Ethereum blobs pushed to utilization limit due to inscriptions – crypto.news
Ethereums network is strained as blob transaction demand surges, pushing capacity to its limits due to the popularity of inscriptions.
Blobs are a feature that was introduced following the Ethereum networks Dencun upgrade earlier this month.
The upgrade, which aimed to reduce the cost of Layer 2 transactions by substituting the traditional calldata method with blob transactions, has evidently succeeded in its objective. It has made transactions cheaper for end users by enabling Layer 2 solutions like Arbitrum, Optimism, Base, and Linea to utilize blobs for posting transactions.
Reports indicate that the rate of blob transactions on Ethereum has surged, exceeding the networks set capacity, demonstrating the immediate impact of the Dencun upgrade. Adding inscriptions on blobs inspired by Bitcoin Ordinals allows users to embed unique fungible and non-fungible artifacts within these transactions.
The function has introduced a new dimension of utility for blobs, even though they are ephemeral and are removed from the network after 18 days. However, full archival nodes can retain this data indefinitely.
A recent analysis from Dune Analytics reveals a notable trend: 40% of blob transactions are now related to inscriptions. The study shows a significant utilization rate, demonstrating the highest usage among various Ethereum (ETH) L2 solutions.
Currently, the network faces a blob contention, with blobs operating at a 100% utilization rate. The situation is further compounded by a considerable backlog in the mempool, where 160 blobs await processing. Given Ethereums current capacity to include only up to six blobs per block, the backlog is roughly 40 times higher than the network can accommodate in a single block.
See the article here:
Ethereum blobs pushed to utilization limit due to inscriptions - crypto.news
- Ethereum rally stalls at $3.8K Is SEC ETH ETF decision already priced in? - Cointelegraph - May 23rd, 2024 [May 23rd, 2024]
- Decoding the Possibility of Ethereum (ETH) Price Reaching a New ATH After the Spot ETF Approval! - Coinpedia Fintech News - May 23rd, 2024 [May 23rd, 2024]
- Ethereum heats up over key ETF decision. Here's what you need to know. - Mashable - May 23rd, 2024 [May 23rd, 2024]
- 'Opportune Moment'Bitcoin And Ethereum Suddenly Braced For A $4.2 Trillion ETF Price Bombshell - Forbes - May 23rd, 2024 [May 23rd, 2024]
- Bernstein Predicts Ethereum to $6,600, But There's a Catch - U.Today - May 23rd, 2024 [May 23rd, 2024]
- Ethereum price crash attributed to MEV manipulation: Report - Crypto Briefing - May 23rd, 2024 [May 23rd, 2024]
- QCP Capital predicts spot Ethereum ETF approvals could drive prices higher - The Block - May 23rd, 2024 [May 23rd, 2024]
- Exchanges told SEC leaning toward approval of spot Ethereum ETFs: report - The Block - May 23rd, 2024 [May 23rd, 2024]
- Biden's 'Seismic Shift' Could Be About To Trigger A Huge Bitcoin Price Earthquake After Ethereum 'Firestorm' - Forbes - May 23rd, 2024 [May 23rd, 2024]
- Ethereum ETF Decision Looms: What To Watch Out For Today - Benzinga - May 23rd, 2024 [May 23rd, 2024]
- Nasdaq files updated 19b-4 form for BlackRock's spot Ethereum ETF - The Block - May 23rd, 2024 [May 23rd, 2024]
- No, the prospective spot Ethereum ETF issuers won't be able to stake ether in the background - The Block - May 23rd, 2024 [May 23rd, 2024]
- StakingFarm Drives Innovation in Ethereum Staking as Market Potential Unfolds - Yahoo Finance - May 23rd, 2024 [May 23rd, 2024]
- Ethereum futures ETF daily trading volume hits all-time high as spot approval anticipation grows - The Block - May 23rd, 2024 [May 23rd, 2024]
- Ethereum Price Surges Above $3K Mark Amidst Unforeseen Court Ruling - Yahoo Finance - May 23rd, 2024 [May 23rd, 2024]
- Ethereum Whales Come Alive: Are They Buying Or Selling? - NewsBTC - May 23rd, 2024 [May 23rd, 2024]
- Analyst Says Blue-Chip Ethereum Rival Could Explode by up to 237%, Updates Outlook on Pepe, Floki and Chainlink - The Daily Hodl - May 23rd, 2024 [May 23rd, 2024]
- Grayscale Ethereum Trust discount narrows to 10% as odds of spot ETH ETF approvals are raised - The Block - May 23rd, 2024 [May 23rd, 2024]
- Ethereum ETF S-1 Discussions Begin: What to Expect Ahead - Coinpedia Fintech News - May 23rd, 2024 [May 23rd, 2024]
- Controversial blockchain firm Prometheum launches long-awaited Ethereum custody - Fortune - May 23rd, 2024 [May 23rd, 2024]
- The big thing for Ethereum ETFs was getting over the mountain of possible approval says expert - The Block - May 23rd, 2024 [May 23rd, 2024]
- House lawmakers send letter to Gary Gensler urging SEC to approve spot Ethereum ETFs - crypto.news - May 23rd, 2024 [May 23rd, 2024]
- Bitcoin Climbs 10%, Ethereum 5%, and Furrever Token Promises 15X Returns: How Will the Market React? - Yahoo Finance - May 23rd, 2024 [May 23rd, 2024]
- Bitcoin Breaks $71,000, Ethereum ETF Imminent, Furrever Token's 1500% Returns Captivate Investors - Yahoo Finance - May 23rd, 2024 [May 23rd, 2024]
- Bitcoin and ethereum rally on proposed crypto legislation - Yahoo Finance - May 23rd, 2024 [May 23rd, 2024]
- Citi discusses Ethereum ETF: Buy the rumor, sell the fact? - Investing.com - May 23rd, 2024 [May 23rd, 2024]
- Experts speak out on how high Ethereum could go with an ETF approval - Crypto Briefing - May 23rd, 2024 [May 23rd, 2024]
- Ethereum ETF confirmed? VanEck spot Ether ETF listed by DTCC - Cointelegraph - May 23rd, 2024 [May 23rd, 2024]
- Ethereum Co-Creator Hits Major US Exchange With 10,000 ETH Transfer - U.Today - May 23rd, 2024 [May 23rd, 2024]
- Trader Says Ethereum ETF Could Send Altcoins to the Stratosphere Heres His Top Pick - The Daily Hodl - May 23rd, 2024 [May 23rd, 2024]
- Is Ethereum About to Resume the Uptrend and Break Above $3K? (ETH Price Analysis) - CryptoPotato - May 13th, 2024 [May 13th, 2024]
- Bitcoin, Binance, Ethereum, and Ripple: The biggest crypto news of the past week - Cointribune EN - May 13th, 2024 [May 13th, 2024]
- Can Ethereum (ETH) Holders Succeed in Initiating Recovery? - BeInCrypto - May 13th, 2024 [May 13th, 2024]
- Ethereum (ETH) on Verge of Fall, XRP Death Cross Solidifies, Solana (SOL) Breakout Could Be Fake - U.Today - May 13th, 2024 [May 13th, 2024]
- Ethereum Sell-off Fears Mount as 56,795 ETH Linked to Coinbase - U.Today - May 13th, 2024 [May 13th, 2024]
- Parity Wallet Hacker Moves $9 Million in Ethereum, Leaving $246 Million in Limbo - U.Today - May 13th, 2024 [May 13th, 2024]
- Why is Ethereum (ETH) price down today? - Cointelegraph - May 13th, 2024 [May 13th, 2024]
- Ethereum Bounces Strongly While Stacks Remain In The Red; Rebel Satoshi Sets The Stage For 100x Memecoin Gains - Crypto News Flash - May 13th, 2024 [May 13th, 2024]
- SEC doesn't want Ethereum to transform banking landscape, says Joseph Lubin - Cointelegraph - May 13th, 2024 [May 13th, 2024]
- ARK Invest and 21Shares Remove Staking from Their Ethereum ETF Application - ihodl.com - May 13th, 2024 [May 13th, 2024]
- Can Cardano And Dogecoin Reach $1? This New Ethereum Token Might Get There First - CoinGape - May 13th, 2024 [May 13th, 2024]
- Restaking Is Hot in Ethereum and Entering Solana. Should We Worry? - CoinDesk - May 13th, 2024 [May 13th, 2024]
- Franklin Templeton expects this network to 'remain a leader' on Ethereum - DLNews - May 13th, 2024 [May 13th, 2024]
- Speculation Mounts Over Potential Ethereum ETF Approval Amidst Cryptocurrency Political Maneuvering - TronWeekly - May 13th, 2024 [May 13th, 2024]
- Why the US election will decide the fate of Ethereum ETFs - DLNews - May 13th, 2024 [May 13th, 2024]
- A Deep Dive Into Ethereum Airdrops (ETC Airdrops) In 2024: Chasing Amazing Rainbows Or Unearthing Gems - Blockchain Magazine - May 13th, 2024 [May 13th, 2024]
- Ethereum could experience bullish run, ETH ultrasound money narrative at risk - FXStreet - May 13th, 2024 [May 13th, 2024]
- Bitcoin or Ethereum? We asked ChatGPT which asset is a better buy for summer 2024 - Finbold - Finance in Bold - May 13th, 2024 [May 13th, 2024]
- JP Morgan Analysts Offer Hope Ethereum ETF Despite Regulatory Challenges - Global Crypto - May 13th, 2024 [May 13th, 2024]
- Ethereum ETFs: Here Are All the Applications Awaiting SEC Approval - Decrypt - May 13th, 2024 [May 13th, 2024]
- Ethereum Price Prediction for 2024, 2025, 2030 - Techopedia - May 13th, 2024 [May 13th, 2024]
- Grayscale withdraws its Ethereum futures ETF application - Cointelegraph - May 13th, 2024 [May 13th, 2024]
- Vitalik Buterin proposes EIP-7702 to refine Ethereum account abstraction - The Block - May 13th, 2024 [May 13th, 2024]
- Crypto: Ethereum dethroned by Solana in terms of decentralized exchange volume - Cointribune EN - May 13th, 2024 [May 13th, 2024]
- Vitalik rallies support for temporary smart wallets on Ethereum - Blockworks - May 13th, 2024 [May 13th, 2024]
- Ethereum resume sideways move as Grayscale files to withdraw Ethereum futures ETF application with the SEC - FXStreet - May 13th, 2024 [May 13th, 2024]
- Ethereum Competitor NEAR Protocol Looks Extremely Bullish, Says Analyst Jamie Coutts Here Are His Targets - The Daily Hodl - May 13th, 2024 [May 13th, 2024]
- Bitcoin, Ethereum: Two levels where a swing trade could be profitable - AMBCrypto News - May 13th, 2024 [May 13th, 2024]
- Solana Surges Towards Unseating Ethereum Amid Crypto Rivalry - West Island Blog - May 13th, 2024 [May 13th, 2024]
- SEC delays making a decision on the proposed Invesco Galaxy spot Ethereum ETF - The Block - May 13th, 2024 [May 13th, 2024]
- Ethereum Gas Fees Plunge To Lowest Since 2020: Is This The End Of High Costs? - Bitcoinist - May 11th, 2024 [May 11th, 2024]
- Vitalik Buterin has a new proposal to make Ethereum wallets easier to use but obstacles remain - DLNews - May 11th, 2024 [May 11th, 2024]
- Grayscale will focus energies on spot Ethereum products, CEO says - DLNews - May 11th, 2024 [May 11th, 2024]
- This is Why Ethereum is No Longer a Deflationary Network: CryptoQuant - CryptoPotato - May 11th, 2024 [May 11th, 2024]
- MEV collected by validators is now higher on Solana than on Ethereum - Blockworks - May 11th, 2024 [May 11th, 2024]
- Solana Gains 5%, While Bitcoin and Ethereum Experience Minor Dips - Yahoo Finance - May 11th, 2024 [May 11th, 2024]
- Heres Why Ethereum (ETH) Has Been Lagging Behind Bitcoin (BTC), According to Glassnode - The Daily Hodl - May 11th, 2024 [May 11th, 2024]
- Ripple CTO Reveals MASSIVE Ethereum Mistake That Cost Him Millions - Coinpedia Fintech News - May 11th, 2024 [May 11th, 2024]
- Grayscale fought hard for Bitcoin ETFs. Why it won't bother with Ethereum - DLNews - May 11th, 2024 [May 11th, 2024]
- Ethereum L2 Eclipse CEO Steps Back Amid Sexual Misconduct Allegations - CryptoPotato - May 11th, 2024 [May 11th, 2024]
- Ethereum Gas Fee Hits Four-Year Low After Dencun Upgrade, A Boon or Bane? - CoinGape - May 11th, 2024 [May 11th, 2024]
- Solana (SOL) Ready for $160, Ethereum (ETH) Performance Raises Questions, Will Cardano (ADA) Break This Resistance? - U.Today - May 11th, 2024 [May 11th, 2024]
- Coinbase sees infinite interoperability potential with Ethereum and USDC - Cointelegraph - May 11th, 2024 [May 11th, 2024]
- Bitcoin and Ethereum ETFs in Hong Kong diverge - CryptoSlate - May 11th, 2024 [May 11th, 2024]
- SEC punts Invesco Galaxy spot Ethereum ETF decision to July - Cointelegraph - May 11th, 2024 [May 11th, 2024]
- Popular Crypto Wallet MetaMask Rolls Out 'Smart Transactions' to Combat Ethereum Front-Running - CoinDesk - May 11th, 2024 [May 11th, 2024]
- Bitcoin and Ethereum bounce back after week of brutal losses here's why - DLNews - May 11th, 2024 [May 11th, 2024]
- Ethereum fees hit lows while L2 capture users' attention: IntoTheBlock - Crypto Briefing - May 11th, 2024 [May 11th, 2024]
- Solana could flip Ethereum in transaction fees within a week: Report - Cointelegraph - May 11th, 2024 [May 11th, 2024]
- Consensys Lawsuit Over Ethereum Wont Deter SEC, Former Regulator Says - Decrypt - May 11th, 2024 [May 11th, 2024]
Tags: