Summary
TLDR: Ethereum fees for “blobs” spiked after Ethscriptions introduced a new cheaper data storage method called “blobscriptions”.
Key Points
1. Ethereum fees for “blobs” spiked on Wednesday due to the introduction of Ethscriptions and their new method of data storage known as “blobscriptions.”
2. “Blobscriptions” are a new way of inscribing data on the Ethereum blockchain, creating a dedicated class of cheaper data storage called “blobs.”
3. The spike in Ethereum fees for blobs demonstrates the impact of new innovations and technologies on the blockchain network, highlighting the need for efficient and cost-effective solutions for data storage.