Ethereum’s “BlobScriptions” cause gas fees to skyrocket to $18

Author: Tom Mitchelhill, CoinTelegraph; Compiled by: Tao Zhu, Golden Finance

A viral new method of copying data to the Ethereum blockchain called "BlobScriptions" is driving up Blob prices The price of the fee, the amount required for the blob to be included in an Ethereum block.

BlobScriptions were introduced on March 27th by a protocol called Ethscriptions, which allows users to transfer data (from JPEG to text) directly into "blobs," which were introduced to the Ethereum network as part of the network's Dencun upgrade on March 13.

BlobScriptions less than 5 hours after launch, according to Ultrasound.money , the gas cost of the Blob soared to 585 gwei, which is equivalent to about 18 US dollars.

This is a far cry from the average gas price BlobScriptions previously had for casting data on blobs Far from it, the latter averages about 1 wei, equivalent to a fraction of $0.01 USD.

After the introduction of BlobScripts, Blob charges skyrocketed. Source: Ultrasound.money

However, Blob fees have since dropped significantly from new highs. As of the time of publication, the blob fee is 35.8 gwei, equivalent to $1.20, according to Coinbrain conversion data.

Meanwhile, according to Dune Analytics, Since the launch of BlobScriptions, users have left There are more than 4,500 inscriptions.

In an X post published on March 27, Ethscriptions founder Tom Lehman (pseudonym Middlemarch) pointed out the soaring cost of "blobspace" and urged users to adopt the official blobscription protocol Create BlobScriptions.

Source: Middlemarch

Much like early Bitcoin Ordinals, Ethereum users have chosen to convert small blocks Combinations of text and seemingly random images are cast into blobs, with a recent campaign being blobscrim. IO shows hundreds of new images added in the past few hours.

Ethereum users are using this protocol heavily to generate data on blobs. Source: BlobScripts

It is worth noting that Blob data is only stored on Ethereum nodes for approximately 18 days, which means that after this period, BlobScript's data will be deleted from the network. However, Lehman added that the Ethscriptions indexer will store data "indefinitely."

Blob was introduced through EIP-4844, which is the core data storage function upgraded by Ethereum Dencun and is mainly dedicated to significantly reducing the transaction costs of the Layer 2 network.

Ethereum L2 transaction fees dropped significantly after the Dencun upgrade, Arbitrum swap fees plummeted from around $1.25 to under $0.02, and Polygon fees dropped by a similar amount.

To praise the reduced fees brought by Blobs, an Ethereum developer minted the entire script of "Bee Movie" on Ethereum Blobs in less than 15 minutes after the upgrade went live, and all ETH miners The fee is less than $13.