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Ethereum’s network is strained when demand for Blob transactions surges and the popularity of inscriptions pushes capacity to its limits.
BLOBs are a feature introduced following the Dencun upgrade of the Ethereum network earlier this month.
This upgrade aimed to reduce the cost of layer 2 transactions by replacing the legacy “calldata” method with BLOB transactions, and it clearly succeeded in that goal. We made transactions cheaper for end users by allowing layer 2 solutions like Arbitrum, Optimism, Base, and Linea to leverage her blobs for posting transactions.
According to the report, “the speed of BLOB transactions on Ethereum skyrocketed, exceeding the network’s configured capacity,” demonstrating the immediate impact of the Dencun upgrade. Adding inscriptions to his blobs inspired by Bitcoin Ordinals allows users to embed their own fungible and non-fungible artifacts within these transactions.
This function introduced a new dimension of utility to BLOBs, even though they are ephemeral and removed from the network after 18 days. However, a full archive node can retain this data indefinitely.
Recent analysis by Dune Analytics reveals some notable trends. That means 40% of BLOB transactions are related to inscriptions. This study shows significant usage, demonstrating the highest usage among various Ethereum (ETH) L2 solutions.
Currently, the network is facing BLOB contention and BLOBs are running at full speed. 100% utilization rate. This situation is further exacerbated by the significant backlog of 160 her blobs in mempool waiting to be processed. Considering that Ethereum’s current capacity is only a maximum of 6 blobs per block, the backlog is approximately 40 times more than the network can accommodate in a single block.
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