Chaos in the currency circle! The Ethereum upgrade caused a "killing" panic market
Ethereum EIP-4844 is the core content of the Cancun upgrade, symbolizing a big step in the right direction for expansion. It introduces a new transaction type (blob) as a way for Rollup to release transaction data. Compared with the current Calldata storage transaction data that is immutable and memory-read-only, Blob storage is much larger and cheaper, providing a better solution for the future. The foundation has been laid for expansion.
The point is that Blob is mainly used to reduce the data storage cost of L2, thereby reducing the gas fee of Ethereum L2. Data storage cost previously accounted for more than 90% of the gas fee consumption of L2 transactions. However, the impact of this upgrade on the gas fee of the Ethereum mainnet is relatively small. After the upgrade was launched, Arbitrum (ARB) and Lido DAO (LDO), which participated in the Ethereum beta version, rose nearly 5%, but then the prices fell back.
CoinDesk said in the upgrade, "The gas-free era of Ethereum is coming, and the Cancun upgrade will make L2 transactions super cheap and almost cost-free, so that almost all activity on Ethereum will switch to these networks."
Elsewhere, there are reports that Blast L2, a new player in the Layer 2 space, has also been affected with the upgrade. Specifically, due to issues related to the Ethereum Cancun upgrade, the Blast mainnet stopped producing blocks and deployed core engineers to solve the problem.
Blast L2 has taken the market by storm, with influencers and early adopters flocking to it as it joins a project promising a unique approach to decentralized finance (DeFi). Specifically, it works to promote financial inclusion through a community-driven platform.
