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Blockchain

Avalanche Network Gas Charges Exceed $4.4 As AVAX Increases 400% In 2 Months

December 18, 2023 - Around 2 mins mins to read
Key Points:
  • Avalanche network gas fees hit 5,110.30 nAVAX ($4.41), leading to congestion and discussions for resolution.
  • Trader Joe founder initiates a social experiment with the ASC-20 standard inscription BEEG.
  • Avalanche achieved remarkable growth in December, reaching $45.3 for AVAX.
On December 18, Avascan data showed a surge in the average Avalanche Network gas fee, hitting 5,110.30 nAVAX (approximately $4.41).
Avalanche Network Gas Charges Exceed $4 As AVAX Increases 400% In 2 Months

Avalanche Network Gas Fees Soar and Social Experiment Unleashes Inscription Frenzy

Simultaneously, Avalanche C-Chain Gas expended over $20 million in the past week, with inscription activity contributing to 72.3% of Avalanche Network gas consumption and 86.5% of transactions on the C-Chain.

Trader Joe founder @cryptofishx, earlier today disclosed the ASC-20 standard inscription known as BEEG on social media, emphasizing its lack of a roadmap or practical use case and branding it as a social experiment.

Notably, 37% of BEEG was minted within 2 hours and 15 minutes of release, boasting approximately 4300 holders. Acknowledging network congestion, @cryptofishx issued an apology and is actively seeking solutions.

Avalanche’s momentum persisted throughout the month, shattering records set since October. The platform witnessed a remarkable surge, attracting tens of thousands of new users and investors, propelling AVAX to reach $45.3, a new high since May 2022.

Despite the impressive growth, Avalanche encountered challenges as its rapid ascent strained the network. The massive surge in AVAX token value, soaring over 400% in the last two months, drew a substantial influx of users, causing unprecedented traffic.

In the realm of decentralized finance (DeFi), Avalanche’s total value locked (TVL) doubled in the past two months, led by major platforms like Benqi, Trader Joe, Aave, and GMX. The ecosystem’s success, however, underscores the necessity for scaling solutions to accommodate the burgeoning demand on the Avalanche network.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Avalanche

Avalanche Network Gas

AVAX

BEEG

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
Blockchain

Avalanche Network Gas Charges Exceed $4.4 As AVAX Increases 400% In 2 Months

Key Points:
  • Avalanche network gas fees hit 5,110.30 nAVAX ($4.41), leading to congestion and discussions for resolution.
  • Trader Joe founder initiates a social experiment with the ASC-20 standard inscription BEEG.
  • Avalanche achieved remarkable growth in December, reaching $45.3 for AVAX.
On December 18, Avascan data showed a surge in the average Avalanche Network gas fee, hitting 5,110.30 nAVAX (approximately $4.41).
Avalanche Network Gas Charges Exceed $4 As AVAX Increases 400% In 2 Months

Avalanche Network Gas Fees Soar and Social Experiment Unleashes Inscription Frenzy

Simultaneously, Avalanche C-Chain Gas expended over $20 million in the past week, with inscription activity contributing to 72.3% of Avalanche Network gas consumption and 86.5% of transactions on the C-Chain.

Trader Joe founder @cryptofishx, earlier today disclosed the ASC-20 standard inscription known as BEEG on social media, emphasizing its lack of a roadmap or practical use case and branding it as a social experiment.

Notably, 37% of BEEG was minted within 2 hours and 15 minutes of release, boasting approximately 4300 holders. Acknowledging network congestion, @cryptofishx issued an apology and is actively seeking solutions.

Avalanche’s momentum persisted throughout the month, shattering records set since October. The platform witnessed a remarkable surge, attracting tens of thousands of new users and investors, propelling AVAX to reach $45.3, a new high since May 2022.

Despite the impressive growth, Avalanche encountered challenges as its rapid ascent strained the network. The massive surge in AVAX token value, soaring over 400% in the last two months, drew a substantial influx of users, causing unprecedented traffic.

In the realm of decentralized finance (DeFi), Avalanche’s total value locked (TVL) doubled in the past two months, led by major platforms like Benqi, Trader Joe, Aave, and GMX. The ecosystem’s success, however, underscores the necessity for scaling solutions to accommodate the burgeoning demand on the Avalanche network.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.