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Ethereum Enthusiasts Store Bee Movie Script on Blockchain for $5

Mar 14, 2024 at 11:16

Shortly after the launch of Ethereum’s Dencun upgrade, a developer demonstrated the reduced data costs by uploading the entire Bee Movie script onto the Ethereum network for a mere $14.

Within a remarkably short span of thirteen minutes post-upgrade, Ethereum developer Dan Cline claimed the honor of being the first to upload the complete Bee Movie script to the blockchain. This amusing endeavor showcased the efficacy of the new upgrade in substantially lowering fees on Ethereum layer 2s.

Cline humorously remarked, “I didn’t get the first blob, but as far as I can tell I DID get the first BEE MOVIE on mainnet,” in a post dated March 13.

The tradition of uploading the Bee Movie script, both within and beyond crypto circles, has been an enduring jest, often constituting a competition to mint the entire script on fresh networks and blockchain functions. This trend stems from a larger meme surrounding the Bee Movie, involving the dissemination of its full-length script across various social media platforms.

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Data from Blobscan indicates that the script was successfully uploaded at 2:08 pm UTC on March 13, a mere 13 minutes following the activation of the Dencun upgrade. The transaction incurred a total cost of $13.88, as per Etherscan data.

Referred to as EIP-4844 or “proto-danksharding,” blobs serve as a fundamental element of Ethereum’s Dencun upgrade, aiming to slash transaction costs on layer-2 networks significantly.

Besides numerous other enhancements, the Dencun upgrade permits layer 2s to employ blobs instead of the calldata function for temporarily storing data during transaction execution, ultimately resulting in lower end costs for users.

However, Cline’s Bee Movie script will have a limited lifespan on the Ethereum network, as blobs are “pruned” after approximately 18 days, the duration needed for a layer 2 to retrieve the contained data.

Subsequently, Mason Hall, an engineer and investment partner at crypto venture capital firm a16z, replicated the same feat less than an hour later, spending a mere $5 for execution.

As of now, three Ethereum layer-2 networks — Starknet, ZkSync, Optimism, and Base — have integrated blobs into their systems, according to Dune Analytics data.

In a recent announcement on X dated March 14, Jesse Pollak, lead developer at Base, highlighted that the integration of blobs on the Base network had led to a drastic reduction in transaction fees, plummeting from approximately $0.31 to nearly zero.

While the reduction in fees on swaps and transactions on Ethereum layer 2s is anticipated, it will take effect once the networks begin incorporating EIP-4844. As of the current status, swap fees on the largest layer-2 network, Arbitrum, stand at around $1.16, while those on Polygon hover at $1.46, per L2 Fees data.

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