Ethereum's Blob Activity Booms Amid Rising L2s
Ethereum's "blob" feature, a key element introduced with the Dencun upgrade, is seeing record use, averaging more than 21,000 blobs this month—on par with its highest levels from March 2024.
What's the scoop?
- The Context: L2s like Arbitrum, Base, and OP Mainnet leverage blobs to batch transactions and efficiently and cheaply post them to Ethereum for validation.
- On the Rise: With L2 usage growing, blob fees have risen sharply, resulting in +160 ETH ($560,000) burned in the past week alone, further reducing Ethereum's circulating supply.
Bankless take
Blobs allow Ethereum to expand its ecosystem without sacrificing decentralization or security. The burning of blob fees also demonstrates how L2s can directly enhance ETH's deflationary properties, countering criticisms that rollups might detract from mainnet value. With the blob fee market undergoing price discovery once again, it's clear Ethereum hasn't rested on its laurels.
Nobody move - blobs just got more expensive than calldata. Our first inversion since the $ZRO airdrop
— BREAD | ∑: (@0xBreadguy) November 26, 2024
If this sustains, we'll see action in the L2 maneuvering market and how and who:
🔹Switches from blobs to calldata
🔹Witholds posting entirely due to pricing
Watching closely pic.twitter.com/AS2VoIE1Xq