A Reddit user “ProudBitcoiner” accidentally paid a fee of 23.5172 ETH worth about $9,500 in transaction fees for a transaction he did on popular DeFi protocol Uniswap.

The fee, which is 80 times the transaction value, was done while the user was executing a swap of 0.2955 wrapped ether (ETH) for 531 Chi Gastoken (CHI) on decentralized exchange (DEX) Uniswap.

image1
Source: Etherscan

The average fee currently is a mere 0.0022 ETH worth just over $1 unlike in September when Ether fees surged to its highest level ever.

Higher than average fees are generally paid to get the transaction processed quickly. In such cases, people go the manual route.

Read Also:   Bitcoin and MMT Critic Janet Yellen Picked as Treasury Secretary by President-Elect Joe Biden

In this case, the user further explained on Reddit how this actually happened.

“Metamask didn’t populate the “Gas Limit” field with the correct amount in my previous transaction and that transaction failed, so I decided to change it manually in the next transaction (this one), but instead of typing 200000 in “Gas Limit” input field, I wrote it on the “Gas Price” input field, so I payed 200000 GWEI for this transaction and destroyed my life.”

The block had been mined about 24 hours ago, however, he did contact Ethermine for help.

This isn’t the first time such a thing has happened and has not been the highest either. Back in June, someone paid about $5.2 million in fees for two transactions of about $82k.

Read Also:   The Primary Hurdle Toward $50,000 Bitcoin Is the $20,000 All-Time High




Download MAXBIT Android App, Your best source of all crypto news!
Google Play

Source link


ProudBitcoiner Pays $9,500 Worth of ETH Gas Fees for $120 Transaction on Uniswap

by Anthony Beattie
Choose A Format
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format