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Tim Robinson
@timjrobinson
Many people arguing about blobs, but so far no one has simulated how they respond to demand... until now. TL;DR: Blobs are insanely bullish long term
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Tim Robinson
@timjrobinson
Yes that's Ethereum operating at 10k TPS, burning 4.5% a year while L2 transactions cost an average of $0.06, with 16MB blobs. This is the medium-term goal according to Vitalik's latest Surge post: https://vitalik.eth.limo/general/2024/10/17/futures2.html
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Tim Robinson
@timjrobinson
It's interesting how quickly blobs go from being free to burning a ton of ETH. It seems almost everyone doesn't understand this tipping point. It also makes me think there might be a better pricing mechanism. Here's what it looks like increasing from today's ~180TPS to 400TPS
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Tim Robinson
@timjrobinson
Because total blob capacity scales with total validators, after PeerDAS is implemented blobs can scale as high as needed. There are 10k+ nodes to shard the load between them. While other ecosystems struggle under load Ethereum will supply the world with cheap, abundant block-space, while being extremely deflationary.
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Tim Robinson
@timjrobinson
Another interesting feedback loop is the lower the ETH price, the higher the burn! As transaction prices are lower, more transactions are made, and the burn soars. See how different the burn is with ETH at $2.5k:
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Tim Robinson
@timjrobinson
vs ETH at $10k:
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Tim Robinson
@timjrobinson
So how will ETH accrue value? Being the most useful, scarce, deflationary asset with 10,000+ teams using Ethereum to grow their products will probably do it. Who cares about narratives, ETH has the best fundamentals in the world, it just takes time for them to play out.
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Tim Robinson
@timjrobinson
You can play around with the simulator here: https://ethereum-blob-simulator.netlify.app/ and the source code is here: https://github.com/blue-yard/ethereum-blob-simulator
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