# EIP-7516

> EIP-7516 is an Ethereum Improvement Proposal enabling smart contracts to directly access the base fee for data blobs on-chain for efficient cost management.

- Canonical URL: https://iq.wiki/wiki/eip-7516
- Categories: Projects & Protocols
- Tags: Layer 1, DeFi
- Created: 2024-04-13T02:37:48.440Z
- Last updated: 2024-04-13T02:37:48.440Z
- Source: IQ.wiki — the world's largest blockchain and crypto encyclopedia (https://iq.wiki)

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**EIP-7516** is an [Ethereum Improvement Proposal](https://iq.wiki/wiki/ethereum-improvement-proposal-eip) allowing [smart contracts](https://iq.wiki/wiki/smart-contract) to access the current base fee for data blobs on-chain directly. EIP-7516 helps [rollup](https://iq.wiki/wiki/rollup) contracts to manage and predict their data [blob](https://iq.wiki/wiki/blobs) costs more effectively.[\[1\]](#cite-id-l1x0prm7kw)  
  
  
# Overview  
  
EIP-7516 “BLOBBASEFEE opcode” Introduces the opcode BLOBBASEFEE, which is the same as the BASEFEE opcode associated with the EIP-3198 protocol, except that BLOBBASEFEE returns the basic fee for a Blob according to the [EIP-4844 ](https://iq.wiki/wiki/eip-4844)protocol included in the current Cancún upgrade.[\[4\]](#cite-id-0v49rct808de)  
  
As the blob market fluctuates via the dynamic pricing model,[ layer 2](https://iq.wiki/wiki/layer-2) contracts will need near real-time pricing information of the [blob](https://iq.wiki/wiki/blobs) market to ensure proper accounting. Alongside [EIP-4844](https://iq.wiki/wiki/eip-4844), the corresponding EIP-7516 will ship to create the opcode BLOBBASEFEE, which rollups and layer 2s will utilize to query the current blob base-fee from the block header.[\[3\]](#cite-id-95ys8n8d04c)  
  
EIP-7516 is an improvement directly related to [proto-danksharding](https://iq.wiki/wiki/eip-4844), introducing the BLOBBASEFEE opcode to enable[ smart contracts ](https://iq.wiki/wiki/smart-contract)to programmatically access the current blob base fee. This feature is particularly useful for contracts dealing with large data [blobs](https://iq.wiki/wiki/blobs), as it allows them to account for the blob gas price in a trustless manner. The cost is identical to the BASEFEE opcode's cost, reflecting the simplicity of making available data that is already in the header.[\[1\]](#cite-id-l1x0prm7kw)  
  
# Authors  
  
* Carl Beekhuizen