Due to the frenzy of Scroll airdrop claims, Ethereum Blob fees briefly soared to $4.52.
Written by: Tom Mitchelhill, CoinTelegraph
Translated by: Wu Zhu, Jinse Finance
A new Ethereum Layer 2 network called Scroll has seen a surge in airdrop claims, temporarily driving up the cost of blob fees to as high as $4.52, marking the third time blobs have become expensive since the Dencun upgrade in March.
Anonymous crypto data analyst Hildobby stated in a post on X on October 22: "The Scroll airdrop claims have just triggered the blob market; they are no longer free."
He attributed the rise in blob fees to the airdrop of governance tokens SCR by Scroll, which listed on Binance and airdropped tokens to its users on October 22.
Source: Hildobby
According to data from Dune Analytics, blob fees reached a four-month high of $4.52 on October 22.
The significant increase in blob prices had only occurred twice before—once during a surge in L2 activity in July, and again on March 27 during the launch of Blobscriptions, a protocol that allows users to write data directly into blobs.
Rising blob fees are a double-edged sword for Ethereum. More expensive blobs lead to more blob Gas being paid to the network; however, they also increase the associated costs of executing transactions and transfers on Ethereum L2s.
On October 22, blob fees peaked at $4.52. Source: Dune Analytics
Notably, as L2 activity slowed, blob fees quickly fell back, with costs nearing zero at the time of publication.
Just a month ago, Ethereum co-founder Vitalik Buterin emphasized this point in a speech in September. The "blob count" (the maximum number of available blobs per block) was nearing full capacity, and without measures to address this issue, it could soon hinder Ethereum's scalability.
A few weeks later, on October 18, Ethereum developers announced a new Ethereum Improvement Proposal (EIP) aimed at increasing the current fixed "blob count"—the maximum number of available blobs per block.
Christine Kim, Vice President of Research at Galaxy Digital, stated that EIP-7742 will create a mechanism for the Ethereum consensus layer to "dynamically" set Blob Gas targets and maximums, enhancing network scalability in the upcoming Pectra upgrade.
Blobs were introduced as part of the March Ethereum Dencun upgrade, which primarily aimed to reduce transaction costs on Ethereum L2 networks.
With the introduction of blobs and original danksharding, transaction fees on Ethereum L2 have significantly decreased. Arbitrum's swap fees plummeted from around $1.25 to below $0.02, while Polygon fees also dropped by a similar amount.
Notably, Ethereum developer Dan Cline managed to write the entire Bee Movie script onto the Ethereum mainnet for just $14, showcasing the cost-saving potential of blobs as temporary data storage units.
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