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Blobs expiring, Layer 2's on fire and more - The Daily Gwei Refuel #758 - Ethereum Updates

The Daily Gwei2024-04-02
1K views|3 months ago
💫 Short Summary

The video delves into Ethereum's scalability with Layer 2 solutions, emphasizing the importance of data storage, long-term strategies, and debates surrounding Layer 3 technologies. It highlights the growth in blob data storage capacity, the ongoing debate over Layer 3 value, and the rise of Layer 2 activity in the crypto space. The speaker expresses confidence in Ethereum's roadmap, innovation, and long-term growth, envisioning a future maintenance mode for Layer 1 and continued optimization. Overall, the video showcases Ethereum's advancements, scalability efforts, and potential for driving value and innovation in the crypto ecosystem.

✨ Highlights
📊 Transcript
Upgrade to EIP 4844 introduced expiring blobs after 18 days, accessible through chain pointers.
Nodes can set flags to store blobs longer for archival purposes.
Storing blobs indefinitely ensures data availability, requiring only one trustworthy source for restoration.
Scalability feature benefits hobbyists and service providers like etherscan.
System operates on a one-of-n trust and liveness assumption, needing one reliable data holder globally with cryptographic proof.
The importance of 'blobs' on Ethereum L1 for data storage integrity and redundancy.
Multiple data providers storing blobs ensure data integrity and reliability.
Nodes currently hold around 25 gigabytes of blob data, expected to reach a maximum of 50 gigabytes in two weeks.
Exploring the potential implications of reaching maximum blob counts and long-term storage strategies.
Discussion on long-term data storage on hard drives for archival purposes.
Emphasis on cost-effectiveness and appeal to personal hobbyists for the project.
Mention of potential use of solid-state drives for instant access services.
Overview of Layer 3s in the Ethereum ecosystem, referencing Vitalik Buterin's post on throughput and fixed costs.
Debate within the community on the necessity and success of Layer 3s, with some considering them redundant or a failure of Layer twos.
Debate over Layer 3 Technologies in Crypto Space.
Polygon team opposes layer threes, while Arbitrum team supports and promotes them.
Modularity in design space allows flexibility in choosing technologies, such as offchain DA and settling down to Bass.
Discussions on the relevance and future of layer threes are ongoing and evolving.
Recommendations to read Vitalic's post for further insights.
Summary of Layer 2 Activity in Crypto Space
Arbitrum is experiencing significant growth in Layer 2 activity in the crypto space.
Ethereum's Layer 1 transactions per second (TPS) remain stagnant due to gas limit restrictions.
Combined TPS of Layer 2 solutions is around 150 and is increasing gradually.
Base Network raised its gas target by 50%, resulting in lower fees for users.
Overall, the capacity and scaling capabilities of Layer 2 solutions are improving, showcasing positive growth in the crypto industry.
Improving scalability for Ethereum through Layer 2 solutions such as Monad and Mega Eth.
Cost reduction and increased scalability with Arbitrum's Stylus approach.
Layer 2 rollup roadmap showing parallel developments without Ethereum L1 governance.
Transition from centralized to decentralized in Layer 2 solutions for quick scaling.
Introduction of blobs on the network future-proofs scalability at Layer 1, complementing ongoing improvements at Layer 2.
High demand for blobs leading to increased gas prices and burning of eth.
Inscriptions are a major contributor to the demand for blobs.
The significant difference in burnt eth between blobs and normal L1 fee market highlights the high demand for blobs.
Gas limit of L1 not increasing at the same rate as blobs at L2, presenting potential scalability challenges in the future.
Scalability of Ethereum's Layer 2 Solutions
Importance of deep liquidity and user-friendly transactions is emphasized in Layer 2 solutions for Ethereum.
AG layer and shared sequencers are proposed as solutions to fragmentation issues at the protocol level.
Polygon is building the AG layer as a public good to benefit the entire ecosystem.
Initiatives like Mev boost and base sequencing are mentioned as ongoing efforts to scale Ethereum effectively.
Ethereum's ability to deliver on its roadmap and drive innovation in the crypto space.
Ethereum is recognized as the center of major developments like DeFi and layer 2 solutions.
Successful implementation of technologies such as rollups and ZK sets Ethereum apart from Bitcoin.
The roadmap consists of well-defined items under active research, showcasing confidence in Ethereum's leadership in innovation.
Ethereum roadmap items including EIP 1559, VDFS, and sharding are actively being worked on.
The speaker is confident in Ethereum's ability to deliver on these critical items and believes in its long-term growth and innovation.
Ethereum is predicted to stay at the forefront of the ecosystem, driving value over decades.
Continuous evolution and development within Ethereum are highlighted, positioning it as a leading platform for innovation in the crypto space.
Discussion on the abstract nature of time and the roadmap for Ethereum.
People do not actively think about time passing, leading to a transition to Ethereum roadmap.
Ethereum roadmap estimated to take another six to eight years for completion.
Updates and changes to the protocol over time, with a focus on layer 2 advancements.
Envisioning a maintenance mode for layer one in the future, with teams optimizing clients and occasional upgrades.