The metaverse is Unbanked Newsletter For a weekly level up on the NFT and on-chain frontier
Dear unbanked nations,
It’s not every day that one of the world’s largest blockchains undergoes a major evolution.
That’s why all eyes are on Ethereum right now, as the leading smart contract platform is undergoing a major upgrade next week that will introduce unprecedented mechanisms. blob space.
The arrival of Blob on Ethereum will usher in the first golden age of layer 2 (L2) scaling solutions, which could revolutionize the way builders and users approach NFTs.
In today’s post, we’ll take a quick look back at EIP-4844 and blobspace, and a few things to keep an eye on here going forward.
-WMP
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more 101: Upcoming Cancun-Deneb, aka TenkunThe hard fork upgrade scheduled to be deployed on Ethereum on March 13, 2024 heralds a transformation of the network. The era comesWe aim to double your scalability.
The core of Dencun is: EIP-4844This will enable proto-danksharding, or blobspace, a groundbreaking innovation designed to push Ethereum’s L2 ecosystem toward 100,000 transactions per second (TPS).
Why is it important?: Blobspace is ready to revolutionize the Ethereum ecosystem by drastically lowering gas costs. This gas reduction is particularly important for the Ethereum L2 solution and will make transactions for it much cheaper, supporting its growth and increasing its appeal to a wider user base.
How Blobspace Works: Essentially, blobspace introduces a new way to process transactional data through blobs, which are temporary chunks of transactional data stored efficiently on the blockchain.
The system departs from traditional block storage by utilizing a separate pricing mechanism known as “blob gas” that is independent of Ethereum’s main gas market.
Blobs are created by splitting data into smaller pieces, which are then mathematically converted into unique identifiers that can be stored and later retrieved. This process not only optimizes data storage on the blockchain, but also ensures that transactions can be processed more quickly and cost-effectively.
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What happens next?: With the implementation of the Dencun upgrade, Ethereum L2 will need to manually integrate this new technology to benefit. For example, Optimism plans to launch projects such as: Ecotone Upgrade We are closely following Dencun’s deployment to enact blobspace in Superchain ecosystems such as Optimism, Base, Zora Network, etc.
Full integration across all the different L2 platforms may take months, but the overall expectation is rapid adoption across the Ethereum ecosystem, ushering in a new era of efficiency and scalability for the leading smart contract network.
Estimated Savings: The Optimism community is Superchain savings estimatorA tool designed to preview the gas cost savings potential of Optimism’s Superchain L2 with blobspace adoption.
Using this tool, you can see transaction fees dramatically reduced (up to 98% in some cases) for cases like Uniswap on Base swaps or Zora NFT minting on Zora. Some explicit examples based on average recent superchain transaction assumptions are:
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Transfer cost: $0.5822
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Estimated cost: $0.0106
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Drop rate: 98.18%
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Transfer cost: $0.3013
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Estimated cost: $0.0061
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Drop rate: 97.98%
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Transfer cost: $0.2032
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Estimated cost: $0.0128
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Drop rate: 93.70%
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Transfer cost: $0.1476
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Estimated cost: $0.0037
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Drop rate: 97.49%
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Transfer cost: $0.1758
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Estimated cost: $0.0037
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Drop rate: 97.90%
NFT Revolution: Blobspace plans to revolutionize the NFT ecosystem by drastically reducing gas costs associated with NFT activity on L2. This change paves the way for the project to potentially address: every Similar to the practices related to server costs on the Web2 platform, these are transaction costs for users.
Additionally, lower fees will foster the development of new applications and cross-pollination within the NFT app scene space that was not previously feasible due to cost constraints, which will lead to an explosion of new NFT innovations over time.
“Cheaper and faster transactions are absolutely critical to continuing to enable innovation and unlock early use cases such as on-chain gaming and closed limit order book exchanges.” The basic team just mentioned. “It will also make it more practical to apply developing ideas from the rapidly advancing fields of cryptography and AI within on-chain apps, giving rise to a whole new class of applications not yet conceived.”
Of course, in addition to cost savings, blobspace also provides also It opens up a new design space for NFTs, from storage use cases to creating a “headless” NFT marketplace that exists entirely within a blob. Accordingly, a new paradigm is just around the corner!
NFT Quest: If you’re like me, once L2 starts to integrate with the Dencun upgrade, you’ll want to use some of the apps around the ecosystem to see for yourself just how big the gas savings will be. Here are some activities that I plan to experiment with and that you may also want to explore:
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🎨 BasePaint Daily Open Edition Collection (Base)
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🔑 Buy and sell friend.tech keys (Base)
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📝 Create, collect or post NFTs on Mirror (Base, Line, OP, Zora Network)
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🎴 Create Free Mint Drops on Zora (Arbiter, Base, Blast, OP, Zora Network)
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🎉 Mint.fun issues popular NFTs (OP, Base, Zora Network)
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🧹 Sweep or pull NFTs on sudoswap (decision, basis)
FYI, commemorative mints will be dropping to celebrate the arrival of blobspace. For example, I love collecting. dawn deliveryall Short film NFT Created as a collaboration between Nouns, Line and Stateful Works, proceeds include: protocol guild Ethereum rewards core contributors. This is just one example, so get your mints ready!
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It is not financial or tax advice. This newsletter is strictly educational and does not constitute investment advice, a solicitation to buy or sell any asset, or a solicitation to make any financial decisions. This newsletter does not constitute tax advice. Consult your accountant. Do your own research.
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