The Bee Movie Script Uploaded on Ethereum’s Dencun Upgrade for Only $14
Less than thirteen minutes after the launch of Ethereum’s Dencun upgrade, the entire Bee Movie script was uploaded on the mainnet for a mere $14, showcasing true degen behavior.
Ethereum developer Dan Cline claims to be the first to upload the full-length script on the blockchain, taking advantage of the new upgrade’s goal to significantly reduce fees on Ethereum layer 2s.
“I may not have gotten the first blob, but I do believe I have achieved the first BEE MOVIE upload on mainnet,” wrote Cline in a post on March 13th.
Uploading the Bee Movie script has been an ongoing joke in both crypto and non-crypto communities, often involving a race to mint the full-length script on new networks and blockchain-related platforms. This trend originated from a larger Bee Movie meme, where the goal is to post the entire script on social media whenever possible.
Blobscan Data Shows Early Adoption of Ethereum’s Dencun Upgrade, Utilizing Blobs for Cheaper Transactions on Layer-2 Networks
Upon investigation, it was discovered that the script was uploaded just 13 minutes after the Dencun upgrade went live at 2:08 pm UTC on March 13. According to Etherscan data, the transaction cost a total of $13.88.
Also known as EIP-4844 or “proto-danksharding,” blobs were implemented as a key aspect of Ethereum’s Dencun upgrade in an effort to significantly reduce transaction costs on layer-2 networks.
Along with other enhancements, the Dencun upgrade enables layer 2s to utilize blobs instead of a calldata function for temporary data storage during transaction execution, resulting in lower costs for end users.
Cline’s Bee Movie script will only remain on the Ethereum network for a few more weeks, as blobs are “pruned” after approximately 18 days – the time required for a layer 2 to retrieve the data contained within.
Web 3.0: The Future of the Metaverse and Blockchain Technology
Is the metaverse the same as web 3.0? This question has been a topic of much debate in the tech world. With the recent implementation of blobs on Ethereum’s layer-2 networks, it seems that web 3.0 and the metaverse are becoming more intertwined.
According to Mason Hall, an engineer and investment partner at a16z, it only cost him $5 to execute a transaction using blobs. This highlights the efficiency and cost-effectiveness of web 3.0 technology.
Currently, three Ethereum layer-2 networks – Starknet, ZkSync, and Optimism – have successfully integrated blobs into their systems. This has been a major upgrade for the networks, as reported by Dune Analytics data.
The Impact of Blobs on the Base Network
In a recent announcement, Jesse Pollak, lead developer of the Base network, shared that the integration of blobs has significantly reduced transaction fees – from $0.31 to near-zero. This is a huge win for the network and its users.
Since the implementation of the Dencun upgrade on the Ethereum mainnet on March 13, over 2,000 blobs have been posted on the Beacon Chain. Starknet, in particular, has accounted for 74% of all blobs submitted.
So, is blockchain web 3.0? The answer is yes. With the adoption of web 3.0 technology, we are seeing a smarter and more efficient system that is paving the way for the metaverse and the future of the internet.
Web 3.0 and the Future of LG WebOS
As we continue to see advancements in web 3.0, it’s no surprise that even companies like LG are upgrading their systems. The recent upgrade from WebOS 2.0 to 3.0 shows the growing importance and potential of web 3.0 technology.
So, does web 3.0 exist? The answer is a resounding yes. With the integration of blobs and other advancements, web 3.0 is quickly becoming a reality and is set to revolutionize the way we interact with the internet.
Ethereum’s Dencun Upgrade: Incorporating EIPs to Improve Network Functions
The recent Dencun upgrade on Ethereum not only includes EIP-4844, but also eight other EIPs aimed at enhancing various aspects of the network such as consensus, execution, and data costs.
One of these EIPs, EIP-1153, introduces a “transient storage” system to further reduce fees. Another, EIP-4788, increases transparency by storing the root of each Beacon Chain block in a smart contract that can be queried by applications.
Developers anticipate that the data provided by EIP-4788 will be utilized in new features for bridges and staking pools.
However, the reduction in fees on swaps and transactions on Ethereum layer 2s will only take effect once the networks start integrating EIP-4844.
Exploring the Relationship Between Metaverse, Web 3.0, and Blockchain
There has been much discussion about the similarities and differences between metaverse and web 3.0. Some argue that they are essentially the same, while others believe that they have distinct characteristics.
Meanwhile, the concept of web 3.0 has also been linked to blockchain technology. Some view web 3.0 as a decentralized version of the internet, powered by blockchain.
However, the existence of web 3.0 is still up for debate, with some claiming that it is already here while others argue that it is still in the process of being developed.
Regardless, investors like a16z are heavily investing in web 3.0 and its potential to revolutionize the internet as we know it.
When this article was published, the cost of swapping on the largest layer-2 network, Arbitrum, was approximately $1.16. Meanwhile, the fees for swapping on Polygon were slightly higher at $1.46, according to data from L2 Fees.
Is it still relevant to measure blockchain transactions per second (TPS) in 2024? That is the question on everyone’s mind.
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