{"id":88457,"date":"2023-12-19T18:06:45","date_gmt":"2023-12-19T16:06:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=88457"},"modified":"2025-09-13T18:12:05","modified_gmt":"2025-09-13T15:12:05","slug":"avalanche-burns-a-record-18-million-worth-of-avax-in-a-week","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/avalanche-burns-a-record-18-million-worth-of-avax-in-a-week\/","title":{"rendered":"Avalanche burns a record $18 million worth of AVAX in a week"},"content":{"rendered":"

Over the past week, the volume of burned fees on the C-Chain blockchain Avalanche<\/a> reached 438,877 AVAX (~$18.1 million at the time of writing). The metric was more than ten times higher than in the previous period.<\/p>\n

\\n\\n<\/p>\n

\\\"Avalanche
Data: Dune Analytics<\/a>.<\/figcaption><\/figure>\n

\\n\\n<\/p>\n

The C-Chain employs an implementation based on the Ethereum EIP-1559 proposal. The network, the second-largest cryptocurrency by market capitalization, implemented it in 2021 during the London hard fork<\/a>. But unlike Ethereum, in Avalanche the entire fee is burned<\/a>, not a dynamically determined portion.<\/p>\n

\\n\\n<\/p>\n

A spike in the rate of tokens leaving circulation occurred around mid\u2011November \u2014 over the week the supply of AVAX fell by 85,533 coins. The on\u2011chain activity spike<\/a> to record levels at that time was largely explained by the emergence of the Ordinals analogue Ordinals<\/a>.<\/p>\n

\\n\\n<\/p>\n

But whereas in November the maximum daily fees from inscriptions on the ASC-20 transactions amounted to about $797,000, by December 16 the figure had exceeded $5.6 million. Avalanche significantly outpaces other EVM<\/span> networks in spending on such operations.<\/p>\n

\\n\\n<\/p>\n

\\\"Avalanche
Data: Dune Analytics<\/a>.<\/figcaption><\/figure>\n

\\n\\n<\/p>\n

Over the past week, inscription-related transactions on the blockchain accounted for 89% of the total, and users spent 75% of the gas on them.<\/p>\n

\\n\\n<\/p>\n

\\\"Avalanche
Data: Dune Analytics<\/a>.<\/figcaption><\/figure>\n

\\n\\n<\/p>\n

At the same time, Avalanche trails Polygon PoS and BNB Chain in the total number of transactions processed with Ordinals-analogues and in the number of active collections.<\/p>\n

\\n\\n<\/p>\n

Over the last 30 days, the price of AVAX rose by 90% (CoinGecko<\/a>). However, against a backdrop of record gas costs and fee burning, momentum slowed \u2014 only +1.5% for the week. As of writing, the token trades around $40.<\/p>\n

\\n\\n<\/p>\n

\\\"Avalanche
Daily AVAX\/USD chart on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

\\n\\n<\/p>\n

The asset holds 10th place<\/a> in CoinGecko’s market cap ranking, with a figure of $14.9 billion. In circulation is almost 366 million AVAX out of a total supply of 433.8 million tokens.<\/p>\n

\\n\\n<\/p>\n

In early November, Ava Labs, the company behind Avalanche, laid off<\/a> 12% of its staff.<\/p>\n","protected":false},"excerpt":{"rendered":"

Over the past week, the volume of burned fees on the C-Chain blockchain Avalanche reached 438,877 AVAX (~$18.1 million at the time of writing). The metric was more than ten times higher than in the previous period.<\/p>\n","protected":false},"author":1,"featured_media":88458,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1413,1178,1176],"class_list":["post-88457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-avalanche-avax","tag-blockchain-fees","tag-ordinals"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/88457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=88457"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/88457\/revisions"}],"predecessor-version":[{"id":88459,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/88457\/revisions\/88459"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/88458"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=88457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=88457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=88457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}