Kinto is now using “blobs”
Kinto is an L2 rollup designed to accelerate the transition to an on-chain financial system. It features user-owned KYC, AML, and native account abstraction to solve the biggest blockers to mainstream adoption: security and user experience.
TLDR
- Kinto’s sequencer is now using proto-danksharding (aka blobs).
- The adoption of blobs resulted in a remarkable reduction in sequencing costs by approximately 4 times.
- Reduction in sequencing fees are already benefiting users and developers in Kinto making the chain not only the safest but also one of the cheapest.
Kinto’s recent update to Arbitrum Nitro v3.0.2 allowed us to activate blobs in our sequencer thanks to our continued partnership with Offchain Labs and Caldera.
The reduction of sequencing fees immediately benefited users and developers in Kinto.
🫧 About EIP-4844 aka ‘blobs’
On March 13th the Ethereum community celebrated the activation of the ‘Dencun’ hard fork that enabled, amongst other things, proto-danksharding (EIP-4844) commonly know by the community as ‘blobs’.
EIP-4844 introduced a new type of transaction to Ethereum that accepts ‘blobs’ of data that are persisted in the beacon node for periods of time up to two weeks.
This new type of data is managed separately from the CALLDATA and it is stored long enough to keep disk use manageable and allow L2 actors to read this data while still allowing to price this storage an order of magnitude cheaper.
EIP-4844 was specifically design with rollups in mind even though other use cases quickly appeared competing for this newly created storage space. While inscriptions became a significant issue in the first few weeks of EIP-4844 right now its use is anecdotical and most blobs are used for its intended L2 scaling purpose.
🏦 Reducing Kinto’s sequencer and transactions fees
Our first transaction using blobs was executed July 23rd 2024 at around 3am UTC.
These first few days have already returned astonishing data regarding the savings in sequencing fees. A comparison for our July costs showed savings of approximately 4.4 times
These savings directly translate to cheaper transactions in Kinto for users and developers.
Kinto aims to provide a gasless experience for final users, in fact Kinto has paid so far for most gas related to deposits and Kinto related operations in our network. The implementation of blobs will continue to support our efforts toward making Kinto gas cheaper and most importantly invisible for final users.
Developers are also empowered, thanks to our account abstraction implementation, using our SponsorPaymaster (as commented in a prior article) to cover for transactions related to their contracts and will no see those costs significantly reduced translating those savings to final users.
🛤 Take the Golden Road to Kinto
Kinto offers safe and intuitive access to the best digital assets in the Ethereum ecosystem and now, thanks to blob cheaper than ever.
Through the Mining Program Launch, Kinto is giving depositors and developers 2% of the token supply during on-chain summer.
You can participate by depositing any asset below
https://engen.kinto.xyz/explore
We want to accelerate the transition to an on-chain financial system. A system that can match the guarantees of traditional finance, increase availability 24/7, enhance security, and decrease the friction and costs associated with conventional asset issuance.
If you share our vision for a secure, open, decentralized financial system, help us realize it.
Join us!
