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Ethereum Blob Market Spikes

Several Layer 2s overpaid in fees for blob transactions compared to calldata costs.

Quick Take

  • The blob market experiences a spike.

  • ENS releases the ENSv2 roadmap.

  • LayerZero launches its ZRO airdrop.

  • Tally introduces the Tally Protocol.

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Ethereum Blob Market Spikes

The Ethereum blob market experienced a spike earlier today, causing the base fee for blobs to temporarily surge to over 7,000 gwei. Blocknative CEO Matt Cutler explained that this spike led Layer 2 Type 3 batch postings to incur higher costs compared to using calldata. He pointed out that many Layer 2s ended up overpaying multi-ETH fees for blob transactions. Arbitrum was able to adapt during the surge by switching to calldata usage, thanks to its dynamic fee mechanism. According to data from Hildobby’s Dune analytics dashboard, the average number of blobs per block has exceeded the target of three in the past 24 hours. Blobs, also known as Type 3 transactions, are specifically designed for data storage. Data from shows that over 250 ETH has been burned from blob base fees in the last 7 days.

ENS Releases ENSv2 Roadmap

ENS Labs released a project plan for ENSv2, the next version of the protocol designed to extend the naming service to L2. The project plan outlines a five-phase strategy for upgrading the protocol. The first phase focuses on upgrading and standardizing name resolution from ENSv1 to ENSv2. The second phase involves the development of new core ENS contracts for L1 and L2. In the third phase, ENS core infrastructure will be deployed on either an existing or a newly established L2 network. The fourth phase includes implementing the new contracts on L1 and L2 and synchronizing them with the legacy system. The fifth phase will transition to the new contracts for resolution and re-enables registrations. ENSv2 aims to address the scalability and cost issues associated with Ethereum L1 by providing users with a scalable, low-cost solution, and improved UX features for managing their domains.

LayerZero Launches ZRO Airdrop

Cross-chain messaging protocol LayerZero launched its ZRO token airdrop, enabling 1.2 million eligible addresses to claim a share of 185 million ZRO tokens. The total supply of ZRO is 1 billion, with 8.5% allocated to the retroactive airdrop. Users can claim their ZRO tokens on multiple blockchains including Ethereum, Arbitrum, Optimism, Base, Polygon, BNB Chain, and Avalanche. Of the total ZRO supply, 57.7% is reserved for core team members and partners, which are subject to a three-year vesting period. Excluding the airdrop, approximately 30% of the total token supply remains available for the community. Eligible users can claim their tokens until September 20, 2024. ZRO is currently trading at around $3.50, giving it a Fully Diluted Valuation of $3.5 billion.

LayerZero Enforces Donation For ZRO

Prior to the launch of the ZRO token, the LayerZero Foundation announced a "proof of donation" requirement, mandating that users donate $0.10 for each ZRO token claimed. The collected funds will support the Protocol Guild, a group of core Ethereum contributors. Users must first provide the donation in USDC, USDT, or ETH to be able to claim their ZRO tokens. If all airdropped tokens are claimed, the donation is expected to raise $18.5 million for the Protocl Guild. LayerZero faced criticism for the requiriment over its mandatory nature, akin to a tax.

Tally Introduces Tally Protocol

Onchain governance platform Tally introduced the Tally Protocol, a new smart contract layer created to boost the functionality and economic value of governance tokens. The protocol allows governance token holders to stake and restake their tokens to mint Tally Liquid Staked Tokens (tLSTs). tLSTs allows users to earn rewards while maintaining their governance power. The Tally Protocol aims to reactivate dormant voting power and incentivize active governance participation for DAOs.

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