Original - Odaily
Author - Loopy
Recently, the popularity of the inscription market continues to rise, and various chains have launched their own inscription products. The extremely high enthusiasm of the community has also brought stress testing to the performance of each chain. However, judging from the results, the performance of many public chains is poor, ranging from lags, transfer failures, gas surges, to direct downtime of the chain. The high TPS stated in the white paper does not meet the standards in many public chains.
In this craze for public chain inscriptions, Avalanche’s performance is the most noteworthy.
How many dragon head inscriptions does Avalanche have?
Yesterday, the avav casting progress reached 100%, with 52,367 holding addresses, which also pushed the inscription of the Avalanche ecology to a climax.
According to data from Avalanches inscription trading market, Avascriptions, as of press time, avavs market value was US$47.67 million, making it the leading inscription that currently ranks first in Avascriptions listing value and trading volume.
Interestingly, avav is not the first dragon head inscription on the Avalanche network. Avalanches leader has changed hands many times.
As early as June this year, the first inscription avas on Avalanche had been deployed by Ethan, the founder of the domain name project Tezos Domains, but it did not receive greater exposure when the inscription market exploded in November. Judging from the popularity, aval is the first leading inscription of Avalanche ecology.
Subsequently, the baton of the leader was passed to asct, and asct became the second generation leader. Naturally, asct has also achieved good gains. As the rise in asct comes to an end, the market began to look for a new target last week - the third generation Avalanche faucet inscription avav.
Gas fees soar, Avalanche earns nearly 10 million a day
The casting of avav culminates the inscription of the Avalanche ecology. The supply of avav is huge, with a total of 21 million pieces, each worth 69,696,969 coins. The current floor price of each avav inscription is about 0.06 AVAX (about 2.3 USDT), and the profit of early minters ranges from 1 to 10 times.
Why do the caster profit figures for avav inscriptions vary so much? This naturally comes from everyones different gas costs.
The avav casting started on November 25th, but there was no big attention until last Friday when the casting volume surged, which in turn pushed the network gas cost to soar. Cointool data shows that when enthusiasm for avav casting was at its peak, the network gas price once exceeded 2,000.
A rough estimate is that about half of avav minters have minted avav at a level far lower than the current gas. Odaily learned from early minters that the gas cost of one avav previously ranged from only 0.1 to 0.5 US dollars. However, when the enthusiasm for avav was at its peak last weekend, the cost of one minting had reached about 1.2 to 1.8 US dollars.
Regardless of the cost, the caster has already made a profit. In this feast of inscriptions, perhaps the project party of Avalanche Network is more delighted than the caster.
DeFiLlama data shows that on December 16 alone, the Avalanche network generated $6.87 million in revenue, mostly from gas fees consumed by the community in inscription casting. Avalanche Network revenue has surged as the inscription market takes off, racking up $18.44 million in revenue over the past seven days.
If we extend the timeline, we can see even more amazing data increases - in the long term, Avalanches recent revenue has flattened previous revenue data to the point where it is almost invisible to the naked eye.
For Inscription, the communitys strong enthusiasm for participation has allowed more people to participate in fair distribution, making the scale of currency holding addresses larger. The consumption of gas fees narratively provides a price underpinning for the market value of the inscription. At the same time, the consumption of gas fees also benefits public chain developers a lot, and they make a lot of money from handling fees.
The Nirvana of the “Ethereum Killer”?
For the public chain that was once advertised as the Ethereum killer, in this round of market trends dominated by the BTC ecosystem, Ethereums weak performance has also made various killers lose their usefulness. And the Avalanche may be trying to explore a different path to redemption.
Today, TraderJoe co-founder cryptofishx announced the launch of asc-20 inscription BEEG on the Avalanche network. In just a few hours, BEEG has been completely minted, and the number of currency-holding addresses currently exceeds 12,000.
Cryptofishx bluntly stated when releasing this project that BEEG Inscription has no roadmap and no actual use cases, and is just a social experiment. The birth of this project is quite interesting for the Avalanche ecosystem.
Previously, inscription projects were mostly user-initiated, bottom-up community projects. The birth of the BEEG inscription also announced that the project party of the inscription was surfacing. No matter what the future direction is, the fate of the regular army on the Avalanche network has gradually diverged between its ecology and the direction of other competing products.
Although there is no official statement, the community speculates that the Avalanche network may embrace the inscription ecology more actively with such huge income and popularity.
Coingecko data shows that the price of AVAX tokens has continued to rise since this year, with a cumulative increase of nearly 300%, leading most public chains. Although there is still quite a distance from the ATH during the last bull market, there is no chance that the growth momentum will continue in the future.
In the last bull market, Avalanche and several other Layer 1s jointly shaped narratives such as New Public Chain Legend and Ethereum Killer, which benefited it a lot. But as time progresses to the present, these narratives have become outdated.
The recent surge in fee income and the strong enthusiasm of the community have prompted these old public chains to think about the inscription track - as the inscription market continues to expand, can old public chains do more? Is the popularity of the inscription ecology enough to carry the narrative of a Layer 1 network?
For the ecological community, there may still be people who are looking forward to seeing more interesting inscription innovations on the former Ethereum killers, so that these networks that have gradually gone silent in the past can move towards nirvana.
