If demand for block-space is inelastic (insensitive to price) even a small (25%) increase in demand can cause 7000x in price.
Longterm we either need to hope for elastic demand or develop other strategies to protect apps and user from fee explosions.

are there good ways to make blockspace elastic (provide more of it when in demand)?

Building FOSS via @frames, /open-frames to help decentralized social win. a16z CSX23. farcasterchannels.com farcaster.id

this is one strategy, the other strategy is to not sell all block space on a "spot market" but instead sell futures - so that a app can get predictable rates for a longer time horizion (like e.g. ~6 month)

The Polkadot model (only long-term) didn’t work; neither did the Eth model (only on-demand). Some in-between solution makes most sense and we already see both ecosystems go there. Some blockspace for public goods, important business (l2 blobs) are already live.

The new Polkadot solution looks pretty interesting but will likely not be tested on Polkadot and would be more interesting to test for Ethereum ..