The Ethereum network has witnessed a spike in the cost of blob-related transaction fees, which accompanies the introduction of a new data encoding technique known as BlobScriptions. This innovation was incorporated into Ethereum’s protocol to facilitate direct data inscriptions onto blobs, encompassing a variety of uses from non-fungible tokens (NFTs) to textual information. The implementation of BlobScriptions has led to an immediate and substantial increase in transaction fees for blobs.
Elevated Transaction Costs after Introduction
Data from Ultrasound money reveals a climb in blob transaction fees to 585 gwei shortly after the release of BlobScriptions. This figure contrasts starkly with the previous cost of mere fractions of a dollar before the new method was employed. Nonetheless, a subsequent decline in fees has been observed, settling at 35.8 gwei at the time of reporting. Despite the fluctuation, users have engaged with the new feature, making over 4,500 entries into blobs.
Response to the Changing BlobScription Landscape
Tom Lehman, the creator of BlobScriptions, has highlighted the increased expense of using blobspace and has recommended users to mint BlobScriptions through the official protocol. With Ethereum enthusiasts rapidly adopting the feature, there has been a surge in the number of small text and image inscriptions reminiscent of the initial enthusiasm for Bitcoin Ordinals.
The functionality of blobs, which was integrated as part of Ethereum’s Dencun upgrade, brings about improvements in data storage and a significant reduction in transaction costs for Layer-2 networks. The shortened lifespan of blob data on Ethereum nodes, capped at 18 days, is complemented by indefinite storage through the Ethscriptions indexer.
The Dencun upgrade, which introduced blobs as a key feature, has led to a decrease in fees across several platforms. For instance, fees on the Arbitrum network have dropped to below $0.02, and Polygon has seen similar reductions. Celebrating these lower costs, a developer minted the entire script of a film for under $13 in ETH fees, showcasing the potential of the upgrade.