Ethereum Hit by 'Blobscriptions' in First Stress Test of Blockchain's New Data System [Yahoo! Finance]
Coinbase Global, Inc. - Class A (COIN)
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Source: Yahoo! Finance
But already, a new project has come along to jam up the so-called blob space, sending fees soaring and providing the nascent blob market with its first big stress test. Ethereum gas fees for blobs spiked Wednesday after a project called Ethscriptions created a new way of inscribing data, or minting inscriptions, on the data blobs, called “blobscriptions.” According to the Dune Analytics dashboard , the blob base fee soared to at least 582 gwei ($266) on Wednesday. As of writing on Thursday, the blob base fee had subsided to around 18 gwei ($8.69). “As widely predicted, it looks like March 27, 2024, will be remembered as the day that the ‘blobs are free EIP-4844 launch discount' party came to a close – courtesy of Blob Inscriptions,” Matt Cutler, the CEO of Blocknative, wrote on X. EIP-4844 is the name of the proposal that ushered in the new blob market, incorporated as part of Ethereum's landmark Dencun upgrade completed on March 13. The blob space is especially crucial for
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