Ethereum ‘BlobScripts’ is up and taking blob payments.
A viral new method of extracting data to the Ethereum blockchain called “blobscripts” is pushing up the price of blob fees – the amount required for a blob to be included in an Ethereum block.
BlobScriptions was introduced on March 27 with a protocol called itescription that allows users to write data — from JPEG to text — directly into “blobs,” which were introduced to the Ethereum network as part of the network's Denkun update on March 13.
Less than five hours after BlobScriptions launched, gas bills for Blobs shot up to 585 gwei — the equivalent of about $18, according to data from ultrasound.money.
This is a far cry from the average cost of gas to generate data on blobs before BlobScripts, which averaged about one y, which equates to a small fraction of $0.01.
However, blob fees have fallen from new record highs. At the time of publication, blob fees are running at $1.20 per Coinbrain conversion at 35.8 gwei.
Meanwhile, users have made more than 4,500 scripts on Blobs since BlobScriptions launched, according to data from Dune Analytics.
In the year In a March 27 post for X, ItScripts founder Tom Lehman — who goes by the nickname MiddleMarch — described the high cost of “blobspace” and urged users to issue blobscripts via the official blobscription protocol.
Similar to the early days of Bitcoin Ordinals, Ethereum users are choosing to clip small text and seemingly random images into blobs, with the most recent activity on blobscription.io showing hundreds of new images added recently. A few hours.
Specifically, blob data is only stored on Ethereum nodes for 18 days, which means that after that time blobs data is removed from the network. However, Lehman added that Escripts' index will store the data “indefinitely”.
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Blobs were introduced via EIP-4844 – the main data-saving feature of the Ethereum Denkun update – mainly focused on reducing transaction costs on Layer-2 networks by a significant margin.
Transaction fees on Ethereum L2s have dropped significantly following Denkun's update, with exchange fees on Arbittrum dropping from $1.25 to less than $0.02, while Polygon's fees have fallen by the same amount.
To thank for the reduced fees that come with blobs, one developer was able to film Bee Film's entire script on an Ethereum blob in less than 15 minutes after the launch of the Ethereum update with less than 13 minutes of ETH gas fees.
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