Weekly Ethereum Blob Fees Plummet 73% to Lowest Levels Since Start of 2025

Ethereum’s Dencun upgrade last year reportedly reduced the network's overall fee revenue.

By: Joel Lim • April 03, 2025

According to blockchain data explorer Etherscan, Ethereum generated its lowest weekly blob fees so far this year from March 24 to March 30.

Etherscan data show that Ethereum generated 3.18 ETH — approximately $5,700 according to current ETH prices — in blob fees in the last week. This represents a 73% drop from the 11.25 ETH, approximately $20,160 generated the previous week, and a more concerning 95% drop from the mid-March peak in blob fees of 84 ETH, $103,500 at current prices.

Blobs, or Binary Large Objects, are extra blockspace for Ethereum Layer 2 (L2) networks to batch data and post it more cheaply to the Layer 1 (L1). L2s pay blob fees, which are a source of revenue for the Ethereum mainnet.

the-defiant — Ethereum network data March 24-30. Source: Etherscan

The general sentiment is that Ethereum’s Dencun network upgrade last March was a double-edged sword that reduced user transaction fees, but hurt the network's overall fee revenue.

Asset manager VanEck’s head of digital assets research, Matthew Sigel, noted this in a November 2024 X post, stating that “ETH fees were weak due to lack of blob revenues as L2s have not filled available capacity.”

Dune Analytics data also indicate that growth in blob fees has been unsteady since the Dencun Upgrade last year.

In the past five days, blob fees have barely hit $2,000 except for a spike in fees on April 1, resulting in a $7,793 output, according to Dune Analytics data.

The DeFi Report founder Michael Nadeau said in a March 31 X post that Ethereum L2 transaction volumes would have to increase by 22,697-fold to reach peak Ethereum economic revenue.

“How many L2 transactions on @base are needed to fully back-fill Ethereum's peak execution fees with DA fees? Answer: 345.4 billion tx/day,” Nadeau added.