The prices for the data-saving function are drastically increasing due to a new technique for inscribing data on Ethereum blobs. Blob fees, the sum needed for a blob to be included in an Ethereum block, are rising as a result of a new, widely used technique called “BlobScriptions” for minting data to the Ethereum blockchain. A protocol known as Ethscriptions unveiled BlobScriptions on March 27. This feature enables users to directly engrave data, as text or JPEGs, into “blobs,” which were added to the Ethereum network on March 13 as part of the network’s Dencun update.
Data Shows BlobScriptions Have Led To Users Subscribing Over 4,500 Blobs
Before this, the average gas price for minting data on a blob was around one week or a minuscule fraction of $0.01. This was a long cry from that. But since then, Blob fees have significantly decreased from their recently recorded peak. According to Coinbrain conversion statistics, blob fees are now 35.8 gwei, or $1.20, at the time of posting. Meanwhile, data from Dune Analytics shows that since BlobScriptions were introduced, users have scribed over 4,500 blobs. Tom Lehman, also known as Middlemarch, is the originator of Descriptions. He posted on March 27 on X, pointing out that the price of “blob space” is increasing and advising users to coin BlobScriptions using the official subscription protocol.
