Original - Odaily
Author-Kate
Ethereum’s promise of lower fees emerged yesterday with new challenges. While the Dencun upgrade was well-received, the added Blobs feature suddenly caused costs to skyrocket. It is important for cryptocurrency developers to understand the impact of this new surge. The valuable asset of block space is likely to cause backlash.
Event review
March 14 Middle March (@dumbnamenumbers), co-founder of Ethscriptions on XSuccessfully played a Blobbed Ethscription, calling it #0, said Who knows what the Blob world will look like in the next three weeks.
Immediately afterwards, in the early morning of March 28th Beijing time, March issued a tweetAnnouncing the official launch of Blobscriptions。
Just an hour later, Ethereum Blob base gas climbed to 14, 499, 530 wei. March on XAcknowledge that Blobscriptions are the causeaccounted for this gas increase.
At around 10:30 Beijing time that day, V God tweeted, saying“The Dencun hard fork has launched and the Blob fee market is now available thanks to Blobscriptions"price discovery model"。
According to data, the gas fee caused by this event reached a maximum of 0.1 ETH, which is approximately US$370. This is a far cry from the average gas price of BlobScriptions previously minting data on blobs.
On the morning of March 29, according to Ethernow data,Blob gas fee has been reduced to 40 gweiHorizontal left and right.
According to Dune data, we can seeBlob submission status in the past 24 hours：
Blobscription: Some people are happy and some are worried
Why is Blobscription so popular?
Ethereum’s Dencun upgrade launched an economic data package called Blobs, which was originally designed to make transactions smoother.Yet users quickly jumped on the opportunity, so that once-free blobs are now a scarce commodity.
Middle March launches Ethscriptions, a protocol that allows users to embed multimedia content directly into Ethereum"blobs "middle. Blobscriptions leverage Blobs introduced in EIP-4844 to reduce burning costs, allowing anyone to store data on Ethereum 10 to 100 times cheaper than calldata.
The introduction of inscriptions on blobs began to stress test this feature. Inspired by Bitcoin Ordinals, these inscriptions embed unique fungible and non-fungible artefacts in blob transactions.
However,Ethereum itself does not guarantee the availability of blob data for more than 18 days, this feature makes people have to wonder whether this crazy engraving activity will become a large-scale social experimental game on the blockchain. However, regarding this issue, March stated on the X platform,Ethereum Inscriptions indexer stores this data indefinitely. And admitted that saving data on blobs is contrary to the decentralization concept of Ethereum.
Within just a few days of its initial appearance, users created more than 4,500 Blobscriptions.Dune data display, as much as 50% of newly generated blobs are for these inscriptions. Cryptocurrency users seem fascinated by the idea of immortalizing random text and images on the blockchain, which is reminiscent of Bitcoin’s early inscriptions.
A brief peak, or a lasting trend that will take root?
Since its release, Dencun has really enabled Ethereum users to begin the transition to affordable L2, which is exactly what Ethereum users wanted. However, this benefit may be short-lived if BlobScriptions continue to clog low-cost lanes. Worse, this would negate one of the main selling points touted by the developers of the Ethereum cryptocurrency.
If the initial impact is primarily focused on blobs, the impact of this surge could be felt across the entire Ethereum cryptocurrency ecosystem, with some concerned about the impact on base layer transactions. If the latter is the case, it could undermine one of Dencun’s main goals, which is to significantly reduce transaction costs in layer-two (L2) networks.
Even if the BlobScriptions craze proves to be temporary, the damage has already been great. For example, according toEhternowAccording to the data, the cost of Blob fluctuates around 40 gwei (approximately US$1.35) as of the time of publication. While this figure is significantly lower than the peak of 585 gwei, it is still well above the symbolic price of 1 gwei ($0.01) before the rush.
All in all, the sudden appearance of BlobScriptions has completely reignited the debate over Ethereum’s actual ability to offer low-cost cryptocurrency transactions. If the wave continues, it could challenge Dencuns promised benefits. But at the same time, it will also plunge the blockchain into an uncertain future. A potentially unstable new era seems to be opening up to the astonished eyes of Ethereum developers. Ethereum may need to show extreme flexibility to survive this delicate period of re-evaluation.
Simple tutorial
At the end of the article, Odaily still attaches a tutorial for everyone. Just how much room for speculation there is in Blobscriptions itself, and whether the glory of Bit Inscriptions can be reproduced in the future, will be left to us to think about further.
address:https://blobscriptions.io/
Steps (see picture below):
Note: After selecting the button to generate a new wallet, please record the private key for future minting use. Before depositing gas fees, you can check the current fees to avoid insufficient balance.
