Ethereum has seen a surge in usage of “blobs”, an effective data management tool introduced earlier this year, and more users are looking to use Layer 2 scaling solutions for faster and more affordable transactions. It shows that you are hiring.
According to pseudonymous data analyst Hildby's Dune Analytics dashboard, the number of blobs or binary large objects posted to Ethereum has consistently averaged over 21,000 this month, and the number has increased since March. Matches recorded activity.
Ethereum's Dencun upgrade, which went live earlier this year, introduced blobs that attach large chunks of data to regular transactions, allowing data to be turned off without congesting the mainnet, unlike call data, which is stored permanently. Save to chain. Think of BLOB as a large, integrated box filled with letters, while paying for the entire box rather than call data. This is the same as paying for each individually posted letter.
The rapid increase in the number of blobs posted indicates the increasing adoption of layer 2 protocols such as BASE, Arbitrum, and Optimism. These protocols use BLOBs to bundle transactions, process them off-chain, and post them to the Ethereum main chain for validation.
“ETH and its L2 transactions continue to reach all-time highs, +40% compared to this summer.Meanwhile, the average blob count has increased by about 20% and L2 blob fees have reached a 30-day high. ” said Matthew Siegel. VanEck's head of digital asset research had this to say about X:
Blobspace is a dedicated area within Ethereum blocks where Layer 2 temporarily posts data, but at a cost depending on network conditions. Note that these blob fees paid in Ethereum's native token Ether will be burned in the same way as transaction fees, removing circulating supply of the cryptocurrency from the market. This contradicts the popular theory that layer 2 protocols are meant to plunder the main chain.
The basic sending fee for blobs soared to $80 on Monday, the highest since March, and the average number of blobs posted to each Ethereum block increased to 4.3. More importantly, according to ultrasound.money, BLOB fees have consumed more than 166 ETH, worth $560,000, in the past seven days, making it the ninth largest transaction.
“Blob pricing has historically been very low since the implementation of BLOB in EIP4844. This is because BLOB has its own pricing market with very little price discovery. “As on-chain activity begins to surge, demand for BLOB space on L1 is increasing, and the BLOB fee market has entered price discovery,” Artemis said in a newsletter.
This data suggests that we can expect it to outperform Ether in the future. The second-largest cryptocurrency by market capitalization rose to a four-month high of $3,546 on Monday, outpacing Bitcoin's 5% decline, but has since fallen back to $3,370, according to CoinDesk data. .
