The blockchain ecosystem has been experiencing some turbulence as leading platforms like Avalanche (AVAX) and Ethereum (ETH) experiencing difficulties due to inscriptions. Amidst this chaos, the Everlodge (ELDG) presale is ongoing and has emerged as one of the top altcoins in the market. Let's analyze this further.
What Are Inscriptions?
Inscriptions are a new method of adding functionality to blockchains that lack support for other tokens. An inscription is when text is embedded inside an individual transaction rather than in the data storage of an entire blockchain or smart contract.
Inscriptions were first invented on the Bitcoin network as it does not have the ability to support other tokens. The new invention allows Bitcoin addresses to be associated with a message or memo, essentially giving them additional functionality.
These inscriptions are making their way onto other blockchains, such as Avalanche (AVAX), Polygon (MATIC), and Ethereum (ETH), as the community gets inventive and finds new ways to implement them.
Why Is Avalanche (AVAX) Struggling With Inscriptions?
According to data from Dune Analytics, 75% of Inscription gas fees across all networks happen on the Avalanche (AVAX) network. The sudden need for Avalanche block space has resulted in gas prices jumping to over 5,000 nAVAX as people compete to make inscriptions.
Polygon founder Sandeep Nailwal has since taken to Twitter to call out Avalanche's high gas fees. He noted that fees on Polygon stayed under $0.10, while fees on "other chains" went as high as $400. This comment shows the blockchain industry is getting heated as blockchains compete for users and developers.
Avalanche isn't the only blockchain struggling with inscriptions. Ethereum (ETH), the second-largest blockchain by market capitalization, is also facing issues with higher gas fees and network congestion.
Kevin Sekniqi, co-founder of Avalanche, commented that the high fees were an EVM engine problem, not an Avalanche-specific issue. It is also worth mentioning that the fees are not always a bad thing, as the Avalanche price has been increasing on the back of token burning.
Everlodge (ELDG) Surges 170% In Presale
Many industries are beginning to explore the potential applications of blockchain technology. One such industry is real estate, which has traditionally operated with a high barrier to entry and limited accessibility.
By tokenizing real estate assets on the blockchain, Everlodge is breaking down these barriers and creating a more inclusive investment landscape. This opens up opportunities for individuals to invest in high-value properties with a minimum investment of just $100.
With all essential information stored on the blockchain, potential buyers can easily access and verify property details, making the transaction process more efficient. This also reduces the risk of fraud and ensures that all transactions are secure.
Such a game-changing project has industry analysts buzzing with excitement. They note that the real estate industry is worth trillions of dollars, and Everlodge is well-positioned to disrupt this market with its innovative approach. 30x gains on launch day are now the rumored predictions doing the rounds between investors.
The ELDG token powers all features in the Everlodge ecosystem and provides holders with various benefits, including discounted property purchases, staking rewards, governance rights, free vacation stays, and more.
It's no wonder why the price of ELDG has surged by 170% to $0.027 during the ongoing presale event. With the price scheduled to keep increasing until all tokens are sold, those who get in early are set to reap the highest gains when Everlodge hits tier-1 exchanges.
For more information about the ongoing Everlodge (ELDG) Presale, please visit their website.
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
