BlobScriptions, a new Ethereum blockchain feature introduced by Ethscriptions on March 27th, has significantly increased Blob fees.
These fees required to include data in the Ethereum block jumped to 585 Gwei (about $18) shortly after launch, as opposed to the previous average of 1 Way (a fraction of a cent).
Despite the initial spike, Blob fees have fallen to 35.8 Gwei ($1.20) per Coinbrain data. Since BlobScriptions' debut, we've had over 4,500 registrations, showing that user adoption is increasing. Tom Lehman, founder of Ethscriptions, highlighted the rising cost of “blobspace” and urged users to use the official protocol.
Although the Ethscriptions indexer promises indefinite storage, BLOB data stored on an Ethereum node for approximately 18 days may be deleted after that. Introduced through his EIP-4844 during Ethereum's Dencun upgrade, BLOBs aim to significantly reduce layer 2 transaction costs.
This upgrade significantly lowers transaction fees on platforms like Arbitrum and Polygon, and allows developers to utilize blobs more efficiently. For example, one developer was able to write the entire script for his Bee Movie in just 15 minutes after upgrading and for less than $13 in ETH gas fees.
Ethscriptions' BlobScriptions feature has sparked a debate over Ethereum's rising Blob fees, prompting users to follow the official protocol amid growing adoption and concerns over data storage costs.
Also read: Ethereum Dencun upgrade reduces Ether supply to lowest level in August 2022
