Inscriptions on Avalanche Blockchain Gain Popularity
The popularity of inscriptions based on the Avalanche blockchain has soared in recent months, following the success of Bitcoin Ordinals (BRC-20) tokens. Data reveals that over 100 million Avalanche inscriptions, also known as ASC-20 tokens, have been created since the introduction of the standard in June 2023.
Avascriptions Token Hosts Twitter Space
The Avascriptions (AVAV) token recently hosted a Twitter Space with over 585,000 listeners. The discussion aimed to highlight the developmental similarities between AVAV and BRC-20 assets like Bitcoin Ordinals. AVAV COO Ori stated that they will closely follow the footsteps and business model of BRC-20 projects.
ASC-20 Tokens Offer Lower Fees and Built-In Security
ASC-20 tokens allow for the creation of customized tokens with lower fees compared to BRC-20. These tokens use a JSON format for inscriptions, reducing costs and enabling more data per transaction. Additionally, ASC-20 has a mechanism to return unspent funds if miners are unable to process transactions, providing added security.
Market Response and Potential Fraudulent Tokens
Trading activity for ASC-20 tokens surged by 2,000% within a week of launch, indicating a positive market response. However, there have been instances of fraudulent imitation tokens such as AVAV1 attempting to take advantage of the hype. The AVAV team exposed AVAV1 and urged exchanges to address such projects seriously.
Closing Thoughts: Investor Interest and Caution
Investor interest in legitimate ASC-20 tokens like AVAV continues to grow. With its scalability, security features, and inscription innovation, ASC-20 tokens have the potential to thrive. However, it is crucial for investors to exercise due diligence and be cautious of opportunists looking to capitalize on the latest technology trends.
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