ASC-20 hot debut: Can it make Avalanche ecology rise again?

TL;DR

Since the BRC20 token model became popular in the market, major public chains have followed suit;

Avalanche The in_script_ion protocol ASC-20 is inspired by the Ordinals project of Bitcoin;

The notable in_script_ion projects on Avalanche include AVAV, AVAS, ATXS, etc.

The launch of the ASC-20 standard is a key step in Avalanche’s future development blueprint.

Introduction

Recently, there has been a craze for in_script_ion tokens in the cryptocurrency field.

After the BRC20 token model of Bitcoin became popular in the market, major public chains have followed suit and launched their own token models, such as Ethereum, Polygon, Solana Old-school public chains such as Avalanche, as well as zkSync, Arbirtrum, Klaytn Emerging public chains have all joined this frenzy.

This phenomenon has greatly revitalized the once dormant community atmosphere. However, as more users flock to various public chains to cast in_script_ions, network congestion issues have emerged.

Recently, six public chain networks including Arbirtrum and Celestia have experienced downtime due to overwhelming user demand for on-chain transactions. The need for on-chain transactions has become a stress test for public chains, and those that do not provide on-chain token transactions may face scrutiny from both the community and the market.

This trend not only demonstrates the vitality of the cryptocurrency market, but also poses higher requirements for the technical stability and scalability of public chains. In the face of this challenge, Avalanche stands out.

What is ASC-20?

Avalanche’s in_script_ion protocol ASC-20, inspired by Bitcoin’s Ordinals project, allows users to engrave data on the Avalanche chain, resulting in a similar effect to digital collectibles.

The launch of ASC-20 quickly attracted market attention, resulting in a daily transaction volume of 2.3 million on the Avalanche network on November 19, compared to an average daily transaction volume of only 450,000 before that.

ASC-20 tokens embed information in transaction data, enabling information to be stored on the chain at low cost.

This feature significantly improves the transaction speed of the Avalanche network, with an average of more than 40 transactions per second, and even close to 100 transactions per second at peak times. Despite the surge in transaction volume, the block confirmation time is still maintained at about one second, demonstrating the high processing efficiency of the Avalanche network.

According to Jacob Everly, Technical Product Manager at Ava Labs, the cost of conducting ASC-20 transactions is relatively low, with an average cost of about $0.05 per ASC-20 transaction.

What are the related tokens?

According to Blockworks Research analyst Dan Smith’s data, there are currently over 7 million transactions related to ASC-20 tokens.

As the first NFT token on the Avalanche chain, AVAS has recently had a trading volume of over 25,000 AVAX in the past 24 hours, ranking among the top three on the ava_script_ions.com trading platform.

The in_script_ion market of Avalanche was initially led by the AVAL token, but with the market fluctuations and Bitcoin Some comments from Core developers, the price and market value of AVAL have both experienced a decline. After falling from its peak, AVAL’s market value is now only $5,783, with the floor price almost zero.

Meanwhile, the ASCT token has rapidly risen in value, reaching a market cap of $21,000,817 since its deployment on December 7th. It has become the largest traded project on the Ava_script_ions trading platform, and also has the highest number of holders.

In addition to ASCT, there are several other in_script_ion projects worth paying attention to that are active on Avalanche:

AVAV: This project is quite popular in the community, with a total supply of 21 million tokens, and each token contains 69,696,969 units.

AVAS: As one of the earliest tokens deployed on the ASC-20 protocol, AVAS was listed on the market and opened for trading on December 12th. It ranks second in terms of trading volume on Ava_script_ions.

ATXS: ranked third on the Ava_script_ions trading platform, although the mint progress has reached 100%, there are currently fewer people placing orders.

Currently, Avalanche’s official in_script_ion trading market Ava_script_ions was officially launched on December 11th, where users can see the prices, trading volume, and holder information of different in_script_ion projects, and conduct transactions.

On December 18th, according to Avascan data, the average Gas fee on the Avalanche network has reached 5,110.30 nAVAX (approximately 4.41 USD). Earlier, Trader Joe founder @cryptofishx posted on social media introducing the asc-20 standard in_script_ion (Ava_script_ion) BEEG, and stated that the in_script_ion has no roadmap or practical use case, but is merely a social experiment.

It is reported that 37% of BEEG were minted within 2 hours and 15 minutes after launch, with approximately 4300 holders. @cryptofishx has apologized for the congestion on the Avalanche network and is discussing solutions.

In December, the Avalanche website reached a new high in growth, with both the number of validators and the number of monthly active users reaching historical highs. The number of validators reached 1708, and the number of monthly active users was about 1.31 million.

Avalanche ecosystem prospects

ASC-20 is a standard protocol designed by Avalanche specifically for NFTs, aiming to simplify and standardize the creation, trading, and management of NFTs within the Avalanche ecosystem. This standard not only enhances user experience, reduces entry barriers, but also improves the interoperability of NFTs on Avalanche.

With this standard, developers can more easily create and deploy complex NFT projects, while users can enjoy a smoother and more secure trading experience.

The launch of the ASC-20 standard has had a positive impact on the Avalanche ecosystem.

First, it has promoted the development of diverse applications within the ecosystem, attracting more developers and projects to join. Secondly, this standard has enhanced Avalanche’s competitiveness in the NFT field, enabling it to better compete with other mainstream platforms such as Ethereum.

In addition, ASC-20 also enhances user stickiness in the Avalanche ecosystem by providing a richer and more convenient NFT experience, attracting a large number of new users.

The launch of the ASC-20 standard is a key step in Avalanche’s future development blueprint. With the positive effects brought by ASC-20 gradually emerging, Avalanche is expected to become an important platform for NFT and broader digital asset trading.

In the future, with the continuous advancement of technology and the maturity of the ecosystem, Avalanche has the potential to play an important role in decentralized finance (DeFi), gaming, metaverse, and other fields, and become an undeniable force in the blockchain industry.

Conclusion

The ASC-20 standard is not only a reflection of technological innovation, but also one of the strategies for Avalanche to adapt to market demand and promote ecological prosperity. With the influx of more projects and capital, the Avalanche ecosystem is expected to usher in a new round of growth and increased activity.

For investors and users, ASC-20 and the changes it brings undoubtedly provide them with new opportunities and challenges. In today’s rapidly evolving blockchain technology and constantly expanding possibilities, the future of Avalanche is still worth looking forward to.