Avalanche users have paid millions of dollars to mint and move inscription-related tokens in the last five days. This appears to be due to a huge increase in network activity. Meanwhile, the Terra Luna Classic community rejected the proposal to burn 800 million USTC. This caused a decrease in the token prices of the altcoin project.
Avalanche achieves record fee revenue
Inscription-based tokens are created by writing text into regular Blockchain transactions and using an off-chain numbering system to keep track of them. There is no native support for tokens on the Bitcoin network. cryptokoin.comAs you can see from , these tokens emerged as a temporary solution for this reason. They have recently spread to many other Blockchains for various reasons. One of these is that they can be moved cheaper than native tokens. This low cost has been the case with most Blockchains. While tens of millions of token-based tokens were created on blockchains such as Polygon and BNB Chain, users paid a total of approximately one million dollars in fees for each blockchain.
As for Avalanche, transaction fees spent on inscriptions have risen to as much as $5.6 million per day in the past few days, according to a Dune Analytics dashboard created by a researcher nicknamed Hildobby at VC firm Dragonfly. The $13.8 million total accounts for nearly 70% of all fees spent on logins across all blockchains the dashboard tracks.
Altcoin Avalanche ranked third in terms of number of transactions
Avalanche experienced two significant periods of interest in inscriptions. The first, which lasted about five days in late November, generated a total of approximately $1.5 million in transaction fees. However, wages have been significantly higher recently. This appears to be largely due to the recent significant increase in unwritten transactions, resulting in increased overall demand for block space. Transaction costs have risen steadily this month. On December 18, there was a significant increase in the gas price per unit on the Blockchain, exceeding 5,000 nAVAX.
Overall, Avalanche processed 61 million typing transactions. On the other hand, Polygon PoS ranked first with 161 million transactions. Additionally, BNB Chain followed with 77 million transactions. Thus, the Avalanche settled in third place. According to the Dune Analytics dashboard, Avalanche hosts over 1,160 inscription collections.
Terra Luna Classic community rejects key burning suggestion
The altcoin community rejected the proposal to burn 800 million TerraClassicUSD (USTC). However, the community is looking for better ways to burn them. The Terra Luna Classic community rejected proposal 11913 “RH MultiSig Wallet – Burn 800m via Update to Terrad Client”. The proposal aimed to burn the 800 million USTC currently in the Risk Harbor multisig wallet. The proposal received only 15% “Yes” votes and 47% “Abstains” votes. Thus, the proposal failed to find support from the community. 13 validators voted in favor, including StakeBin, LUNC Development Fund, LuncGoblins, and PFC. However, 17 validators voted against the proposal. It also received 3 “No with Veto” and 11 “Abstain” votes. In addition, two approvers voted against the proposal.
Meanwhile, Terra Luna Classic validator Lunanauts has proposed a legally absolute way to burn 800 million USTC from the Terra Luna Classic treasury held in the Risk Harbor Multisig Wallet through a contract. This method minimizes legal implications by eliminating the need for validators to upload any code. The altcoin community is also discussing other proposals to burn 800 million USTC on the Commonwealth forum.
The prices of the tokens of the altcoin project have dropped!
Meanwhile, with the contribution of the negative atmosphere in the market, the LUNC price decreased by 9.72% in the last 24 hours. LUNC was trading at $0.0001473 at the time of writing. The 24-hour low and high prices are $0.000142 and $0.000168 respectively. However, trading volume increased by 22% in the last 24 hours.
Meanwhile, USTC was trading at $0.03256, down 13.45% in the last 24 hours. The lowest and highest price for the altcoin in the last 24 hours are $0.0314 and $0.0374 respectively. The trading volume of the token has increased by 33% in the last 24 hours, indicating that interest among traders has begun to increase.
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