Farbod Ghasemlu · 2026 · arXiv (Cornell University)
DOI: 10.48550/arxiv.2610.16588 · cited by 0 works (OpenAlex) · open-access PDF
Ethereum은 컨트롤러의 가격을 통한 "블로브"를 통해 데이터 가용성 롤업에 데이터 가용성을 판매합니다 : 블로브 수수료는 목표 위 또는 아래의 축적 사용으로 상승하고 감소합니다. 우리는이 기계적 가격 비용을 측정합니다. 2025년 5월 7일의 Pectra 업그레이드는 일주일 전에 정해진 날짜에 블로브 용량을 두 배로 늘렸고, 시장은 압축되었으며 블로브 수수료는 블로브 당 0.82mETH (약 USD 1.40)에서 1층으로 떨어졌습니다. Rollups의 블로브 구매는 24% 증가했습니다. 516일의 플라세보 날짜에서 동일한 추정기에서 구축 된 95% 간격은 8%에서 40%로 진행되었으며, 최대 40%로
Machine translation (Meta M2M100); the English original follows.
Ethereum sells data-availability capacity to rollups through "blobs" priced by a controller: the blob fee rises and falls exponentially with cumulative usage above or below a target, and no auction sets it. We measure what this mechanical price costs. The Pectra upgrade of 7 May 2025 doubled blob capacity on a date fixed weeks in advance, while the market was congested, and the blob fee fell from 0.82 mETH per blob (about USD 1.40) to its 1-wei floor. Rollups' blob purchases rose 24%. The 95% interval, built from the same estimator at 516 placebo dates, runs from 8% to 40%, so removing the entire price raised purchases by at most 40%. The implied elasticity at the pre-shock price is -0.19, and no value below -0.31 is consistent with the interval. The estimate includes any rise in L2 activity that coincided with the fork, so it bounds the price response from above. With demand this inelastic, the controller works mainly as a transfer. Rollups paid USD 14.8 million in blob fees under the first blob regime, 67% of it in two quarters when capacity was full and any market-clearing mechanism would have collected comparable scarcity rents. Where capacity was slack, the reserve price introduced in December 2025 cost at most 2.6 ETH (USD 8,039) in deadweight loss under the most elastic demand the data allow. Mempool records for 5.4 million blob transactions show that when the fee sits at its floor, capacity is slack: transactions miss about one block and are almost never priced out.
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Topics: Deadweight loss, Economics, Price elasticity of demand, Econometrics, Elasticity (physics), Welfare
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