The major source of income of the Ethereum network from layer-2 (L2) formwork chains-“Blob fees” is to date to the bottom weekly level to date this 12 months.
In the week ending on March 30, in line with Etherscan, only 3.18 ether (Eth) received from Blob's fees or about 6,000 US dollar US dollars on April 1.
This number is a decrease of 73% in comparison with the previous week and a decline of greater than 95% in comparison with March 16, when Ethereum's income from the Blob exceeded 84 ETH, said Ethercan in an X -Post.
Source: Ethercan
Growing pain after the detonator
In March 2024, the Dencun upgrade from Ethereum L2 transaction data migrated into temporary offchain stores, that are known as “blobs”.
The upgrade lowered the prices for users, but additionally reduced the whole fee income for Ethereum – initially by as much as 95%, in line with asset manager Vaneck.
“The ETH fees were weak as a result of the dearth of Blob revenue, since L2S didn’t fill out the available capability,” said Matthew Sigel, head of Digital Asset Research on November 1, 2024, on the X platform.
Since then, the expansion of the blue fees has been incredible. According to data from Dune Analytics, Ethereum's weekly income from Blob Fee -Feien in November achieved a maximum of virtually 1 million US dollars before they declined sharply up to now few weeks.
Ethereum's Blob Fee income was uneven. Source: Dune Analytics
Ethereum's persistent struggle for a meaningful income from the blue fees underlines the concerns concerning the scaling model of the network, which is strongly based on L2S for the transaction throughput.
“The way forward for Ethereum can be about how effective it serves as an information availability engine for L2S,” said Arndxt, creator of Threading on the Edge Newsletter, in a post on March 31.
According to a X-Post by Michael Nadeau, the founding father of the Defi report, the L2 transaction volumes for blob fees would need to be increased by greater than 22,000 times with the intention to fully compensate for the income from the highest transaction fee from Ethereum.
However, Ethereum's economy continues to be developing. For example, the PECTRA upgrade of the network -which is geared toward changing the way in which Ethereum assigns the Blob Square significantly this 12 months.
“The plan is easy: scale the Ethereum so far as possible to understand as much markets as possible – later maintain fees,” said Sassal, founding father of the Daily Gwei, in a post on March 17.
