Exploring the Rise of Blob Inscriptions on Ethereum Network

Yesterday, we witnessed an unprecedented spike in Ethereum’s BLOB transaction fees with the debut of “BlobScriptions”.

BLOB represents a new transaction type that reduces layer 2 fees on the Ethereum network and was introduced with the Dencun upgrade. Since its inception, the minimum gas price for a BLOB to secure inclusion into the Ethereum block has been 1 WEI, or approximately $0.01.

However, after the introduction of BlobScriptions by Ethscriptions, this fee experienced an astonishing jump of over 10,000% yesterday, reaching almost $300.

According to Dune Analytics, as of this writing, the average Blob fee has fallen to around $6.57 (Gwei 13.97). Dashboard Curated by Dragonfly analyst Hildby.

What is BlobScription?

BlobScriptions are similar to Bitcoin’s Inscriptions and allow network users to write NFT-like assets containing images, text, and tokens into Ethereum blobs.

Alex Thorn, Head of Research at Galaxy Digital, said: Said:

“Ethereum created a special place with reduced fees to facilitate a certain type of transaction (BLOB). Then people started putting jpgs there.”

Before its launch, Tom Lehman, founder of Ethscriptions, who operates under the pseudonym “Middlemarch” on X, said: prompted The community seizes the opportunity to “escape something big” on the network, highlighting that “Blob is essentially free now.”

According to the article, as of this writing, over 1,000 inscriptions have been carved on the blob within the past four hours. data From Dune Analytics.

In particular, the proliferation of these assets has led to significant congestion of BLOB transactions, resulting in intense competition for space within the Ethereum block. As a result, according to Ethernow, the number of his pending blobs in blocks has skyrocketed by more than 3,700%, and blob space utilization has reached 100%. data.

What does this mean for my network?

Multiple stakeholders have different opinions on how BlobScriptions will impact Ethereum operations.

The developer, Daniel, gave an opinion We believe that the proliferation of these assets could lead to higher transaction fees on layer 2 networks.

According to him:

“Ethereum is already very congested, so don’t mess around with blob inscriptions that will cause high layer 2 transaction fees. A few bytes of data will take up 128kb of storage space, wasting a lot of on-chain resources. Become.”

However, Galaxy Digital researcher Christine Kim explained that the current trend is unsustainable.she Said:

“BLOB fees are rising rapidly for the following reasons: [BlobScriptions]As a result, it becomes uneconomical to keep spamming the blob space with inscriptions, making the blob space available again for economically valuable activities like l2 DA. ”

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