Over 100 million Avalanche inscriptions have been minted since their invention last year.
Following the successful launch of Bitcoin Ordinals and inscription tokens (BRC-20), inscriptions on the Avalanche blockchain, or ASC-20 tokens, have drawn investor interest, too.
On Jan. 15, a Chinese-language Twitter Space hosted by cryptocurrency exchange Bitget on Avalanche inscription token Avascriptions (AVAV) drew more than 585,000 listeners. During the session, Ori, chief operating officer of the AVAV project, said that the project’s roadmap would closely follow a similar footstep as the development of BRC-20 assets, pointing out that the total number of inscriptions on the Avalanche blockchain has surpassed 100 million since its inception in June 2023.
According to analysts at cryptocurrency exchange Gate.io, the ASC-20 protocol allows users to mint, deploy, trade and hold customized tokens for their projects while enabling “the creation of a wide range of assets from loyalty points and stablecoins to split ownership of real-world assets.” Unlike BRC-20, however, ASC-20 tokens are created in the JSON inscription format for lower transaction fees and contain a mechanism where unresolved funds are returned to users if there is an absence of miners to process transactions. Analysts commented:
