ETH Block on ETH price 'crazy bullish': groundbreaking research Tim Robinson has announced groundbreaking simulation results indicating that the implementation of 'blobs' on Ethereum could have a significant Favourable Information on the long-term price of ETH. In a series of posts on X, Robinson emphasizes how blobs completely change the scalability and economic dynamics of Ethereum. 'Many people are debating Blob, but so far, no one has simulated how they respond to demand... until now,' Robinson said. 'In short: Blob is extremely beneficial for the long-term trend of ETH.' The Blob introduced in Ethereum Improvement Proposal (EIP)-4844 is a large data structure designed to enhance network capacity by efficiently storing and processing off-chain data. This mechanism is crucial for layer 2 (L2) scaling solutions to offer lower transaction fees, while maintaining security through Ethereum's Consensus. Robinson's simulation project shows that the Ethereum network has a transaction speed of 10,000 transactions per second (TPS), with an annual burn rate of 6.5% of its total ETH supply. The average cost of L2 transactions is $0.06. This scenario involves a blob of 16 MB for each Block, consistent with the mid-term goals outlined by Ethereum co-founder Vitalik Buterin in his latest post 'The Surge'. "Yes, the Ethereum network runs at a speed of 10,000 transactions per second, consuming 6.5% per year, while the average cost of L2 transactions is $0.06, and each Block has a 16 MB blob," Robinson explained. "Do you think L2 is a parasite, and Vitalik hasn't thought this through? Ah, lovely summer child, you don't realize how crazy it will be when the Ethereum ecosystem truly kicks into high gear." An important insight from Robinson's research is that as the usage of blobs increases, the amount of ETH destroyed increases rapidly. 'Interestingly, blobs go from being free to destroying a large amount of ETH at such a fast pace. It seems that almost everyone is unaware of this tipping point. This also makes me think that there may be better pricing mechanisms,' he observed. Robinson provides a simulation tool that demonstrates that as the TPS expands from the current approximately 180 TPS to 400 TPS, the ETH destruction rate rises exponentially. The data shows that the destroyed ETH increases from about 4 ETH per day to 1,832 ETH per day. By implementing PeerDAS (Peer Data Availability Sampling), the scalability potential is further enhanced, allowing blob capacity to scale with the number of validators. "Because the total blob capacity scales with the total number of validators, after implementing PeerDAS, blobs can scale as needed," Robinson explained. "There are 10k+ nodes sharing the load between them. While other ecosystems struggle under the load, Ethereum will provide the world with cheap, abundant block space, along with a strong deflationary currency." One interesting feedback loop that Robinson discovered is the inverse relationship between ETH price and burn rate. 'Another interesting feedback loop is that the lower the ETH price, the higher the burn rate! As the trading price drops, the volume increases, and the burn rate soars,' he pointed out. 'Look at how different the burn rates are between ETH at $2000 and ETH at $10000'. In response to the appreciation of ETH, Robinson said, "So how will ETH appreciate? As the most useful, most scarce, and deflationary asset, with over 10,000 teams using ETH to develop their products, ETH may achieve this. In the long run, ETH has the best fundamentals in the world; it just needs time to take effect." This study has sparked enthusiasm and discussion within the ETH community. Mat (@materkel) commented on X, 'Once we reach blob capacity, it will be very interesting. I guess many L2s still need to figure out how to handle this situation and charge users correctly. There will be many inefficiency issues to solve; we didn't have multiple competing L2s in this scenario before. Once the dust settles, we will have proper price discovery for L2 fees and blobs on L1.' Robinson responded, emphasizing the importance of proactive analysis: "Yes, absolutely! I am trying to provide data so that we can solve any problems before reaching our destination. As the blob increases, the market will become more stable, but in the early stages, fees may be very volatile." (Data Source: Jake Simmons)

Odaily Planet Daily News reported that EigenDA stated in a post on X that rollups on the mainnet can now use EigenDA for free, and all rollups are welcome to publish blobs to EigenDA on the Ethereum mainnet. In order to prevent witch/DDoS attacks on the free layer, the team has deployed a whitelist that is authenticated through IP or ETH address ECDSA. The current free unlicensed layer is 6 blobs per batch of 128KB, with a total of 768KB every 10 minutes, but partners can work with EigenDA to seek improvement in this metric. In contrast, the free tier throughput of EigenDA exceeds the throughput used by the most commonly used rollups on Ethereum (e.g. Base publishes less than 1 blob every 10 minutes). The official statement stated that it is currently committed to achieving permissionless payment for blob throughput on EigenDA, which will be released later this year. When the system is launched, EigenDA will still provide reserved bandwidth for high-throughput use cases at a fixed rate. EigenDA is currently generating a synthetic load of 0.6 MB/s and has conducted load tests on the mainnet with peak throughput of up to 10 MB/s. In contrast, Ethereum's 4844 blob throughput is 0.032 MB/s, and Celestia mainnet is at 1/6 MB/s.

Golden Finance reported that, according to 0xKofi, L2 needs to pay gas fees and blob fees to publish batch transaction data to Ethereum. Typically, blob fees are minimal, and gas fees are the main part of the cost. However, yesterday, the blob fee surged, accounting for 21% of the L2 batch publishing cost for the day. This is because the number of blobs submitted per block briefly exceeded the blob 'target'.

Golden Finance reported that Ethereum Layer 2 network Blast announced that it will upgrade to support blobs on Monday, May 27th at 2:00 PM Pacific Time. After the upgrade, Blast users will enjoy lower gas fees, and Dapps will receive more gas fee income. Infrastructure providers should upgrade to the latest Blast node that supports 4844.

Ethereum layer 2 network Scroll has completed the Bernoulli Mainnet upgrade, introducing EIP-4844 data blobs for L1 data availability, as well as SHA2-256 precompile support.

Odaily Planet Daily News Engineer Tamara posted on the X platform that he had just resigned from his position at Apple to devote himself to building Ethereum Blobspace derivatives and contributing to its ecology. According to it, the Dencun upgrade achieved record high usage and dropped L2 charges with blobs by 10x. However, during periods of high network demand, gas spikes of more than 10,000% generated by inscriptions quickly highlighted their price fluctuations. Future congestion events may incur longest unpredictable costs. Whereas Blobspace derivatives are designed to hedge against this Fluctuation. Similar to commodity futures trading, establishing a derivation market for blob gas fees creates strategic trading opportunities for rollups (which pay a premium to drop operating cost risk).

PANews news on April 26, Ethereum core developer Tim Beiko summarized the 186th Ethereum execution layer core developer execution (ACDE) conference call, which discussed the preparation progress of Pectra Devnet 0 (the relevant EL specification has been determined but the launch time has not yet been determined), EIP-7212 (Rollup Improvement Proposal) and EIP-7623 (Increasing the CallData Cost of Data-Intensive Transactions to Push Such Transactions to Use Blobs and Reduce the Difference in L1 Block Size) are listed as CFI to be considered, EOF progress, and governance and standardization of L1 and L2 are considered.

PANews reported on April 9 that EthStorage, an Ethereum Layer2 network data storage solution project, announced on the X platform that EthStorage will provide a long-term modular data collection (DA) solution for the zero-knowledge proof project Manta Network, and its underlying technical support comes from Celestia. In this integration, Celestia's modular DA provides high-performance data publishing, and EthStorage serves as a permanent data storage solution for DA blobs to extend the availability of DA in perpetuity. This is powered by key technologies invented by EthStorage, including data availability sampling (DAS) over time and on-chain verification via SNARK proofs.

PANews reported on April 4 that Ethereum researcher Toni Wahrstätter released a research report on EIP-7623. EIP-7623 proposes to increase the cost of calling data (calldata) that uses Ethereum primarily for data availability (DA) transactions. EIP-7623 aims to reduce the maximum block size (including blobs) from 3.5 MiB to approximately 1.9 MiB by setting the base gas price for non-zero bytes in calldata at 48 and zero bytes at 12. According to the report, after the implementation of EIP-4844, the average block size increased by about 4 times. The goal of EIP-7623 is to close the gap between the potential maximum block size and the average block size on the network.

Vitalik: With the cost of L2 transactions decreasing, there's no reason why Ethereum shouldn't be widely adopted Following the Ethereum Dencun upgrade and the introduction of blobs, Ethereum founder Vitalik Buterin shared his insights on the future direction of Ethereum scaling. Vitalik highlighted the shift in Ethereum scaling from basic scaling efforts to centralized, incremental enhancements. Vitalik also said that developers' focus will shift to the application layer. Ethereum will maintain an L2-centric roadmap, with applications migrating from L1 to L2 to benefit from faster and more cost-effective transactions. One upcoming upgrade is Data Availability Sampling (DAS), which aims to increase the data space to 16 MB per slot. Progressive scaling improvements include a gradual increase in blob capacity, improved data compression, and EIP-7623 (designed to reduce the maximum block size). Vitalik noted that with the cost of L2 transactions decreasing, there's no reason why Ethereum shouldn't be widely adopted.

PANews reported on March 29 that Ethereum core developer Tim Beiko summarized this week's Ethereum execution layer core developer meeting (ACDE) on the X platform, this meeting first discussed the increase in missing slots on the network in recent days, blocks with missing blobs were propagated, and after checking the vulnerabilities of all clients, 99% of the blocks with this problem were sent by the repeater bloxroute, and the team is investigating the problem. There have been some comments/issues with the mev-boost circuit breaker, if the client sees more than 5 missing slots in a row, they will return to the local chunk build. Since the missed slot doesn't happen consecutively, it's not triggered here. After some discussion, the developers agreed not to increase the sensitivity of the circuit breaker (which could be an attack vector), but to consider a more granular auto-disconnect mechanism for repeaters. In addition, the meeting talked about the historical growth of Ethereum's state, saying that due to the emergence of various cross-chain bridges, the growth of historical data far exceeds the growth of state. Dencun has helped with this (bridging historical data growth by 50% and overall by 33%), but the overall rate of historical growth is still about 10 times the rate of state growth. While the problem with state growth is not just the size of the state itself, but the state of access, these numbers once again emphasize the importance of focusing on historical data. The developers agreed that research on EIP-4444 should continue, with the ideal goal of stopping providing pre-merge history on Ethereum's p2p layer around next year. The meeting went on to discuss two "retroactive EIPs", EIP-7610 and EIP-7523. Among them, EIP-7610 proposes to create an explicit implicit constraint for the contract, which can simplify part of the client's codebase, and remove some test cases that only exist in the edge cases that cover theory, and EIP-7523 proposes to prohibit empty accounts for potential denial-of-service DOS attacks. The session also continued the discussion of the Pectra upgrade, with developers sharing some of the benchmarks they did on EIP-2537 to determine the correct gas cost. The Reth team says they also run benchmarks to determine the correct gas cost. The developers have updated some potential issues with the inclusion list in the context of the account abstraction, which is pending for the time being. In addition, about 10 EIP champions lined up to share updates/justifications for their proposals, including EIP-5920, EIP-7609, EIP-2935, EIP-7545, EIP-7212, EIP-7664, EIP-6493, and more.

Odaily Planet Daily News Ethereum co-creator Vitalik Buterin today published an article "Ethereum has blobs. Where do we go from here?", which states that there are four key areas where the current L2 protocol can be improved: 1. More efficient use of bytes through data compression; 2. Optimistic data technology, only use L1 to protect L2 in special cases; 3. Continuously improve the implementation of relevant constraints; 4. Continue to improve security. Vitalik Buterin added that, basically, Ethereum is no longer just a financial ecosystem, but a full-stack alternative to most of the "centralized technologies", and even offers something that centralized technologies don't have (such as governance-related applications), and now needs to take into account this broader ecosystem.

PANews reported on March 14 that Starknet tweeted that it was starting to use blobs. The screenshot shows that the actual gas fee is as low as $0.01.

Odaily L2BEAT posted on the X platform that zkSync is the first L2 to use blobs, and more projects will follow in the coming days. In addition, its researcher donnoh.eth disclosed data showing that before using blobs, the cost of using Calldata for the zkSync Era sequencer was about 0.11 ETH, but after using blobs, its cost dropped to about 0.013 ETH, a decrease of about 88%.

The Starknet Foundation has announced that Starknet is implementing code optimizations to reduce costs, and Starknet developers have rolled out version 0.13.1, which is expected to be deployed after the Dencun upgrade. It is reported that Calldata currently accounts for 85% to 90% of the gas fees paid by the Starknet network launch exchange, and this version will leverage EIP-4844 after the Dencun upgrade to switch from using the more expensive calldata method to using the more economical blobs transaction type, which directly reduces transaction fees. （TheBlock）

PANews reported on March 12 that, according to The Block, Starknet is implementing code optimization to reduce costs, a measure that follows the Dencun upgrade. Starknet developers have released version 0.13.1, which will leverage EIP-4844 after the Dencun upgrade, from "calldata&# 34, which is more expensive to use; The method shifted to using the more economical "blobs" Transaction type, which directly reduces transaction fees. These optimizations are designed to improve network efficiency and provide users with more cost-effective trading options.

PANews reported on March 12 that, according to The Block, developers of Gnosis Chain deployed an upgraded version of Dencun on the network to activate 3 types of Blob transactions on the sidechain to help further expand dApps. The content-based platform Blob.Fm was the first Gnosis Chain dApp to leverage blobs on the web, showcasing their use cases. Stefan George, co-founder of Gnosis Chain, said: "Dencun has been activated, and users can now use blobs to extend Gnosis or use blob.fm to post funny pictures. ” These blob transactions, also known as EIP-4844 (or protodanksharding), are scheduled to go live on the Ethereum mainnet and activate the Dencun upgrade at 21:55 CST on March 13. Blobs will be an add-on feature on the network, increasing data availability without impacting the existing Ethereum infrastructure, enabling cheaper transactions in Layer 2 rollups. The upgrade will help make decentralized applications more cost-effective and available to Layer 2 users.

Odaily Planet Daily News Vitalik Buterin posted on the X platform: "Polymarket predicts that blobs (~125 kB) will cost about 0.001 ETH. Currently, 125 kB of calldata costs about 30 gwei per gas * 16 gas per byte * 125000 gas equals about 0.06 ETH. If you think Polymarket's speculation that blobs will be 60 times cheaper is overly optimistic, you can use that market as a Hedging. ”

Odaily Planet Daily News Vitalik Buterin posted on the X platform: "Polymarket predicts that blobs (~125 kB) will cost about 0.001 ETH. Currently, 125 kB of calldata costs about 30 gwei per gas * 16 gas per byte * 125000 gas equals about 0.06 ETH. If you think Polymarket's speculation that blobs will be 60 times cheaper is overly optimistic, you can use that market as a Hedging. ”

The Ethereum Foundation released an announcement on the upgrade of Dencun Mainnet, which is expected to be activated on the Ethereum Mainnet at 21:55 on March 13, 2024 at 21:55 Beijing time, with a Block Height of 269568, Node operators and stakers must upgrade their software to the version listed in the announcement. It is reported that this upgrade introduces temporary data blobs with EIP-4844, also known as protodanksharding, which will help drop L2 Money Laundering.

PANews news on February 24, OP Labs tweeted that 4844 will be launched on the OP chain at 8 o'clock Beijing time on March 14. The Ecotone upgrade will also go live at the same time as it receives Optimism governance approval. Node operators need to take steps to prepare for the upgrade. Once the basic Ecotone configuration is set up, the Node needs to be configured with a new Beacon endpoint. This is because shortly after Ecotone activation, batch transactions will be sent as 4844 blobs, and blobs can only be retrieved from Beacon Nodes.