Summary
TLDR: Ethscriptions created BlobScriptions on EIP-4844 blobs, driving up the price of blobspace. Blob base fee increased from one wei to over 500 gwei, still lower than gas fees on layer-1 Ethereum. Blob data is kept for 18 days before disappearing. Inscriptions are popular and could impact low-fee layer-2s.
Key Points
1. BlobScriptions have heavily driven up the price of blockspace, with the blob base fee climbing above 500 gwei, marking a significant increase since the introduction of Ethereum’s Dencun upgrade.
2. Inscriptions create an inexpensive means of embedding art or tokens onto a blockchain, with a host of pictures and tokens now being inscribed on blobs in the case of BlobScriptions.
3. Blob data is only kept by Ethereum nodes for roughly 18 days to let layer-2s verify transactions, meaning that BlobScriptions will disappear from Ethereum after this time period but will still be stored in the indexer for creator protocol Ethscriptions.