Ethereum ‘BlobScriptions’ Soar, Carrying Blob Fees Along

Ethereum blockchain saw a surge in blob fees following the introduction of “BlobScriptions,” a method allowing users to inscribe data onto blobs.

As a result of a viral new method for minting data on the Ethereum blockchain that has been given the name “BlobScriptions,” the price of blob fees, which is the amount that is necessary for a blob to be included in an Ethereum block, is gradually increasing. 

Ethereum’s New Data Inscription Protocol

On March 27, a protocol known as Descriptions launched BlobScriptions. This protocol allows users to directly inscribe data, such as JPEGs and text, onto “blobs,” which the Ethereum network introduced on March 13 as part of the Dencun upgrade.

According to information obtained from Ultrasound. Money, the gas rates for Blobs skyrocketed to a maximum of 585 gwei, approximately equivalent to $18. This occurred less than five hours after the debut of BlobScriptions. For minting statistics, this was a far cry from the average price of gasoline.

The fees for Blob, on the other hand, have significantly decreased since they reached their freshly recorded high. As of the time of publication, the costs for blobs are now at 35.8 gwei, equivalent to $1.20, according to the conversion data provided by Coinbrain.

In the meantime, according to statistics provided by Dune Analytics, users have posted more than 4,500 inscriptions on blobs since the release of BlobScriptions.

Descriptions founder Tom Lehman, who goes by the nickname Middlemarch, made a post on X on March 27. In the post, he mentioned the rising cost of “blob space” and advised people to coin BlobScriptions through the official subscription protocol.

In a manner that is very similar to the early days of Bitcoin Ordinals, users of Ethereum are electing to mint little amounts of text and seemingly random assortments of photos as blobs.

Recent activity on blobscription.io indicates the upload of hundreds of new images in the past few hours. Ethereum nodes only store blob data for approximately 18 days, after which they erase the data associated with BlobScriptions from the network.

On the other hand, Lehman mentioned that the Descriptions indexer would persist in storing the data “indefinitely.”EIP-4844 introduced blobs primarily by focusing on reducing transaction costs on layer-2 networks by a significant margin.

Blobs are a prominent data-saving feature of Ethereum’s Dencun update. The upgrade to Dencun resulted in a significant decrease in the fees associated with transactions on Ethereum L2s.

For example, swap fees on Arbitrum dropped from almost $1.25 to less than $0.02 and polygon fees increased by an amount comparable to that. 

One Ethereum developer was able to mint the entire screenplay of the Bee Movie on an Ethereum blob less than 15 minutes after the upgrade went live, and they did so for less than $13 in ETH gas fees. The developer praised the reduced fees associated with blobs.