In a dynamic and eventful week for the Avalanche ecosystem, the expenditure on C-Chain Gas has notched an impressive milestone, surpassing the remarkable figure of $20 million. This surge can be attributed predominantly to an overwhelming surge in inscription activity. According to data from Snowtrace, inscription-related transactions have played a significant role, constituting a substantial 72.3% of the overall gas consumption on the C-Chain.
Concurrently, these inscription-related transactions have also formed a formidable majority, accounting for 86.5% of all transactions within the same time frame. The frenzy reached its zenith when the co-founders of Trade Joe revealed a monumental event centered around BEEG inscription minting. The effects were immediate and profound, as gas fees skyrocketed, breaking past the 5,000 nAVAX mark [equivalent to $4.5]. This surge underscored the palpable and intense demand for active participation in this groundbreaking initiative.
The unprecedented spike in gas expenditure underscores the growing popularity of inscription-related activities on the Avalanche C-Chain, with enthusiasts eagerly participating in the latest trends within the decentralized finance [DeFi] space.
For those unfamiliar with the intricacies of the Avalanche ecosystem, the C-chain, or contract chain, operates as a distinct blockchain within the broader Avalanche network. Specifically curated to execute smart contracts compatible with the Ethereum Virtual Machine [EVM], the C-Chain is a pivotal component of the Avax network.
Meanwhile, Avalanche has been on a trajectory of success in recent weeks, having surpassed Dogecoin [DOGE] to secure the ninth position on CoinMarketCap’s leaderboard of the top 100 cryptocurrencies. Impressively, the current market value of Avalanche stands at $14.4 billion, eclipsing Dogecoin’s market cap of $13 billion.
Avalanche Takes A Breather
AVAX, the native cryptocurrency of the Avalanche network, has emerged as a frontrunner in the broader cryptocurrency landscape, outpacing Bitcoin with an extraordinary yearly return exceeding 200%, as indicated by data from IntoTheBlock.
However, this triumphant streak experienced a pause, with the price recording a swift retracement following a remarkable 424% gain in recent months. Despite a commendable 11% increase in the weekly index, AVAX witnessed a 9% decline in value within the last 24 hours, highlighting the inherent volatility in the cryptocurrency market.