Regrets, Regrets – As if the transaction fees weren’t high enough like that on Ethereum, one user spent tens of thousands of dollars interacting with Uniswap. A big mistake, as we will see.
A $ 41,000 fault
The untoward transaction was discovered and shared yesterday on Twitter by Andrew Redden, CTO of Groundhog Network.
Presenting: The most expensive approve https://t.co/WQvgjZWFug
— Andrew Redden 🕯️ (@androolloyd) February 23, 2021
In reality, the user would have made a mistake when entering the gas charges. The latter would have typed “500 801 gwei” instead of “500” or “801” only.
The total spend then amounted to 24.94 ETH, or $ 41,000 just to interact with the decentralized exchange Uniswap.
Worse yet, this transaction was not even used to effect a swap. Indeed, it just authorized the smart contract to spend funds.
Therefore, if we look at the next transaction, namely the USDC 27,000 swap to ETH, and add the cost of the 2 transactions, the user spent a total of $ 68,000 to get 19 ETH, or a cost price of approximately $ 3,500 per ETH.
This type of event is a reminder that it is essential to always double-check the information of a transaction. Whether it’s the address, the amount or the fees, even the smallest mistake could cost a lot of money.