Avalanche gets the ‘Ordinals’ bump, sets new transaction record

Avalanche has been inundated with transactions for inscriptions, similar to the Ordinals that already hit Bitcoin, Litecoin and Dogecoin


Ivan Babydov/Shutterstock modified by Blockworks


A new brand of crypto collectibles — similar to Bitcoin Ordinals — has apparently hit Avalanche, and it’s responsible for more than 95% of its daily on-chain transactions.

The transaction count on Avalanche’s C-Chain (responsible for handling smart contracts) over the past week has set new all-time highs, reaching an estimated 2.3 million transactions per day on November 19. Avalanche has historically seen around 450 thousand per day on average.

Like Bitcoin Ordinals, Avalanche’s “ASC-20” tokens use inscription to put information onto a blockchain, Jacob Everly, a technical product manager at Ava Lab, told Blockworks. 

“Bitcoin Ordinals involves assigning numbers to Satoshis (sats), which are stored in the witness portion of the Bitcoin transaction. With ASC-20s, the user transcribes information within the Call-Data of a transaction so that information is stored on-chain for a reduced cost compared to the ERC-20 token standard,” Everly said, referring to Ethereum-based tokens.

“The surge in ASC-20s led to the Avalanche Primary Network, which consists of over ~1500 consensus-participating validators, to average 40-plus transactions per second and even approach 100 per second at some moments,” Everly noted. 

The block time-to-finality has, however, held firm at roughly one second, Everly added. “Average gas price hovered around 80 nAVAX, resulting in a rough average cost of $0.05 per ASC-20 transaction,” he said.

According to Blockworks Research analyst Dan Smith, there have been over 6.8 million transactions that have interacted with ASC-20 tokens so far.

Still, it appears too early for ASC-20s to be actively traded, as there doesn’t seem to be any specialized marketplaces as yet (there’s also no handy portal to view what has been minted). The number of individual users responsible for all the transactions is also unclear.

Despite the significant jump in transaction count, daily average transaction fees and unique active addresses remain unchanged, Blockworks Research data shows.

In any case, Avalanche is not the only network aside from Bitcoin seeing activity spikes due to inscription minting.

Polygon’s PoS chain also saw similar activity last week , and just like Avalanche, transaction fees and daily unique addresses have remained relatively stable so far.

Litecoin and Dogecoin also had their turn earlier this year.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png


Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.



Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space


Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?


Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month


It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet


Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend


Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million