Avalanche has made great efforts to create an inscription ecology, and the former "ETH Workshop Killer" has begun a new redemption

Original | Odaily

Author | Loopy

Recently, the popularity of the inscription market has continued to rise, and various chains have launched their own inscription products. The high enthusiasm of the community has also brought stress tests to the performance of each chain. However, judging from the results, the performance of multiple public chains is poor, ranging from lag, transfer failure, gas spike, and direct chain downtime. The high TPS stated in the white paper has not been met in many public chains.

And in this craze for public chain inscriptions, Avalanche’s performance is the most noteworthy.

How many dragon head inscriptions does the Avalanche have?

Yesterday, the avav minting progress reached 100%, and the number of holding addresses reached 52,367, which also pushed the inscription of the Avalanche ecosystem to a climax.

According to the data of Avaions, the Avalanche inscription trading market, as of press time, avav has a market capitalization of $47.67 million, which is currently the No. 1 “dragon” inscription on Avaions in terms of market capitalization and trading volume.

Interestingly, the Avalanche “dragon” has changed hands several times. In terms of trading volume and market capitalization, the first “dragon” inscription of the Avalanche ecosystem in this round of inscription cycle is aval, not the earliest deployed avas. The baton of the faucet was then handed over to ASCT.

As ASCT’s rally comes to an end, this week the market is starting to look for a new target – the third-generation Avalanche faucet inscription avav.

Gas fees soared, and Avalanche earned nearly 10 million a day

The supply of avav is huge, with a total of 21 million coins, 69, 696, 969 coins each, and the current floor price of each avav inscription is about 0.06 AVAX (about 2.3 USDT), and the floating profit of early minters ranges from 1 ~ 10 times.

Why is there such a big discrepancy in the maker profitability of avav inscriptions? This is naturally due to the different gas costs.

AVAV minting started on November 25th, but it didn’t get much attention until last Friday, when minting volume began to skyrocket, which in turn drove network gas fees skyrocketing. CoinTool data shows that when AVAV minting enthusiasm was at its peak, the network gas price once exceeded 2000.

As a rough estimate, about half of the AVAV minters minted AVAV at a level well below the current gas. Odaily learned from early minters that the cost of a gas for avav was only $0.1 ~ $0.5 before, but last weekend when AVAV was at its most enthusiastic, the cost of a piece of minting had reached about $1.2 ~ $1.8.

Regardless of the cost, the caster has already generated a floating profit. And in this feast of inscriptions, perhaps the one who is more pleased than the caster is the project side of the Avalanche network.

DeFiLlama data shows that on December 16 alone, the Avalanche network generated $6.87 million in revenue, mostly from gas fees consumed by the community in inscription minting. With the “take-off” of the inscription market, Avalanche network revenue has surged, accumulating $18.44 million in revenue over the past seven days.

If we stretch out the timeline, we can see an even more impressive increase in data — on the long term, Avalanche’s recent revenue has smoothed out the previous revenue figures to the point where they are almost invisible to the naked eye.

For inscriptions, the community’s strong enthusiasm for participation has allowed more people to participate in fair distribution, making the scale of coin holding addresses larger. The consumption of gas fees provides a price “backing” for the market value of the inscription in the narrative. At the same time, the consumption of gas fees has also benefited the developers of the public chain a lot, and the handling fee has earned hemp.

Nirvana of the “ETH Fang Killer”?

For the public chain that was advertised as the “ETH Fang Killer” in the past, in this round of BTC ecology-led market, the weak performance of ETH Fang has also made all kinds of “killers” useless. And Avalanche may be trying to explore a different path to salvation.

Today, TraderJoe co-founder cryptofishx announced the launch of the asc-20 inscription BEEG on the Avalanche network. In just a few hours, BEEG has been fully minted, and the number of coin holders currently exceeds 12,000.

When cryptofishx released the project, it bluntly stated that the BEEG inscription has no roadmap and no practical use case, and is only a social experiment. The birth of this project is quite interesting for the Avalanche ecosystem.

Previously, inscription projects were mostly user-initiated, bottom-up community projects. The birth of the BEEG inscription also announced that the inscription “project party” is surfacing. Regardless of what the future holds, the fate of the “regular army” on the Avalanche network will gradually diverge its ecology from the direction of other competitors.

Although there is no official statement, the community has speculated that the Avalanche network may embrace the inscription ecosystem more actively with such huge revenue and popularity.

Coingecko data shows that since the beginning of this year, the price of AVAX tokens has continued to rise, with a cumulative increase of nearly 300%, leading the vast majority of public chains. While ATH is still a long way from the last bull run, there is no chance of continued growth in the future.

In the last round of bull market, Avalanche and several other Layer 1s jointly shaped narratives such as “New Public Chain Legend” and “ETH Killer”, which benefited it a lot. But by the time of the present, these narratives have become obsolete.

The recent surge in fee income and the strong enthusiasm of the community is worth triggering these old public chains to think about the inscription track - as the inscription market continues to expand, can the old chain do more, and is the inscription ecology hot enough to carry the narrative of a Layer 1 network?

For the ecological community, there may still be people looking forward to seeing more interesting inscription innovations in the former “ETH Killers”, so that these networks that have gradually fallen silent in the past will move towards nirvana.