Fantom transaction volume hits record high amid launch of Ordinals analogue

The daily transaction volume on the Fantom network reached record highs, presumably driven by the growing popularity of the Ordinals analogue in the form of tokens of the FRC-20 standard.

The current Fantom Gas charges have soared to over 6,500 gwei, which may be related to the Fantom Inscription FRC-20. On November 22, the number of transactions on the Fantom reached 2.945 million. Driven by the Inscription ASC-20, the number of transactions on the Avalanche…

— Wu Blockchain (@WuBlockchain) November 23, 2023

The chart below shows that on November 23 the figure approached 3 million — nearly double the previous peak in September 2021.

The spike in on-chain activity was accompanied by a sharp rise in gas price — to 10 000 Gwei and above.

Despite the revival in the Fantom blockchain, average daily transaction fees remained virtually unchanged. remained virtually unchanged.

Due to underdeveloped infrastructure, assessing the number of users and the volume of trading of FRC-20 tokens is not feasible.

Earlier for a similar reason rose sharply the transaction volume on Avalanche’s C-Chain. On November 22 the figure surpassed 6.3 million.