Bee Movie Script Posted on Ethereum Mainnet Minutes After Dencun Upgrade Launch
Summary:
Ethereum developer Dan Cline utilized the new Dencun upgrade to upload the complete Bee Movie script to the Ethereum mainnet merely 13 minutes post its launch. This cost him only $13.88. The Dencun upgrade is intended to significantly reduce transaction costs on Ethereum layer-2 networks. Three Ethereum networks — Starknet, ZkSync, Optimism and Base — have already implemented this feature. The full-length Bee Movie script will exist on the Ethereum network for approximately 18 days before it is removed.
The complete script of the Bee Movie, was recorded on Ethereum's mainnet barely thirteen minutes post the initiation of Ethereum’s Dencun upgrade. Who was behind this unexpected move? It was none other than Ethereum developer, Dan Cline, who managed to make this move without breaking the bank - the endeavor cost roughly $14 only! Cline smartly utilized the benefits of a fresh upgrade designed to slash fees on Ethereum layer 2s dramatically. On XBlobscan, it was seen that the script got uploaded at exactly 2.08 pm UTC that day, a mere thirteen minutes following the execution of the Dencun upgrade. The exercise cost a total of $13.88, as per Etherscan data.
Under the alias EIP-4844 or “proto-danksharding,” 'Blobs' were created as an integral feature of Ethereum’s Dencun upgrade. The upgrade essentially aimed to bring down transaction costs on layer-2 networks dramatically. A part of the Dencun upgrade was openly adopted by several other enhancements, which now enable layer 2s to use blobs instead of a traditional callData function for temporarily sheltering data during transaction operations - a move that leads to significantly cheaper costs for users.
However, Cline’s script has a shelf life on the Ethereum network. It will get 'pruned' in roughly 18 days - the typical time a layer 2 would need to secure the data inside. Following in Cline’s suit, Mason Hall, an engineer and investment partner at the crypto venture capital company a16z, executed a similar act for a meager $5.
As of the time of reporting, three Ethereum layer-2 networks — Starknet, ZkSync, Optimism and Base — have incorporated blobs on their respective networks, as per data available on Dune Analytics. Jesse Pollak, the chief developer at Base, shared that following the integration of blobs on their network, transaction costs plummeted from almost $0.31 to nearly nothing.
Post the Dencun upgrade's execution on the Ethereum mainnet on March 13, more than 2000 blobs had been shared on Ethereum’s Beacon Chain. Starknet deserves credit for 74% of all blobs submitted since the Dencun upgrade. Beyond EIP-4844, the Dencun upgrade came with another eight EIPs designed to upgrade numerous functions on the network, which include consensus, execution, and data costs.
Inclusion of "transient storage" through EIP-1153 to steadily slash fees and an increase in clarity by storing the root of each Beacon Chain block in a smart contract, which applications can query, is seen via EIP-4788. Once the networks begin integrating EIP-4844, the reduced rates on swaps and transactions on Ethereum layer 2s should become apparent. Currently, Arbitrum, the biggest layer-2 network, still reflects swap fees around $1.16, while Polygon's swap fees are recorded at $1.46, according to L2 Fees data.
Published At
3/14/2024 5:21:49 AM
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