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:
“In the first month since the launch of the Inscription token on Avalanche, trading activity and volume have grown rapidly, surging 2,000% in less than a week, which fully demonstrates the market’s enthusiastic response to the ASC-20 token.”
Surging user interest has also attracted the attention of bad-faith actors. Last month, AVAV developers warned of a pending fake token listing on cryptocurrency exchange MEXC involving AVAV1, an “imitation of the Avascriptions platform” that is deployed on BNB Smart Chain and where “one of the address holds over 99% of the tokens.” The notification drew an apology from MEXC, who subsequently canceled the listing:
“This was a mistake in our project review process, and we deeply apologize for the inconvenience caused to the AVAV project team and your community users.”
Bitcoin Ordinals and inscriptions have been widely popular since their invention last March, with the Ordinals token (not related to the protocol itself) surpassing $1.5 billion in market capitalization at the time of publication. Cointelegraph previously reported that developers of Bitcoin side-chain MicroVisionChain (MVC) have unveiled a BRC-20 decentralized exchange (DEX) as part of its roadmap for Q1 2024.
We have observed that @MEXC_Official recently announced the listing of a token named $AVAV1. We want to clarify that this is not the popular inscription token $AVAV on the AVAX-C public chain. In fact, $AVAV1 is an imitation of the Avascriptions platform, representing a… https://t.co/RFNWZLj52u pic.twitter.com/FDQxDXRBG7
— Avascriptions (@Avascriptions) December 23, 2023
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