Home Altcoins News Avalanche (AVAX) Blockchain Achieves Milestone with Over 100 Million Tokens Minted, Faces Rising Threats

Avalanche (AVAX) Blockchain Achieves Milestone with Over 100 Million Tokens Minted, Faces Rising Threats

In a groundbreaking development, the Avalanche blockchain has reached a significant milestone by surpassing 100 million tokens since its launch in June 2023. This surge in inscriptions, particularly the ASC-20 tokens, has caught the attention of the crypto community, leading to a remarkable increase in trading activities and market enthusiasm.

The ASC-20 tokens, designed to mirror the success of Bitcoin Ordinals and inscription tokens (BRC-20), have witnessed exponential growth in the first month since their inception. According to data from Dune Analytics, trading activity and volume have skyrocketed, experiencing a staggering 2,000% surge in less than a week. The excitement surrounding the ASC-20 tokens was further evident in a recent Twitter Space hosted by Bitget, where discussions about the Avalanche Inscription token Avascriptions (AVAV) drew in over 585,000 listeners.

Ori, the chief operating officer of the AVAV project, shared insights during the Twitter Space event, highlighting that ASC-20 would closely follow the trajectory of BRC-20 development. Analysts at cryptocurrency exchange Gate.io shed light on the purpose of ASC-20, emphasizing its role in enabling users to mint, deploy, trade, and hold customized tokens for their projects. The use of a JSON inscription format ensures lower transaction fees and the possibility of returning unresolved funds to users in the absence of processing miners.

The most popular inscriptions on the Avalanche blockchain currently include AVAV, DINO, and SNOW tokens. However, this surge in interest has also attracted the attention of threat actors seeking to exploit the growing market. AVAX developers issued a warning about a fraudulent token, AVAV1, which was set to be listed on the MEXC exchange. This token, designed to mimic Avascriptions, presented significant risks, with one address holding a whopping 99% of the tokens.

AVAV developers raised the alarm, stating, “AVAV1 not only copied all of our tweets but also replicated our website, creating a phishing site for fraudulent activities.” The developers urged MEXC to take the matter seriously, emphasizing the potential confusion and fraudulent nature of the token. In response, MEXC promptly apologized and canceled the listing, attributing the incident to a mistake in their project review process.

Despite the recent challenges, AVAX is currently trading at $35.75, experiencing a 1% decline in the last 24 hours. The market sentiment is bearish, with a score of 20/100, and investors have recorded a 3.2% decline in their weekly investment return. However, the three-month growth remains robust, showing an impressive 288.95% increase, adding $26.56 to its previous price.

AVAX developers expressed concerns about the potential confusion among users and the risks associated with fraudulent projects. The comment prompted MEXC to apologize and cancel the listing, attributing the error to a mistake in their project review process.

As of the latest update, AVAX is trading at $35.75, experiencing a 1% decline in the last 24 hours. The asset currently reflects a bearish market sentiment with a score of 20/100. Investors have recorded a 3.2% decline in their weekly investment returns. Despite this, the three-month growth remains impressive, showing a 288.95% increase and adding $26.56 to its previous price.

In conclusion, the Avalanche blockchain’s achievement of surpassing 100 million tokens signifies a remarkable milestone in the crypto space. The ASC-20 tokens’ rapid growth and market response demonstrate the platform’s strong potential. However, the influx of threat actors emphasizes the importance of vigilance within the crypto community to ensure a secure and thriving environment for all participants.

As the Avalanche blockchain continues to evolve, the community remains vigilant against potential threats and fraudulent activities. The ASC-20 tokens, with their growing popularity, are a testament to the dynamism of the crypto market. Investors and enthusiasts alike are advised to exercise caution and stay informed in this ever-changing landscape.

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Evie is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences and express herself through her blogs.

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