Cancun Upgrade: Starting the Next Revolution of Ethereum NFT

It’s not every day that the world’s large blockchain projects undergo major evolutions.

That’s why all eyes are now on Ethereum, as the leading smart contract platform is set to receive a major upgrade that will introduce an unprecedented mechanism: Blobspace.

The arrival of blobs on Ethereum will usher in the first golden age of L2 scaling solutions, which in turn will set off a revolution in how builders and users handle NFTs.

In today’s article, let’s take a quick look at EIP-4844 and blobspace and some points to watch for going forward.

Preparing for EIP-4844 and Blobspace NFTs

101: Cancun-Deneb (aka Dencun) to be deployed on Ethereum on March 13, 2024 ) hard fork upgrade heralds that the Ethereum network will enter the Surge era aimed at doubling its scalability.

The core of Dencun is the introduction of EIP-4844, which will enable native forks, namely blobspace, a breakthrough innovation designed to help Ethereum’s L2 ecosystem move towards 100,000 transactions per second ( TPS) is moving forward.

Why it matters: Blobspace is poised to revolutionize the Ethereum ecosystem by drastically reducing gas fees. This reduction in gas fees is particularly important for Ethereum L2 solutions and will make transactions on them significantly cheaper, supporting their growth and increasing their appeal to a wider user base.

How blobspace works: The core of blobspace is to introduce a new way of processing transaction data through blobs (temporary transaction data blocks effectively stored on the blockchain).

This system is different from traditional block storage. It adopts a pricing mechanism that is independent of the Ethereum main Gas market, namely "blob gas".

Blobs are created by splitting data into smaller pieces and then mathematically converting those pieces into unique Identifier for storage and later retrieval. This process not only optimizes data storage on the blockchain, but also ensures transactions are processed faster and more cost-effectively.

What happens next? As the Dencun upgrade is implemented, Ethereum L2 will need to manually integrate this new technology to reap the benefits. For example, Optimism plans to launch the Ecotone upgrade immediately after Dencun is deployed, implementing blobspace in its Superchain ecosystem (such as Optimism, Base, Zora Network, etc.).

While it may take several months to complete the integration work across all the different L2 platforms, the overall expectation is for rapid adoption across the entire Ethereum ecosystem, unlocking efficiency and availability for the leading smart contract network. A new era of scalability.

Estimated cost savings: The Optimism community developed the "Superchain Savings Estimator", a tool designed to estimate how much the gas cost of Optimism Superchain L2 may be reduced after adopting blobspace.

Examples such as exchanging on Uniswap on Base or minting Zora NFTs on Zora show that transaction fees have dropped significantly with this tool — In some cases, the reduction is as high as 98%. Based on Superchain’s recent average transaction assumptions, some clear examples are as follows:

Uniswap swap on Base:

● Previous cost: $0.5822 USD

● Estimated cost: 0.0106 USD

● Drop: 98.18%

Zora Minting NFT on the Zora Network:

● Previous cost: $0.3013 $

● Estimated cost: $0.0061

● Drop: 97.98%

Minting Mirror NFT at Optimism:

● Previous cost: $0.2032 $

● Estimated cost: $0.0128 $

● Drop: 93.70%

Mint.fun NFT Minting on Zora Network:

● Previous Cost: $0.1476

● Estimated Cost: $0.0037 $

● Drop: 97.49%

Send USDC at Base:

● Previous cost: $0.1758

● Estimated cost: $0.0037$

● Reduction: 97.90%

NFT Revolution: Blobspace will significantly reduce the Gas costs related to NFT activities on L2, thereby completely changing the NFT ecosystem. This change paves the way for projects to pay all transaction costs for their users, similar to what is done in Web2 platforms around server costs.

In addition, lower fees will promote the development of new applications and promote cross-integration within NFT application fields, which was previously unfeasible due to cost constraints. Over time, this will lead to An explosion of new NFT innovation.

“Cheaper, faster transactions are absolutely critical to continue driving innovation and unlocking nascent use cases such as on-chain gaming and closed limit order book exchanges,” the Base team noted. "They will also make new ideas from the rapidly evolving fields of cryptography and artificial intelligence more practical, thereby developing entirely new application categories in on-chain applications that have not even been conceived."

Of course, in addition to cost savings, blobspace will also open up a new design space for NFTs, from storage use cases to creating "headless" NFT markets that exist entirely in blobs. So, a new model is just around the corner!

NFT Mission: If you're like me, once L2 starts integrating with the Dencun upgrade, you'll be keen to try out some of the apps in the ecosystem and see for yourself how much gas you can save. Some activities I plan to try include:

● Collecting a BasePaint daily open version (Base)

● Buying and selling friend.tech keys (Base)

● Collect or publish NFTs on Mirror (Base, Linea, OP, Zora Network)

● Create free minting airdrops on Zora (Arbitrum, Base, Blast, OP, Zora Network)

● Mint popular NFTs (OP, Base, Zora Network) on mint.fun

The above is the detailed content of Cancun Upgrade: Starting the Next Revolution of Ethereum NFT. For more information, please follow other related articles on the PHP Chinese website!