$ 0.5 million paid when an Ethereum transaction fails

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Ethereum (ETH) transactions can be tricky when it comes to fees, and this is far from the first time someone has paid huge amounts for a transaction, and it’s a failure – this time 533,901 USD in total.

What appears to have happened is that this user wanted to participate in the token sale through the Decentralized Derivatives Exchange (DEX) Band funding. Announcement Five days ago, Dex’s initial offering (IDO) – aka the STRP token sale – was completed on Sushiwapthe MISO platform on October 13, lasting 24 hours.

750,000 STRPs were available at auction – and were exhausted in seconds. This suggests that competitiveness has probably led the user to be less careful in their attempt to purchase.

Moreover, in such a competitive atmosphere, users may decide to use a communication protocol called Flashbots. These allow Ethereum users to communicate with miners and pay for their transaction to be prioritized. Therefore, it is in their best interest to keep it private until the miner includes it in the block.

For some reason it looks like it didn’t go as expected, the trade was public, included in a block, but the sale ended in second, the trade failed “with error ‘DutchAuction: outside auction hours’ “- and the user had to pay 123.23 ETH ($ 423,961 at the time).

By Etherscan, an error occurred while executing the contract.

“Something is wrong with the flashbots. It seems to be a relay of flashbots doing some sort of evil ”, commented a Twitter user. Usually, a transaction would not be completed if there were no tokens available for purchase.

However, Flashbots product manager Robert Miller, responded that the transaction was sent to the mempool, where Etherscan saw it. “Plus, we’ve never seen him in the Flashbots Relay,” he said.

Someone claiming to be the originator of the transaction said that they sent it to flashbots, but it “appeared in mempool after my broadcast and was occasionally fetched by f2pool. “

The sender too paid another ETH 30 (109,940) as a result of the trade failure, and it looks like this payment may have been sent for the network to roll back a second trade made in the STRP auction sent through Flashbots.

“This seems like a huge issue with the platform, it should be able to handle multiple addresses trying to buy tokens and not even try to charge a fee in the first place,” commented a Redditor.

And others have gone even further, claiming the high fees on the network keep them away from Ethereum and ETH.

But there are those who argue that it was not Ethereum’s fault, with some saying it was a mistake made by the person who programmed the bot in a bot trade. “It has nothing to do with ETH and everything to do with a really bad method of launching,” said one user, another stating that “Ethereum worked as expected”.

These commentators blame the teams behind the launch. It “seems like 0 thought has been looking at how the tokens should be thrown out there. Have at least one maximum limit per address, whitelist addresses before launch and release tokens slowly, ”one Redditor explained.

While some wonder why the user did not send themselves ETH 0 to reverse the previous transaction instead of ETH 30, others listed things that could have been paid with more than a half -million dollars donated for fees related to failed / canceled transactions. – including a Lambo, a lavish estate in the country the commentator lives in, and college debts.

It doesn’t matter where the fault lies, “I’m telling you what. It happens to me, you will see a grown man collapse and cry enough to fill a tub, ”concluded Reddit editor ‘Jasquirtin’.

Source: bitinfocharts.com

Learn more:
– Ethereum’s EIP-1559 helped Coinbase save 27 ETH on daily fees
– DeversiFi explains what caused the $ 23 million transaction fee on Ethereum

– Blockchain Axie Infinity Game Updates Fees As Token Reaches All-Time High
– Bitcoin’s Hashpower estimate up, transaction fee revenue estimate down

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