- Ethereum fees have recently soared to over $4.
- This is the third time that fees have skyrocketed since Ethereum's upgrade.
Ethereum [ETH] After introducing BLOB with the Dencun upgrade, our charges were significantly reduced. This upgrade also reduced overall Layer 2 (L2) network costs.
However, recent activity has led to an increase in Blob fees, primarily due to the airdrop of new L2 network tokens.
Ethereum L2 BLOB fees spike
According to data from Dune Analytics, blob fees rose significantly on October 22, reaching over $4. This is the third major spike since the Dencun upgrade.
This increase is related to the Ethereum L2 network Scroll's airdrop, in which the governance token SCR was distributed to users, leading to a temporary spike in activity.
Source: Dune Analytics
BLOB was introduced in the Dencun upgrade and was primarily intended to reduce transaction costs on Ethereum's L2 network.
With the implementation of BLOB and Protodunk Sharding, Ethereum L2 transaction fees have dropped significantly as more transactions are offloaded from Ethereum mainnet to these secondary layers.
What does this spike mean for L2?
Although the spike in blob fees was caused by temporary network congestion due to airdrops, it highlights that such events can still cause fluctuations in transaction fees.
This is the third time that BLOB fees have skyrocketed since they were introduced. Still, despite these occasional spikes, Ethereum’s L2 continues to offer lower fees compared to mainnet.
The Dencun upgrade focuses on reducing costs through the use of Blob, and has largely succeeded in keeping Ethereum L2 fees low.
This recent surge is an exception and was largely influenced by the intense network activity surrounding the Scroll token airdrop.
Trends in Ethereum fees
Despite the temporary spike in Blob fees, Ethereum fees have generally remained low since the Dencun upgrade. In particular, fees have declined as more transactions move to L2.
read ethereum [ETH] Price prediction for 2024-2025
According to data from Crypto Fees, average daily fees over the past week were approximately $6.7 million, and 24-hour fees were approximately $5.4 million.
Rising Blob fees indicate that congestion can still occur during large network events, but Ethereum's continued focus on reducing costs continues to benefit users. transactions, maintaining low transaction fees overall.
