Ethereum's Blob Revolution: Inscriptions Take Over, Capacity Struggles Ensue The Dencun upgrade brought cheers with cheaper L2 transactions. But now, a new challenge emerges as
blob inscriptions take the stage, causing a
contention never seen before.
With the introduction of EIP-4844 or "Proto-Danksharding," Ethereum blocks can now hold more than just transactions. Think of it as
extra data etched into the very fabric of the blockchain.
Data crunching from Dune Analytics paints a vivid picture –
44.2% of all blobs are now driven by these inscriptions. It's like an artistic frenzy, but with code!
This surge in popularity comes at a cost. Basic blob fees are no longer pocket change, and we're witnessing a
blobspace crunch, with 139 hopeful blobs waiting in line.
A single block can only handle six blobs, so you do the math – that's
133 blobs overcapacity! It seems our blockchain canvas is bursting at the seams.
"The 'free blob' party had to end sometime," says Matt Cutler, CEO of Blocknative. March 27, 2024, will be etched in Ethereum history as the day when blob inscriptions stole the show.
The future of Ethereum is bold and bumpy, but one thing's for sure – blobs are here to stay, and they're making their mark like never before!
