Ethereum's Blob Base Fee Skyrockets as 'BlobScriptions' Phenomenon Takes Off

The recent viral trend of 'BlobScriptions' has caused Ethereum's blob base fee to surge, challenging the blockchain's new data storage system.

'BlobScriptions', a new way to mint inscriptions on Ethereum blobs, has led to a dramatic increase in the blockchain's blob base fee.
The base fee for a blob on Ethereum surged above 500 gwei, a significant rise from its initial cost of one wei after the Dencun upgrade.
Ethereum experienced an increase in missed slots, potentially due to the high demand for blob space caused by 'BlobScriptions'.
Inscriptions on blobs are ephemeral, disappearing after 18 days, but they offer a cheaper alternative for embedding art or tokens onto the blockchain.
The phenomenon has put Ethereum's blob space at full capacity, leading to a backlog in blob transaction processing.