Etherium blob fees briefly surged to a price of $4.52 spurred by a Frenzy of Scroll airdrop claims.
A frenzy of airdrops claims for a new Ethereum layer-2 network called scroll briefly drove up the cost of blob fees as high as $4.52, marking the third time that blobs have become costly since Ethereum’s Dencun upgrade In March.
“Scroll airdrop claimers just triggered the blob market, they’re no longer free,” said pseudonymous crypto data analyst Hildobby in an Oct.22 post on X.He acclaimed the uptick in blob fees on an airdrop for Ethereum L2 Scroll which listed is governance token SCR on Binance and airdropped token toots users on Oct 22.
Data from dune Analytics shows blob fees reached a four month high of $4.52 on Oct. 22.A massive uptick in blob price has only been witnessed twice before -firstly during a surge in L2 activity in July and later during the launch of Blobscriptions on March 27,a protocol that allows users to inscribe data directly onto blobs.Increased blob fees are a double edged sword for Ethereum.More Expensive blobs mean higher sums I blob gas being paid back to the network; however,they also drive up costs associated with executing transactions and transfers of Ethereum L2s.Obviously,the price of blob fees retraced rapidly as activity across L2s slowed ,settling down to a cost of near zero at the time of this report.
It comes just 30 days after Ethereum co-founder Votalkk Buterin stressed in sept.27 X thread that the”blob count” – the maximum amount of available blobs per block – was nearing full capacity and could soon stall scalability for Ethereum if measures were not acted on to address it.
Weeks later, on Oct. 18, Ethereum developers revealed a new Ethereum improvement Proposal (EIP) aimed at increasing the currently fixed “blob count”– the maximum number of available blobs per block.
According to Galaxy Digital’s Vice President of research, Christine Kim, EIP-7742 will create a mechanism for the Ethereum consensus later to “dynamically” set the blob gas target and max values, optimizing for blob-carrying transactions and improve network scalability in The upcoming Pectra Fork, Blobs were Introduced as part of Ethereum’s Dencun upgrade in March – an improvement that was focused primarily on reducing transaction costs on Ethereum’s later-2 networkz.Following the introduction of blobs and proto-danksharding, transaction fees on Ethereum L2 fell drastically.
Swap fees on Arbitrium plunged from around $1.25 to below $0.02, while Polygon fees dropped by a similar amount.Notably, Ethereum developer Dan Cline inscribed the entire Bee Movie script to the Ethereum mainnet for just $14, demonstrating the cost-saving capabilities of blobs as temporary storage units.
