• Transactions on the network increased because of a new token standard.
• AVAX’s volume fell while the TVL decreased slightly.

According to SnowTrace, Avalanche’s [AVAX] C-chain blockchain explorer, transactions on the network were as high as 6.35 million on 23rd November representing one of the highest-ever daily participation on the blockchain. 

While many wondered what happened, AMBCrypto found out the reason. Details from our findings showed that the inscriptions on ASC-20 were responsible for the hike. ASC-20 tokens are similar to Bitcoin Ordinals BRC-20 and Dogecoin’s [DOGE] DRC-20.

AVAX is not caught in the middle

For context, inscriptions are pieces of metadata that can be added to the smallest unit of a cryptocurrency. So, rather than inscribing on sats, ASC-20 inscriptions are done on the Avalanche blockchain.

However, at press time, the number of transactions had fallen to 2.75 million. This indicates declining interest in trading the fungible assets built using AVAX.

For AVAX, its price has not been positively affected by the surge in transactions. At the time of writing, AVAX’s value was 20.67.

This value indicates an 11.38% plunge in the last seven days. Furthermore, AVAX’s volume, after its rise to 1.2 billion on 22nd November, has been declining.

As of this writing, the Go to Source to See Full Article
Author: Victor Olanrewaju

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