Ethereum Faces ‘Blobscriptions’ in Initial Stress Test of Blockchain’s New Data System


The new, less expensive class of data storage on the blockchain known as “blobs” is causing Ethereum costs to soar. This is because a project named Ethscriptions invented a new method of data inscribing known as “blobscriptions.”

Stay in the know on crypto by frequently visiting Crypto News Today

Just a few weeks ago, the Ethereum blockchain underwent a revolutionary upgrade that created a specific area for storing data, or “blobs,” with the goal of lowering fees and easing congestion.

However, a new project has already emerged to congest the so-called blob sector, driving increasing fees and posing the first significant stress test for the nascent blob market.

CryptoCaster Quick Check:

Following the creation of a new method for minting inscriptions on data blobs, or “blobscriptions,” by a project named Ethscriptions, Ethereum gas fees for blobs increased on Wednesday.

The Dune Analytics dashboard indicates that on Wednesday, the blob base charge increased to a minimum of 582 gwei ($266). The blob base charge was dropped to about 18 gwei ($8.69) as of Thursday’s posting.

Blocknative CEO Matt Cutler posted on X, “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 an end – courtesy of Blob Inscriptions.”


The proposal that introduced the new blob market is known as EIP-4844. It was integrated into Ethereum’s historic Dencun update, which was finished on March 13.

The several layer-2 networks developed on top of Ethereum, such as Arbitrum, Optimism, Polygon, and Coinbase’s Base, depend heavily on the blob space to execute transactions more swiftly and affordably than is feasible on the main chain. Reams of data must be parked on Ethereum by the layer 2s as part of the process, which significantly increases their overall prices.


The Blobscriptions incident, according to Ethereum co-founder Vitalik Buterin, forced the new blob-fee market into “price discovery mode,” but he also pointed out that data fees were still far lower than they would have been under the previous arrangement, which involved parking data as “calldata” in a typical Ethereum transaction.

“Blobs are not free, but they remain much cheaper than calldata,” said Buterin. From this point on, significant scaling effort will continue, albeit more gradually, in order to increase the number of blobs and enhance rollups’ capacity to utilize each blob to its fullest.

CryptoCaster™ steadfastly upholds its dedication to keeping our global audience well-informed about the ongoing adoption of blockchain technology, as well as the latest hurdles emerging from government-controlled fiat financial systems, banking conglomerates, and other major institutional entities. Our commitment extends to providing comprehensive updates and insights into how these developments affect the broader landscape of digital currencies, the potential regulatory impacts on blockchain innovations, and the evolving dynamics between traditional financial institutions and emerging cryptocurrency markets. By staying at the forefront of these critical issues, CryptoCaster™ aims to empower our audience with the knowledge needed to navigate the complex interplay of technology, regulation, and finance in the modern world. CRYPTOCASTER® - DECENTRALIZED FREEDOM! 

We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism. 

From  Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.

And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.

When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble. 

Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.

We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster

Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.

Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


You may also like