The implementation of EIP-4844, known as 'blobs', has significantly reduced Ethereum's Layer 2 (L2) transaction fees, marking a pivotal development in the blockchain's scalability and cost-efficiency. This upgrade is estimated to lower fees to between $0.01 and $0.05 per transaction, a substantial decrease from the previous range of $0.2 to $2. With Starknet being the first to adopt blobs, it has become one of the most cost-effective networks, boasting a 100-fold improvement in gas fees and a 99% reduction in costs. Starknet's fees are now even lower than those of the Polygon sidechain, with early data indicating a more than 50% reduction in fees across the board. The adoption of blobs across multiple L2s has not only made Starknet the cheapest option but has also brought L2 fees within close range of Solana's, enhancing Ethereum's competitiveness. Additionally, the new feature has been celebrated within the community, with developers leveraging the cheaper fees for creative projects, including posting the Bee Movie script on-chain. Starknet's fee comparison shows $0.03, significantly lower than Optimism's $0.95, Arbitrum's $0.98, and zkSync's $0.18 ($0.12 after refund), with Polygon sidechain at $0.07. The hourly averages after over 6 hours of using blobs were 25 blobs at $1.2k (0.29 ETH) for zkSync and 194 blobs at $6.6k (1.65 ETH) for Starknet, indicating active and cost-effective usage. Gas Compression on Injective enables 33X less fees than any L2, showcasing the competitive landscape of blockchain fee reductions.
Reasons we love blobs: - 99% reduction in @Starknet gas fees - Every L2 is now cheaper for users ๐ซถ https://t.co/VYkeoPYsMc
Most L2s are now using blobsโฆ and Starknet is now the cheapest one ๐ฑ https://t.co/tkiuEg4Em3
As gas fees plummet post-Dencun, Ethereum devs like Dan Cline and @0xMasonH leveraged the upgrade's cheaper 'blobs' feature for their own memetic contributions by posting the Bee Movie script on-chain. The new โblobsโ feature is lowering fees for L2s like Optimism and Base. https://t.co/xUlGArdWpE
Starknet has become one of the most cost-effective networks to use, thanks to blobs! We've seen an astonishing 100-fold improvement in gas fees in just one day. What has been your best experience so far, thanks to blobs? Share with us how you've utilized this new superpower ๐ https://t.co/LY9auRTN1n
With blob Base, Starknet, Optimism and other L2s have dropped gas fees to maybe $0.01 Gas Compression on Injective enables 33X less fees than that while Injective is far more decentralized than any L2. Always ahead of the curve. Always built different ๐
.@Starknet, @Optimism, @base put Blob on the network, gas fees drop to $0.01. Blob is Starknet's Dencun analogue upgrade to lower gas. Base and Optimism released NFT in honour of it. https://t.co/xrNPhoXeLT https://t.co/7YlGJloH91 https://t.co/AtYXOM11b2 https://t.co/k90GGFNMiK
After over 6h of using blobs, hourly averages are: zkSync: 25 blobs at $1.2k (0.29 ETH) Starknet: 194 blobs at $6.6k (1.65 ETH) src: https://t.co/zt1nL4kzq4 https://t.co/ihLyu4IEWB
imo L2 fees are now within striking distance of Solana's fees Starknet adopted blobs first, so I'll use them as an example. Other L2s are adopting blobs asap (OP Superchain in ~1 hour) Starknet fees vs Solana fees Fee comparison: - Solana average non-bot fee[1]: 15.3 cents -โฆ
The blobs are here (ใฅ๏ฝกโโฟโ๏ฝก)ใฅ โญ @zksync was the first L2 to post a 4844 blob on Ethereum. It'll take a few days for transaction fees to stabilize across all L2s as the fee markets adjust. In the coming days, we'll see the full impact of 4844 on zkSync ๐งต https://t.co/5wpjmN4hKj
The blobs are here (ใฅ๏ฝกโโฟโ๏ฝก)ใฅ โญ @zksync was the first L2 to post a 4844 blob on Ethereum. Early data shows that fees are down more than 50% ๐งต https://t.co/uyV4TuFQsS
BlobAge L2 Swapping costs Comparison @Starknet $0.03 ๐ @Optimism $0.95 @arbitrum $0.98 @zksync $0.18 ($0.12 after refund) @Starknet is even cheaper than the @0xPolygon Sidechain! ๐๐คฏ ($0.07) Where are the fudders now? ๐โจ https://t.co/iWXDZls5VI
The blobs are coming today! EIP-4844 is gearing up to slash Ethereum's L2 gas fees. Currently, users pay anywhere from $0.2 to $2 for txns on L2s today, which is clearly not sustainable. It is estimated that EIP-4844 would lower fees to anywhere between $0.01 โ $0.05 per txn.