoin Ordinals, has emerged on Avalanche, accounting for over 95% of its daily on-chain transactions. The transaction count on Avalanche's C-Chain, responsible for handling smart contracts, has reached new all-time highs over the past week, hitting an estimated 2.3 million transactions per day on November 19. Historically, Avalanche has seen around 450 thousand transactions per day on average. These new collectibles, known as ASC-20 tokens, use inscription to store information on the blockchain, according to Jacob Everly, a technical product manager at Ava Lab. The surge in ASC-20s has led to the Avalanche Primary Network, which consists of over 1,500 consensus-participating validators, averaging 40-plus transactions per second and even approaching 100 per second at times. However, the block time-to-finality has remained steady at about one second. The average gas price has hovered around 80 nAVAX, resulting in an approximate cost of $0.05 per ASC-20 transaction. Blockworks Research analyst Dan Smith reports that there have been over 6.8 million transactions involving ASC-20 tokens so far. It is still too early for ASC-20s to be actively traded, as there are no specialized marketplaces yet and no portal to view what has been minted. The number of individual users responsible for all the transactions is also unclear. Despite the significant increase in transaction volume, daily average transaction fees and unique active addresses remain unchanged, according to Blockworks Research data. Avalanche is not the only network experiencing activity spikes due to inscription minting; Polygon's PoS chain saw similar activity last week, and Litecoin and Dogecoin experienced it earlier this year.