Ethereum Blob is being used to create “Inscriptions” at a record pace. According to Hildobby’s statistics, there were 4,638 Blob Inscriptions on the 27th, accounting for 32.4% of the total Blob releases that day.
(Background: Base Meme Coin Soaring》Trading Volume Increased Tenfold, Breaking 220 Million Pounds, Gas Fees Even Higher Before Dencun Upgrade)
(Ethereum Cancun Upgrade Completed》Has Gas Fees on Ethereum L2 Really Decreased Significantly? ARB, OP, STRK… Price Performance?)
On March 14th, Ethereum successfully launched the Dencun upgrade, which significantly reduced transaction fees on the Layer 2 (L2) network and was widely regarded as one of the most significant improvements to the Ethereum user experience.
However, there are recent concerns about the effectiveness of the Dencun upgrade. First, Base, the second-layer public chain under Coinbase, saw its transaction fees skyrocket to pre-upgrade levels due to the meme coin frenzy.
Secondly, the Blob technology introduced in the Dencun upgrade was intended to expand Ethereum by providing more storage space and thus reducing transaction costs on the Layer 2 network. However, it is now being extensively used to create “Inscriptions,” which goes against the original goal.
Further reading: Base Meme Coin Soaring》Trading Volume Increased Tenfold, Breaking 220 Million Pounds, Gas Fees Even Higher Before Dencun Upgrade
Inscriptions account for 32.4% of Blob releases
According to Hildobby, a well-known crypto venture capital data analyst, there were 4,638 Blob Inscriptions on the 27th, accounting for 32.4% of the total Blob releases that day. This is the highest Blob usage rate among other Ethereum Layer 2 networks such as Arbitrum, Optimism, Base, and Linea.
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The above image shows the number of Blobs used for various purposes, and the following image shows the percentage of Blobs used for each purpose. The purple color represents “Inscriptions,” which dominate the number of Blobs.
Base Fee surged to over 300 pounds
Furthermore, as the number of Blob Inscriptions increased significantly, the Base Fee also surged to as high as $300. Clearly, the increase in Blob Inscriptions is one of the reasons for the surge in transaction fees.
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Transaction fees (Base) surged to over 300 pounds
Hildobby points out that Inscriptions on the EVM are embedded data in transactions, attempting to mimic the versatility of ERC20 and NFT based on smart contract foundations, similar to Ordinals on Bitcoin. The practice of Inscriptions goes against the design decisions of the EVM, and the only benefit is the reduction in gas fees, but it comes at the cost of indexing difficulties, incompatibility, and integration challenges.
In the face of the phenomenon of a large number of EVM Inscriptions, it remains to be seen whether it will motivate Ethereum developers to carry out corresponding technological reforms.
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