Over 100 million – that's how many inscriptions were minted on the Avalanche blockchain last year. The popularity of ASC-20 is caused by the exponential increase in interest in BRC-20, i.e. inscriptions minted on the BTC blockchain. The budding spring on the NFT token market may bring further records this year.
ASC-20 tokens are attracting investor attention
The success of the BRC-20 and the Ordinals inscription surprised the market with its scale. The popularity of NFT minting on the BTC blockchain in 2023 was so great at one point that it caused network congestion. In June 2023, ASC-20, i.e. tokens minted on the Avalanche blockchain, was also launched. These tokens have gone viral, as evidenced by over 100 million ASC-20 tokens minted by December 2023.
On January 15, the Bitget exchange organized an online meeting on the Avalanche Avascriptions (AVAV) subscription token on the Chinese-language Twitter Space. The meeting was attended by over 585,000 listeners. The COO of the AVAV project stated during the session that the project roadmap will be similar to the development of the BRC-20 assets.
Unlike BRC-20 tokens, ASC-20 tokens are created in the JSON inscription format. This allows for lower transmission fees. Moreover, ASC-20 contains a mechanism that means that if there are no miners to process the transaction, the funds are returned to the user.
Inscriptions on the blockchain – a nightmare or the development of the ecosystem?
The increasing popularity of inscriptions on blockchains of individual networks clearly proves that this is not just a temporary trend. The BRC-20 or ASC-20 will certainly stay with us for a long time, if not forever. In the cryptocurrency community, the topic of inscriptions arouses a lot of extreme emotions, which are fueled by network congestion. Supporters of the BRC-20 and ASC-20 tokens argue that this is a natural development of the blockchain network, because a large part of the cryptocurrency community invests in such assets.
On the other side of the barricade, there are those who claim that inscriptions on the blockchain are an unnecessary and harmful overload of the network's capabilities. When it comes to the number of opponents, the Ordinals protocol responsible for minting tokens for individual Satoshis is certainly the dominant one. This dispute will certainly become more and more visible in the coming months, as the popularity of inscription-based tokens increases at an exponential rate.
