Blast starts using Dencun blobs, transaction fees drop sharply ahead of airdrop
Blast started using the new block creation structure from the Dencun update, which is blobs instead of calldata, thus seeing transaction fees decrease dozens of times before the airdrop on June 26.
As explained, the Dencun upgrade was deployed on March 13, 2024, equipping layer-2 Ethereum with the important EIP-4844 proposal, which provides a new block generation structure called “ blobs" to store transaction data replacing the usual "calldata" method, thereby significantly reducing transaction costs.
To integrate blobs, the Layer-2 chains themselves must perform software updates. L2s such as Optimism, Base, Starknet, Arbitrum... have in turn integrated blobs, witnessing average transaction gas fees decrease tenfold.
To date, Blast is the next L2 name to upgrade to blobs on May 27. Before converting, the transaction fee on Blast would normally be less than 0.1 USD, but after using blobs, the fee is just under 0.01 USD, meaning a 10-fold reduction.
Blast will be upgraded to support blobs on Monday May 27 at 2PM PT.
Blast users will have lower gas fees and Dapps will earn more gas fee revenue after the upgrade.
Infrastructure providers should upgrade to the latest Blast node which has 4844 support. pic.twitter.com/QEbxZCyR0Y— Blast (@Blast_L2) May 23, 2024
According to data from growthepie, the average fee of a Blast transaction on June 3 was recorded at 0.007 USD, ranking 5th among the measured Layer 2 chains.
Blast's popularity is only "relative" among L2 chains, recording a daily transaction number of about 707,000 transactions. Ranked above Blast are Base with 2.53 million transactions, Arbitrum One with 1.87 million, Linea with 1.1 million.
But Blast also surpasses earlier competitors such as OP Mainnet or Polygon zkEVM, partly showing the appeal of this network.
Most recently, Blast announced that it will airdrop later than expected, set for June 26, 2024.
Despite being criticized as a fraudulent ponzi model, especially because users are not allowed to withdraw money until mainnet, TVL Blast still continues to grow strongly. Up to now, there have been nearly 2 billion USD in assets "bridged" into the network, with the hope of an upcoming airdrop.
Furthermore, even though there is no token yet, projects in the Blast ecosystem are constantly blooming. As reported in early May, fantasy.top and pump.fun ranked among the top 10 crypto protocols in terms of transaction fees.
