Ethereum has seen a new trend in inscribing data onto its network, known as “BlobScriptions,” causing a significant surge in the fees for this data-saving feature. Launched by Ethscriptions on March 27, this method enables users to embed various types of data, from images to text, directly onto Ethereum blobs. These blobs were introduced as part of Ethereum’s Dencun upgrade on March 13, aiming to enhance the network’s efficiency.
Surge in Blob Fees
Following the introduction of BlobScriptions, Ethereum experienced a dramatic increase in blob gas fees, reaching up to 585 gwei or about $18, as reported by Ultrasound.money. This marked a steep rise from the pre-BlobScriptions era, where the average gas price for minting on a blob was nearly negligible. However, the fees have since moderated, with current rates at about 35.8 gwei or $1.20, per Coinbrain’s data.
Growing Popularity and Inscriptions
The new minting method has quickly gained traction, with over 4,500 inscriptions recorded since its launch. This rapid adoption mirrors the early enthusiasm seen with Bitcoin Ordinals, as users flock to mint assorted texts and images onto Ethereum blobs. Despite the initial surge in costs, the appeal of BlobScriptions remains evident in the continuous influx of new inscriptions.
Short-lived Blob Data
An intriguing aspect of BlobScriptions is the temporary nature of blob data storage on Ethereum nodes, which is set at approximately 18 days. Beyond this period, the inscribed data will vanish from the network, although Ethscriptions’ founder, Tom Lehman, assures that their indexer will preserve the data indefinitely.
Impact of the Dencun Upgrade
The Dencun upgrade, underpinned by EIP-4844, introduced blobs to significantly cut transaction costs on Ethereum’s layer-2 networks. The aftermath of this upgrade was a drastic reduction in transaction fees across various platforms, with notable decreases on Arbitrum and Polygon. The introduction of blobs was celebrated for its potential to lower costs, demonstrated when an Ethereum developer minted the entire script of the Bee Movie on a blob for less than $13 in ETH gas fees shortly after the upgrade.
The emergence of BlobScriptions represents a fascinating development within the Ethereum ecosystem, marrying innovation with practical utility. Despite the temporary spike in fees, the broader implications for Ethereum’s efficiency and the democratization of data inscription on the blockchain signal a positive step forward.
