Avalanche Inscription Tokens Gain Traction, Encounter Fraudulent Listing Attempts
Summary:
Following the success of Bitcoin Ordinals and Inscription tokens (BRC-20), Avalanche blockchain's Avalanche Inscription tokens (AVAV, also known as ASC-20 tokens) are also attracting investor attention. Since the June 2023 launch, over 100 million inscriptions on the Avalanche blockchain have been made. The ASC-20 protocol allows users to create tokens for their projects with a variety of assets and a feature that returns unprocessed funds to users. After its launch, the ASC-20 token saw a 2000% surge in trading volume in less than a week. However, the popularity has also led to fraudulent token listing attempts, prompting measures to protect legitimate investors.
The recent launch of Bitcoin Ordinals and Inscription tokens (BRC-20) has been successful, and now ASC-20 Inscriptions on the Avalanche blockchain are gaining similar attention from investors. A Twitter Space in Chinese discussing the Avalanche inscription token, Avascriptions (AVAV), was hosted by Bitget cryptocurrency exchange on January 15th and attracted more than 585,000 listeners. In this session, Ori, the Chief Operating Officer of the AVAV project, discussed the project's future, stating it would closely follow the path of BRC-20 asset development. He also relayed that over 100 million inscriptions on the Avalanche blockchain have been made since its launch in June 2023.
Gate.io's cryptocurrency analysts claim that the ASC-20 protocol offers users the ability to forge, establish, trade, and maintain customized tokens for their projects which could include a variety of assets such as loyalty points, stablecoins, or fractions of tangible assets. Unlike its counterpart, BRC-20, ASC-20 tokens limit transaction fees by being created on the JSON inscription format and can refund unprocessed funds to users due to a lack of miners. These analysts noted that, "in less than a week of being launched on Avalanche, trading volume of the Inscription token has surged by 2000%, reflecting the market's positive response towards the ASC-20 token."
The rising popularity of these tokens has also invited ill-intentioned individuals to take advantage of the situation. Recently, AVAV developers issued a warning about a potential false token listing on MEXC, a cryptocurrency exchange, related to AVAV1, which was falsely listed under the Avascriptions platform while primarily being held by a single address. MEXC offered an apology for the incident and canceled the listing, citing an error in their project review process.
The Bitcoin Ordinals and Inscription tokens created a buzz since their introduction in March last year, with the Ordinals token market cap surpassing $1.5 billion at the time of writing. It was also reported by Cointelegraph that developers from Bitcoin side-chain MicroVisionChain (MVC) revealed a BRC-20 decentralized exchange (DEX) as part of its roadmap for Q1 2024.
Also, MEXC_Official has announced the introduction of a token named AVAV1, which we must clarify is not the well-known inscription token AVAV on the AVAX-C public chain. AVAV1 in fact, is a replica of the Avascriptions platform.
Related: Analysts noted the previously 'undervalued' Avalanche posting 79% gains over the week.
Published At
1/15/2024 7:12:33 PM
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