Ethereum‘s Weekly Blob Fees: A Comedy of Errors 🤣
Oh, dear friends, gather ’round and behold the wondrous tale of Ethereum’s weekly blob fees, which have sunk to the lowest levels of the year, a veritable abyss of despair! 🌊
According to the esteemed Etherscan, in the week ending March 30, Ethereum earned a paltry 3.18 Ether (ETH) from blob fees, a sum so small it could be lost in the ether (pun intended) 🤣. Or, if you will, approximately $6,000 US dollars, a figure so modest it’s almost as if they’re trying to hide it under the couch cushion 🤫.
This figure, my friends, marks a 73% drop from the prior week, a decline so precipitous it’s as if the very fabric of space-time itself is unraveling 🌀. And if that weren’t enough, it’s a more than 95% drop from the week ending March 16, when Ethereum’s income from blob fees was as plentiful as a basket full of golden eggs 🥚.
Post-Dencun Growing Pains 🤕
In March 2024, Ethereum’s Dencun upgrade migrated L2 transaction data to temporary offchain stores called “blobs,” a move so bold it’s as if they’re trying to outsmart the very gods themselves 🤣. The upgrade, you see, cut costs for users, but also reduced overall fee revenue for Ethereum, a trade-off so Faustian it’s as if they’re selling their souls to the devil himself 🔥.
“ETH Fees Were Weak Due to Lack of Blob Revenues as L2s Have Not Filled Available Capacity,” Matthew Sigel, VanEck’s head of digital asset research, said in a Nov. 1, 2024, post on the X platform, a statement so prophetic it’s as if he foresaw the very apocalypse itself 🌪️.
Ethereum’s ongoing struggle to earn meaningful income from blob fees underscores concerns about the network’s scaling model, which relies heavily on L2s for transaction throughput, a reliance so tenuous it’s as if they’re trying to balance a house of cards on a windy day 🌬️.
“Ethereum’s future will revolve around how effectively it serves as a data availability engine for L2s,” arndxt, author of the Threading on the Edge newsletter, said in a March 31 X post, a statement so profound it’s as if he’s holding the very keys to the kingdom 🔑.
According to an X post by Michael Nadeau, founder of The DeFi Report, L2 transaction volumes would need to increase more than 22,000-fold for blob fees to fully offset Ethereum’s peak transaction fee revenues, a task so Herculean it’s as if they’re trying to move a mountain with a feather 🌄.
However, Ethereum’s economics are still evolving, a process so gradual it’s as if they’re trying to boil a frog in a pot of water 🔥. For instance, the network’s Pectra Upgrade — which aims to significantly change how Ethereum allocates blob space — is scheduled for this year, a development so promising it’s as if they’re holding out a lifeline to a drowning man 🌊.
“The plan is simple: scale Ethereum as much as possible to capture as much marketshare as we can – worry about fee revenue later,” Sassal, founder of The Daily Gwei, said in a March 17 X post, a statement so cavalier it’s as if they’re playing with fire 🔥.
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2025-04-01 23:44