Avalanche inscriptions draw in user interest as AVAX lingers

• Inscription transactions are over 20% on Avalanche.
• The inscription fees have been reduced on the network.

Over the recent months, Avalanche [AVAX] has incorporated inscriptions into its transactions. While there has been a decrease from the previous spikes observed weeks ago, inscriptions have become a consistent element in the network’s transactions.

Avalanche maintains dominance in inscription number

An examination of the hourly inscriptions chart on Dune Analytics showed that Avalanche had more inscriptions than other chains earlier this week.

The chart showed that between 15th and 16th January, Avalanche recorded the highest number of hourly inscriptions and the second-highest on 17th January. 

Source: Dune Analytics

Furthermore, an analysis of daily inscriptions over the past three months showed that the network maintained dominance for the majority of that period.

As of the current moment, it continued to lead in daily inscription numbers, with over 222,000 recorded. Additionally, in the last 24 hours, inscription transactions on the network were over 20%, with the percentage rising to over 50% on 17th January.

Also, in the past week, the percentage of inscription transactions was over 30%

Avalanche attracts more inscription gas

Despite the considerable number of inscriptions and the corresponding percentage of transactions on the Avalanche network, there has been a noticeable decline in the generated gas fees.

An analysis of the hourly gas fee on Dune showed a decrease over the last four days. The highest hourly gas fee recorded at the time of this writing was $29, a notable drop from the peak of $430 observed on 17th January. 

Source: Dune Analytics

Additionally, the analysis of daily gas fees over the past three months showed a significant downturn. The chart showed that on 20th December, the daily gas fee reached its peak at over $8.3 million.

This marked the highest for the network and also among other networks. As of this writing, the recorded fee was nearly $5000.

Avalanche volume drops

An examination of the Avalanche volume on DefiLlama showed a recent decline. At the start of the year, the chart reflected a strong network volume, surpassing $100 million and $200 million.

Also, this coincided with a period of elevated inscription fees. However, in the last few days, the volume has experienced a decrease and has struggled to surpass the $100 million mark. As of this writing, the volume was around $99 million.

 How much are 1,10,100 AVAXs worth today

AVAX fails to see major gains

The daily timeframe chart for Avalanche indicates a lack of substantial uptrend since its decline in the past week. It experienced a slight gain of around 1.2% in the previous trading session, reaching a trading value of around $36.

However, as of this writing, it has retraced nearly 1%, trading at around $35.7.

Source: Trading View