Avalanche network users have burned a record 439,000 AVAX, valued at $16.7 million, in transaction fees over the last week, significantly reducing the token's circulating supply. Unlike Ethereum, which partially pays validators, Avalanche burns all transaction fees. This surge in burned fees is attributed to the rise of inscription-based transactions, accounting for 75% of the fees. These inscriptions, initially a workaround on Bitcoin, are now popular across various blockchains. To date, 3.4 million AVAX, worth $129 million, have been burned in transactions.
