Over the past week, the amount of commissions burned on the C-Chain network of the Avalanche blockchain reached 438,877 AVAX (~$18.1 million at the time of writing). The figure has increased more than 10 times compared to the previous period.
☑️ C-Chain uses a solution based on the Ethereum improvement proposal EIP-1559. The network of the second largest cryptocurrency by capitalization implemented it in 2021 during the London hardfork.
- But unlike Ethereum, in Avalanche the entire commission is burned, and not a dynamically determined part of it.
😀A sharp increase in the rate of removal of tokens from circulation occurred around mid-November - within a week, the supply of AVAX decreased by 85,533 coins. The surge in on-chain activity to record levels was then largely explained by the emergence of an analogue of Ordinals.
- But if in November the maximum amount of daily commissions from transactions related to “inscriptions” on the ASC-20 standard was ~$797,000, then on December 16 the figure exceeded $5.6 million. Avalanche is significantly ahead of other EVM networks in terms of costs for such operations.
