{"id":12074,"date":"2024-03-28T13:00:24","date_gmt":"2024-03-28T11:00:24","guid":{"rendered":"https:\/\/forklog.com\/en\/ethereum-faces-surge-in-blob-transactions-amid-ordinals-like-inscriptions\/"},"modified":"2024-03-28T13:00:24","modified_gmt":"2024-03-28T11:00:24","slug":"ethereum-faces-surge-in-blob-transactions-amid-ordinals-like-inscriptions","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ethereum-faces-surge-in-blob-transactions-amid-ordinals-like-inscriptions\/","title":{"rendered":"Ethereum Faces Surge in BLOB Transactions Amid Ordinals-Like Inscriptions"},"content":{"rendered":"<p>On March 27, the use of block space in Ethereum for BLOB transactions reached 100% due to blockchain &#8220;inscriptions&#8221; akin to Bitcoin Ordinals.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">As widely predicted, it looks like March 27, 2024 will be remembered as the day that the \u2018blobs are free EIP-4844 launch discount\u2019 party came to a close \u2013 courtesy of Blob Inscriptions. 100% expected. And yet still breathtaking to observe. Follow along @ <a href=\"https:\/\/t.co\/Ctj3QWHYgh\">https:\/\/t.co\/Ctj3QWHYgh<\/a> <a href=\"https:\/\/t.co\/ZdCO0dcbte\">pic.twitter.com\/ZdCO0dcbte<\/a><\/p>\n<p>\u2014 Matt Cutler?? (@mcutler) <a href=\"https:\/\/twitter.com\/mcutler\/status\/1773037126575091854?ref_src=twsrc%5Etfw\">March 27, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>This option became available following the activation of the Dencun update on the mainnet on March 13. A key component of the upgrade, <a href=\"https:\/\/forklog.com\/en\/news\/how-eip-4844-will-affect-ordinary-ethereum-users\">EIP-4844<\/a>, enabled L2 networks to significantly reduce fees through BLOB transactions.<\/p>\n<p>However, binary data arrays began to be actively used for &#8220;inscriptions.&#8221; According to a dashboard on <a href=\"https:\/\/dune.com\/hildobby\/blobs\">Dune<\/a>, nearly 40% of the total BLOBs are used for this purpose.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Ethereum-Blobs-Google-Chrome.webp\" alt=\"Ethereum-Blobs-Google-Chrome\" class=\"wp-image-229484\"\/><figcaption class=\"wp-element-caption\">Data: Dune.<\/figcaption><\/figure>\n<p>As noted by <a href=\"https:\/\/www.theblock.co\/post\/285236\/inscriptions-push-blobs-to-reach-set-utilization-limit-on-ethereum\">The Block<\/a>, this occurs despite the &#8220;ephemeral&#8221; nature of inscriptions \u2014 data is stored for 18 days. They can remain further only in full archival nodes. <\/p>\n<p>According to <a href=\"https:\/\/ethernow.xyz\">Ethernow<\/a>, at the time of writing, 166 BLOBs are pending. The limit of six objects per block is reached in about 40% of cases, while a similar proportion are not included at all.<\/p>\n<p>On average, the network maintains a target of three arrays per block.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Ethereum-Blobs-Google-Chrome-1.webp\" alt=\"Ethereum-Blobs-Google-Chrome-1\" class=\"wp-image-229485\"\/><figcaption class=\"wp-element-caption\">Data: Dune.<\/figcaption><\/figure>\n<p>In the L2 protocol Base on March 27, the fee for placing a BLOB <a href=\"https:\/\/dune.com\/queries\/3540431\/5956718\">reached<\/a> $337. The figure adjusted to around $12. Meanwhile, the regular transaction fee in the protocol is about $0.01.<\/p>\n<p>Back in December, the launch of an Ordinals analogue on the <span data-descr=\"The Open Network\" class=\"old_tooltip\">TON<\/span> blockchain led to a network failure.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On March 27, the use of block space in Ethereum for BLOB transactions reached 100% due to blockchain &#8220;inscriptions&#8221; akin to Bitcoin Ordinals. As widely predicted, it looks like March 27, 2024 will be remembered as the day that the \u2018blobs are free EIP-4844 launch discount\u2019 party came to a close \u2013 courtesy of Blob [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1227,46,1176],"class_list":["post-12074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-transactions","tag-ethereum","tag-ordinals"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/12074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=12074"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/12074\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/12073"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=12074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=12074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=12074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}