Ethereum fees are at a record high, but even so, a Uniswap user paid well above the current fee with a $ 36,000 gas fee for a single transaction.
The crypto twitter was inundated with complaints about unsustainable fees for using the Ethereum network, but the fees only exacerbated the fat finger error of a DeFi user.
The outrageous transaction was tweeted by Groundhog Network co-founder and CTO, Andrew Redden, who confirmed it was related to Uniswap.
Introducing: the most expensive approval https://t.co/WQvgjZWFug
– Andrew Redden ️ (@androolloyd) February 23, 2021
The absurd fee turned out to be a typo, as the user manually entered two prices in gwei. The rate of 500,801 gwei should be one (500 gwei) or the other (801 gwei), but not both.
The value reached 24.94 ETH, or approximately $ 36,000 at the time it was made.
Average transaction fees have skyrocketed to an all-time high of around $ 40, according to Bitinfocharts.com, after rising more than 1,000% since the beginning of the year. The Etherscan gas tracker is reporting an average of $ 23.85 for an ERC-20 transfer and $ 73.79 for a Uniswap exchange at the moment.
An Ethereum improvement proposal called EIP-1559 may help to alleviate some of these fee problems and developers suggest that it could be included in the Ethereum ‘London’ update scheduled for July 2021.
On February 23, Ethereum’s lead developer, Tim Beiko, posted an update to EIP-1559 in which he said “the state test is 99% complete”. A developer call on March 5 will confirm whether EIP will be included in the London update, he added.
The current system of gas calculations involves a bidding system for transactions in which miners naturally prioritize the highest bids and the lowest bids take much longer. EIP-1559 will modify this auction system by dynamically adjusting rates so that users pay the lowest bid for the block. This allows market makers and automated portfolios to accurately calculate rates and provide better estimates. Beiko elaborated;
“Another way of looking at it is that 1559 makes the transaction inclusion price explicit in the protocol, rather than implicit, as it is now.”
The proposal will also burn the gas fees that are paid in ETH and this will have a long-term impact on the issuance and supply of Ethereum. Naturally, the miners expressed disapproval of this, although the network co-founder Vitalik Buterin commented (in Chinese) that any opposite action they take can simply speed up the move to PoS.