On-chain analytics firm IntoTheBlock uncovers factors that led to an all-time high in transactions on the Avalanche blockchain in a new analysis.
The transaction count on Avalanche's C-Chain set an all-time high on Nov. 20, with an estimated total of 3.07 million transactions.
According to IntoTheBlock, the probable cause is an increase in inscription transactions, with Avalanche replicating the trend witnessed with Ordinals, which previously impacted Bitcoin, Litecoin and Dogecoin.
As a result, the transaction count on Avalanche's C-Chain set a new record, surpassing three million transactions.
Not only did the transaction count increase, but so did the transacted volume across the chain, which reached a new yearly high of $2 billion during the week of Nov. 13, 2023.
The Avalanche ecosystem has been witnessing expansion and innovation, as seen by recent partnerships for real-world asset tokenization with major financial organizations, including JP Morgan and Citi.
As a result, bridge inflows have increased significantly. Furthermore, the network's record number of transactions represents growing demand for ASC-20 minting activities.
Following the news of its partnership with JP Morgan and Citi, the price of Avalanche has recently risen. Using Avalanche's technology, both financial behemoths are experimenting with real-world asset (RWA) tokenization.
The Avalanche Foundation announced Avalanche Vista, a $50 million program to invest in the tokenization of RWA, in July.
AVAX was outperforming at the time of writing, with a 5.31% daily price gain to trade at $22.26.