CandleFocus Ethereum Blob Usage Explodes as Traders Rush to Layer 2 Solutions
2024-11-26
Author: Content Editor
"Ethereum is experiencing a surge in the use of "blobs," an efficient data management tool introduced earlier this year. The number of blobs posted on Ethereum has consistently averaged over 21,000 this month, signaling increased adoption of layer-2 scaling solutions. Blobs attach large data chunks to regular transactions, storing them off-chain to avoid congesting the Ethereum mainnet. Layer-2 protocols use blobs to bundle transactions together and process them off-chain before posting them to the Ethereum main chain. The spike in blob usage has led to increased fees, with over 166 ETH burned in the past seven days. Despite this, Ethereum's performance remains strong, reaching a four-month high of $3,546."
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