Key Takeaways
- Ethereum’s new “blobs” feature slashes fees, leading to blockchain activity like storing the Bee Movie script.
- Lower costs open the door for creative uses of blockchain technology, showcasing the fun side of the crypto community.
- The ‘blobs’ upgrade aims to improve ETH scalability by offering a cost-effective way to store data outside main blocks.
Following the Dencun upgrade, Ethereum developers are engaging in playful activity on the blockchain, taking advantage of the reduction in data fees on the Ethereum network.
This trend highlights the more lighthearted uses of blockchain technology. It also showcases the community’s ability to engage in new forms of expression thanks to the upgrade’s cost reductions.
Bee Movie on Ethereum? Blockchain Gets Buzzing Cheap
Developers are posting the complete script of the Bee Movie , an 2007 animation featuring a bee voiced by comedian Jerry Seinfeld.
Paradigm developer Dan Cline made a post on Wednesday, shortly after the new blobs feature was activated. He highlighted that the transaction cost was approximately $14. Therefore, he suggested, this showed the affordability and practicality of using the Ethereum network’s latest enhancements for projects.
He wrote :
“I didn’t get the first blob, but as far as I can tell, I DID get the first BEE MOVIE on mainnet.”
Bee Movie Script Buzzes Onto Ethereum Blockchain for $5
Following the initial posting, another developer was able to post the script on the Ethereum blockchain for just $5 as fees continued to decline. This act of copying and pasting the Bee Movie script into blockchain transactions taps into an internet meme that first emerged on Tumblr before spreading widely across platforms like Reddit, YouTube, Facebook, and more.
In a similar vein, March 2023 saw a developer posting the script to the Bitcoin blockchain for the first time. In this example, they used Ordinals technology, a method for embedding text data into Bitcoin transactions.
The recent upgrade introduced “blobs,” a cost-efficient method for temporarily storing data about transactions on the network. This data remains on the Ethereum blockchain for approximately eighteen days before it is automatically purged. This offers a temporary way to use blockchain technology for data storage and meme-sharing.
Layer 2 Fees Plummet 99%, Scaling Hopes Take Off
The blobs feature, primarily introduced for layer 2 networks built on top of Ethereum, serves as an alternative method for storing data without congesting Ethereum’s own blocks. It aims to enhance efficiency and scalability for these secondary layers by offloading data storage to a more cost-effective mechanism.
The effectiveness of this approach already appears to be evident. Data from L2Fees indicates transaction fees on the Optimism layer 2 network Optimism dropped to less than a cent by Thursday morning, marking a significant decrease from their usual rates. Similarly, developers on the Base blockchain have reported a dramatic 99.8% reduction in fees, with costs plummeting to $0.0005 from $0.31.
These developments highlight the substantial impact of the recent upgrade on reducing operational costs for both users and developers within the Ethereum ecosystem.
Was this Article helpful?