Coinspeaker
Ethereum Gas Fee Surges after Strong Inscriptions Debut on Blobs

After the successful implementation of the Ethereum Dencun upgrade earlier this month, allowing the creation of Ethereum blobs. The blobs are similar to Bitcoin inscriptions which increase the inclusion of data within Ethereum transactions without affecting the block processing time.

However, in the recent development, Ethereum’s economical memory segments dubbed blobs are facing an issue with excessive text or image storage, commonly referred to as “Blobscriptions”. Currently, approximately 40% of blobs are occupied by such inscriptions. As a result, this introduction of blobscriptions on the Ethereum network has led to a sudden surge in the gas fee on the network.

As per the data from Crypto Intelligence firm Dune Analytics, there’s been a major growth in inscriptions built atop Ethereum blobs, reaching new record levels. Over the last two days – March 27 and 28 – there’s been a major uptick in inscriptions on the Ethereum blobs.

This trend bears similarities to the surge in activity observed with Ordinals on the Bitcoin blockchain. Notably, nearly 40% of Ethereum blob submissions on Wednesday were for inscriptions.