Avalanche transaction volume rises to maximum

The daily transaction volume on the C-Chain network has reached record levels due to the growing popularity of its Ordinals counterpart on the Avalanche blockchain.

The chart below shows that on November 20 the figure exceeded 5.7 million – more than 10 times the historical average.

Just like Ordinals, ASC-20 tokens use “notations” to add information to the blockchain. explained Ava Labs Product Manager Jacob Everly.

According to Blockworks analysts, the new type of NFT accounts for more than 95% of transactions on the C-Chain network.

The chart below shows the dramatic increase in block size:

“The growth of ASC-20 has resulted in the Avalanche Primary Network, consisting of more than 1,500 consensus validators, processing more than 40 transactions per second on average, and at some points even approaching 100,” Everly noted.

Despite a significant surge in on-chain activity, average daily transaction fees and the number of active addresses remained virtually unchanged, Blockworks researchers emphasized.

Due to the underdevelopment of the infrastructure, the number of users is not yet clear, as is the volume of trading in ASC-20 tokens.

Over the past 7 days, the price of the AVAX token has increased by 17%, according to CoinGecko.

Source: Cryptocurrency

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