Ethereum Failed Transactions: You Won’t Believe How Much Users Have Lost
November 08 2023 - 11:00AM
NEWSBTC
The Ethereum network has usually been criticized for the number of
failed transactions that occur on it and how it leads to users
losing their money as a result of this. This onslaught was recently
renewed after a figure in the crypto community showed the
staggering amount that has been lost from failed transactions. ETH
Users Lose Over 100,000 To Failed Transactions In a post on his X
(formerly Twitter) platform, the Marketing and Communications
Director of Blockstream, Fernando Nikolić, shared a screenshot that
showed that Ethereum users had lost over $100,000 due to failed
transactions. Interestingly, the $100,000 value happened to be only
for the top 10 transactions in the screenshot, with Nikolić noting
that there were other ones. Related Reading: XRP News: Ripple CEO
Teases Major Announcements At Swell Event From the screenshot, one
can see how a particular user lost over $38,000 in gas fees from a
single transaction. The second user on the list lost over $17,000
in gas fees, with others on the list also losing thousands of
dollars in gas fees despite the fact that the transaction failed.
Usually, gas fees paid on the Ethereum network are gone forever,
irrespective of whether the transactions succeed or fail.
Noteworthily, eight out of the transactions from the screenshot
occurred back in May during the period of the frenzy around the
meme coin PEPE, which caused an unusual surge in traffic on the
Ethereum network. Failed transactions are known to occur rampantly
during such periods because a surge in activity on the network
leads to a significant increase in gas fees, with some users
falling short of the required gas fee (at the point of executing
their trade) needed to process a transaction, which causes it to
fail. ETH price steady at $1,880 | Source: ETHUSD on
Tradingview.com Coordinated Attack On Ethereum? In his post,
Nikolić referred to the failed transactions on the Ethereum network
as “hot garbage.” Although his post could just be about a concerned
member of the crypto community calling out the network, it bears
mentioning that he happens to be the second Bitcoin maximalist
calling out the network in the space of a week. Related
Reading: Cardano (ADA) 50-Week EMA Flashes Bullish, Is $0.45 On The
Way? Another Bitcoin maximalist, Bit Paine, had earlier suggested
that the network was a scam. The crypto pundit hinted that the
Ethereum network has helped facilitate the creation of several
“digital penny” stocks, which he also referred to as unregistered
securities. However, both statements could be unrelated and
simply two astute members of the Bitcoin community, showing why
they believe Bitcoin remains supreme. At the time of writing,
Ethereum is trading above $1,800, up in the last 24 hours,
according to data from CoinMarketCap. Featured image from
BlockWorks, chart from Tradingview.com
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