On-chain market data shows that Gnosis DAO has successfully stored blobs on Swarm. The DAO’s move from IPFS to Swarm has piqued investors’ interest in the recent industry buzz. The price of Swarm (BZZ) has surged by more than 80% in the last 24 hours.
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Gnosis Chain pioneered blobs—a new approach to enhance Ethereum’s data handling capabilities ahead of the Dencun upgrade. After that, Gnosis DAO co-founder Martin Köppelmann announced the entity would store blobs permanently on ethswarm 3 months ago.
@gnosischain blobs are now securely stored on Swarm 🐝🐝
— Ethereum Swarm (@ethswarm) April 4, 2024
Plus, the Swarm Foundation will sponsor storage for @ethereum and @gnosischain blobs on Swarm—providing 12 months for Ethereum chain blobs and 3 months for Gnosis chain blobs!
cc: @blobscan 💥 https://t.co/eODJEgYdt2
Gnosis DAO moves from IPFS to Swarm
Gnosis Chain, formerly known as xDai Chain, functions as a sidechain alongside Ethereum and is managed by Gnosis DAO. Blob.Fm, a content-based platform, was the first Gnosis Chain application to use network blobs.
These blob transactions, also known as EIP-4844 (or protodanksharding), went live on the Ethereum mainnet at epoch 269568, following the Dencun upgrade.
On March 12, 2024, Martin Köppelmann said on X (formerly Twitter), “No worries, we are already exploring option to save poor Woody by storing blobs permanently with @ethswarm.”
Soon after, members had an open discussion on which option the Gnosis DAO should choose: either ethswarm or IPFS. The results of the voting are shown below.
To provide some context, Swarm is a peer-to-peer network of Bee nodes that work together to deliver censorship-resistant, decentralized storage and communication services. Swarm’s incentive system is enforced using smart contracts on the Gnosis Chain blockchain and powered by the xBZZ token, making it financially self-sustaining.
IPFS (Interplanetary File System) is essentially a file system that allows users to store files and monitor changes over time, similar to Git. It also allows users to keep track of them on a distributed network, similar to BitTorrent. This storage solution supports direct interaction through a secure, global P2P network. By combining these two qualities, IPFS creates a permanent new web and improves how interactions with old internet protocols such as HTTP.
Market reception creates a price buzz
A user on X by the handle @szarketh caught wind of the price movement, saying, “On 12/03/2024 CO-Founder @GnosisDAO posts information that they are looking for a way to store blobs using @ethswarm. On 11/06/2024, $SWARM grows 95% in 24 hours when everything falls…Have they found a way? They say there are no coincidences, only signs.”
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Yaroslav Belkin, co-author and Head of Events for Cryptopolitan, closely paid attention to the token price movements for the last 24 hours with a question in mind: ‘What is happening, and where is this going?’ The on-chain data cited below answer his question.
Based on the data from CoinMarketCap, Swarm (BZZ) is currently being traded at $0.6424, showing a significant increase of 54.04% in just one day. According to CoinGecko, BZZ currently has a market cap of $38,546,994 and is currently ranked at #760.
Swarm’s trading volume has reached an impressive $16,816,083 in the last 24 hours, showing a 777.00% increase over the last 24 hours. This surge in market activity indicates a recent uptick in trading. The highest recorded price for BZZ was $21.11 on June 22, 2021, nearly three years ago. The current price is 97.06% lower than the all-time high. The lowest recorded price for BZZ was $0.211 on September 16, 2023. The current price is an exponential 194.65% higher than the all-time low recorded nine months ago.
Cryptopolitan Reporting by Florence Muchai
