BlobScriptions Innovates Ethereum Blockchain, Spurring Surge in Blob Fees
Summary:
The implementation of a new method called "BlobScriptions" by a protocol named Ethscriptions on the Ethereum blockchain has led to a significant increase in Blob fees. Following the introduction of BlobScriptions, users inscribed data directly onto 'blobs', causing Blob gas fees to surge. Despite an initial increase, the fees have since dropped but are still higher than before the introduction of BlobScriptions. Thousands of new inscriptions are being made, a trend that mirrors the early days of Bitcoin Ordinals with small fragments and random collections of images being engraved on blobs. While blob data only lasts approx. 18 days on Ethereum nodes, Ethscriptions promises to store the data indefinitely.
A novel technique of inscribing data onto the Ethereum blockchain named "BlobScriptions" has been trending, driving up the cost of Blob fees - the price demanded for the inclusion of a blob in an Ethereum block. The protocol Ethscriptions presented BlobScriptions on March 27, enabling users to imprint data directly onto "blobs", a feature added to the Ethereum network during the Dencun upgrade on March 13. Notably, within five hours of launching BlobScriptions, Blob gas prices surged to approximately 585 gwei, around $18, based on Ultrasound.money data. This is a sharp contrast to the average gas price for engraving data on a blob before BlobScriptions, which was close to one wei, barely a fraction of $0.01. Blob fees experienced a significant increase with the advent of BlobScriptions.
Despite the initial spike, Blob fees have noticeably dipped since reaching this new peak. As of now, Blob fees are approximately 35.8 gwei or $1.20 as per Coinbrain's conversion data. Additionally, over 4,500 inscriptions on blobs have been made since BlobScriptions were introduced, as revealed by data from Dune Analytics. On March 27, Ethscriptions founder Tom Lehman (who uses the alias Middlemarch) pointed out the rising cost of "blobspace" in a post, encouraging users to form BlobScriptions through the official blobscription protocol.
Mimicking the early days of Bitcoin Ordinals, Ethereum users are choosing to inscribe small text fragments and seemingly random collections of images to blobs. The latest activity on blobscription.io shows hundreds of new images added just in the last few hours. It's worth mentioning that blob data is only preserved on Ethereum nodes for about 18 days. After this period, BlobScriptions data will be deleted from the network. However, Lehman reassured that the Ethscriptions indexer would keep the data “forever.”
The introduction of blobs came with EIP-4844—a key data-saving aspect of Ethereum’s Dencun upgrade—primarily aimed at substantially lowering transaction fees on layer-2 networks. Ethereum L2's transaction fees had a steep fall after the Dencun upgrade. Arbitrum’s swap fees plummeted from around $1.25 to under $0.02, and Polygon’s fees had a similar drop. Paying tribute to the lower fees brought in by blobs, a Ethereum developer succeeded in stamping the entire script of the Bee Movie on an Ethereum blob less than a quarter of an hour after the upgrade was activated for less than $13 in ETH gas fees.
Published At
3/28/2024 5:07:23 AM
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