The Block18 minutes ago

Published on December 18, 2023 12:50 GMT+00:00edited on December 18, 2023 13:01 GMT+00:00

Avalanche users paid $13.8 million in transaction fees over the last five days to mint and move tokens and NFTs created with inscriptions.

Inscription-based tokens are created by writing text in normal blockchain transactions and using an off-chain numbering system to keep track of them. They were created as a workaround on the Bitcoin network owing to its lack of native support for tokens. They’ve recently spread to many other blockchains for various reasons, one of them being that they can be cheaper to move around than native tokens. 

This lower cost has been the case on most blockchains. While tens of millions of inscription-based tokens have been created on blockchains like Polygon and BNB Chain, users have paid around a million dollars in fees for each chain in total.

As for …