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Blocknative
@blocknative
Last week we saw a 2nd blob inversion event where L2s incurred an overpayment of ~166 ETH. The team at Blocknative dug into the data to help understand what happened and why it happened. 🧵👇 https://www.blocknative.com/blog/june-20th-blob-contention-event-retrospective
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Blocknative
@blocknative
On Thursday, June 20, 2024, the Blob Base Fee spiked to 8,000 GWEI making blobdata more expensive than calldata for the second time since the Dencun upgrade.
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Blocknative
@blocknative
During this inversion event, L2s incurred an estimated overpayment of ~166 ETH (approximately $550,000 USD).
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Blocknative
@blocknative
This inversion took only ~100 blocks - 20 minutes - for the entire market blob market to flip completely. It appears that the spark was due to an increase in activity on @arbitrum from their LayerZero airdrop - which backed up the blob mempool.
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Blocknative
@blocknative
It is not lost to us that as we publish this retrospective post we are seeing another blob contention event (less than a week later) with the Blast airdrop.
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Blocknative
@blocknative
Due to the dynamics of the Blob market - low block builder inclusion and the mechanisms for issuing replacement blobs - there was a rapid increase in the price of blob data.
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Blocknative
@blocknative
The Blob market is still in its early days and every L2 had different approaches on how to handle this event. Some L2s switched to calldata ( Optimism and Arbitrum) while others halted settlement to the L1 altogether (Scroll).
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Blocknative
@blocknative
We invite the community to review our initial findings and provide feedback. The blob marketplace is only getting more saturated and we welcome more research to help EIP 4844 reach its full potential. https://www.blocknative.com/blog/june-20th-blob-contention-event-retrospective
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