BLOB Integration Significantly Reduces Blast Usage Costs

The Layer 2 network Blast has begun utilizing BLOB objects, reducing transaction fees by approximately tenfold, according to The Block.

On May 27, the protocol’s developers added support for Dencun, which includes EIP-4844.

Blast will be upgraded to support blobs on Monday May 27 at 2PM PT.

Blast users will have lower gas fees and Dapps will earn more gas fee revenue after the upgrade.

Infrastructure providers should upgrade to the latest Blast node which has 4844 support. pic.twitter.com/QEbxZCyR0Y

— Blast (@Blast_L2) May 23, 2024

Prior to the upgrade, the average transaction fee in Blast was around $0.1. Post-upgrade, the network’s fee dropped below $0.01.

Daily, the network produces between 700 and 1000 blocks, trailing behind Arbitrum, Base, Optimism, Taiko, and Scroll, but ahead of Linea and other ZK solutions.

Blast ranks third in the number of BLOB objects published on the Ethereum mainnet.

However, the protocol includes only one large binary data object per transaction, whereas Optimism uses six.

It is economically advantageous to include more BLOB objects within a single transaction, as they significantly reduce data storage costs.

Most Layer 2 networks include six arrays, but newly launched solutions Taiko and Scroll currently use only one. It is likely that Blast is also “getting accustomed” to the technology.

According to DeFi Llama, the total value locked in the network has reached $2.24 billion. At the time of writing, Blast ranks sixth in TVL among all blockchain protocols.

Blast is an EVM-compatible scaling protocol utilizing Optimistic Rollups. The platform offers a passive income of 4-5% annually.

Initially, the project attracted users with the promise of an airdrop, which was planned for May. However, the date was later moved to June.

The project was launched in November 2023 by the founder of the NFT marketplace Blur, under the pseudonym Pacman. Initially, the protocol did not even have a test network and offered users to deposit coins through a bridge.

The Blast mainnet launched on February 29. Shortly thereafter, users withdrew $1.3 billion in assets from the protocol.