Avalanche burned $16.7 million worth of AVAX last week, 10 times the amount from the previous week

TechFlow reports that Avalanche burned 439,000 AVAX (worth $16.7 million) last week, with the weekly AVAX burn reaching its highest level to date, primarily driven by increased activity related to minting and transferring inscriptions.

On the Avalanche network, all transaction fees are destroyed. Transaction fees within the network follow an EIP-1559-style design, which introduces a fee-burning mechanism similar to Ethereum's transaction fee structure. The key difference is that while Ethereum pays part of the transaction fees to validators and burns the remainder, Avalanche completely burns all fees.