Ethereum's Layer 2 transactions experienced a sudden increase in fees due to the introduction of "BlobScriptions," causing a more than 10,000% spike in costs. Blobs are a new type of transaction that helps reduce layer-2 fees on the Ethereum network. However, the fees have increased drastically since the debut of BlobScriptions by Ethscriptions.

The minimum gas price for including a Blob in an Ethereum block jumped to almost $300, but has since decreased to around $6.57.

BlobScriptions enable network users to add NFT-like assets, such as images, texts, and tokens, to Ethereum's blobs.

This has led to over 1,000 inscriptions being made within a few hours, causing congestion in blob transactions and increased competition for space in Ethereum blocks.

Some stakeholders believe that this could increase layer 2 network transaction fees and lead to inefficiencies in on-chain resources.

Despite the initial excitement around BlobScriptions, experts like Daniel and Christine Kim have raised concerns about the sustainability of this trend.

Daniel warns against excessive use of blob inscriptions due to the congestion already present on Ethereum, while Christine Kim points out that the exponential increase in Blob fees may make it economically unviable to continue spamming blob space with inscriptions.

In the end, this could leave more room for economically valuable activities on the network.