Avalanche transaction volume hits record as Ordinals analogue launches

Daily transaction volume on the C-Chain has reached record levels amid rising popularity of an Ordinals analogue in the Avalanche blockchain.

The chart below shows that on November 20 the metric exceeded 5.7 million — more than ten times the historical average.

Just like Ordinals, ASC-20 tokens use ‘inscriptions’ to add information to the blockchain, explained by Ava Labs product manager Jacob Everly.

According to Blockworks analysts, NFTs of the new type account for more than 95% of transactions on the C-Chain.

The diagram below shows a sharp increase in block size:

«The ASC-20 growth has led the Avalanche Primary Network, consisting of more than 1,500 consensus-validators, to process on average more than 40 transactions per second, and at times even approaching 100», Everly noted.

Despite the significant on-chain activity spike, average daily transaction fees and the number of active addresses remained essentially unchanged, Blockworks researchers noted.

Due to underdeveloped infrastructure, the number of users, as well as trading volumes of ASC-20 tokens, remains unclear.

Over the past seven days, the AVAX token price has risen by 17%, according to CoinGecko.

Earlier ForkLog reported that Ava Labs laid off 12% of its staff.