Avalanche inscriptions draw record user interest amid BRC-20 hype
The Avalanche blockchain has witnessed a surge in user interest with the creation of over 100 million Avalanche inscriptions since their introduction last year. Particularly, attention has gravitated towards inscription tokens on the Avalanche blockchain, known as ASC-20 tokens, following the successful launch of Bitcoin Ordinals and inscription tokens (BRC-20). A recent Chinese-language Twitter Space hosted by Bitget, a cryptocurrency exchange, focusing on Avalanche inscription token Avascriptions (AVAV) attracted more than 585,000 listeners. During the session, the chief operating officer of the AVAV project, Ori, outlined that the project's roadmap aligns with the development trajectory of BRC-20 assets. Analysts at Gate.io note that the ASC-20 protocol enables users to mint, deploy, trade, and hold customized tokens for various projects, supporting the creation of a diverse range of assets, including loyalty points, stablecoins, and shared ownership of real-world assets. Unlike BRC-20, ASC-20 tokens use the JSON inscription format for lower transaction fees and feature a mechanism returning unresolved funds to users in the absence of miners to process transactions. The rapid growth in trading activity and volume, surging 2,000% in less than a week since the launch of the Inscription token on Avalanche, reflects the market's enthusiastic response to the ASC-20 token.