Ethereum blob fees soar: What does it mean for L2s?

Ethereum blob fees recently saw a significant surge, hitting a high of $4.52 due to a surge in Scroll airdrop claims. This spike marks the third instance of expensive blobs since Ethereum’s Dencun upgrade earlier this year.

The rise in blob fees was primarily attributed to an airdrop for Ethereum L2 Scroll, following the listing of its governance token SCR on Binance. According to data from Dune Analytics, blob fees reached a four-month peak on Oct. 22, causing concerns among Ethereum users.

While higher blob fees result in increased blob gas rewards for the network, they also lead to higher transaction costs for executing operations on Ethereum L2s. However, these escalated fees quickly subsided as L2 activity slowed down, returning to near-zero levels.

Recent developments such as the introduction of a new Ethereum Improvement Proposal (EIP) that aims to enhance scalability by dynamically adjusting blob gas targets demonstrate ongoing efforts to address these challenges. By optimizing blob-carrying transactions, Ethereum looks to pave the way for improved network efficiency and reduced costs.

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