10 months ago
The Ethereum network has usually been criticized for the fig of failed transactions that hap connected it and however it leads to users losing their wealth arsenic a effect of this. This onslaught was precocious renewed aft a fig successful the crypto assemblage showed the staggering magnitude that has been mislaid from failed transactions.
ETH Users Lose Over 100,000 To Failed Transactions
In a post connected his X (formerly Twitter) platform, the Marketing and Communications Director of Blockstream, Fernando Nikolić, shared a screenshot that showed that Ethereum users had mislaid implicit $100,000 owed to failed transactions. Interestingly, the $100,000 worth happened to beryllium lone for the apical 10 transactions successful the screenshot, with Nikolić noting that determination were different ones.
From the screenshot, 1 tin spot however a particular user mislaid implicit $38,000 successful state fees from a azygous transaction. The 2nd idiosyncratic connected the database mislaid implicit $17,000 successful state fees, with others connected the database besides losing thousands of dollars successful state fees contempt the information that the transaction failed. Usually, state fees paid connected the Ethereum network are gone forever, irrespective of whether the transactions win oregon fail.
Noteworthily, 8 retired of the transactions from the screenshot occurred backmost successful May during the play of the frenzy astir the meme coin PEPE, which caused an antithetic surge successful postulation connected the Ethereum network.
Failed transactions are known to hap rampantly during specified periods due to the fact that a surge successful enactment connected the web leads to a important summation successful state fees, with immoderate users falling abbreviated of the required state interest (at the constituent of executing their trade) needed to process a transaction, which causes it to fail.
Coordinated Attack On Ethereum?
In his post, Nikolić referred to the failed transactions connected the Ethereum web arsenic “hot garbage.” Although his station could conscionable beryllium astir a acrophobic subordinate of the crypto assemblage calling retired the network, it bears mentioning that helium happens to beryllium the second Bitcoin maximalist calling retired the web successful the abstraction of a week.
Another Bitcoin maximalist, Bit Paine, had earlier suggested that the network was a scam. The crypto pundit hinted that the Ethereum web has helped facilitate the instauration of respective “digital penny” stocks, which helium besides referred to arsenic unregistered securities.
However, some statements could beryllium unrelated and simply 2 astute members of the Bitcoin community, showing wherefore they judge Bitcoin remains supreme.
At the clip of writing, Ethereum is trading supra $1,800, up successful the past 24 hours, according to data from CoinMarketCap.
Featured representation from BlockWorks, illustration from Tradingview.com
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