Failed Ethereum Transaction: USD 0.5 Million
Ethereum(ETH) transactions can be complicated when it comes to fees. This is far from the first transaction that someone has paid huge amounts for, and one that failed, at USD 533,901 total.
It appears that the user wanted to participate in the token sale by derivatives-decentralized exchange (DEX). Strips Finance. Annouced on October 13th, the Initial Dex Offering (IDO), also known as the STRP token sales, was held on Sushiswap’s MISO platform. It lasted for 24 hours.
STRP 750,000 were up for auction and were gone in seconds. This indicates that the user was less cautious in his purchase due to the competition.
In such a competitive environment, users might decide to use Flashbots, a communication protocol. These protocols allow Ethereum users to communicate and pay miners for priority transactions. It is in their best interest to keep this information private until the miner adds it to the block.
It seems that this did not happen as planned. The transaction was made public and included in a block. However, the sale ended in second. The transaction failed “with error DutchAuction outside auction hours” – the user was required to pay Eth 123.23 (USD 423 961 at the time).
According to Etherscan an error occurred during contract execution.
“Something is wrong with flashbots. It seems that one flashbot relayer is doing all kinds of evil,” said one Twitter user. A transaction would not be complete if tokens were not available.
Robert Miller, Flashbots Product Manager, replied that the transaction had been sent to the mempool where Etherscan could see it. He added, “Also we never saw it on the Flashbots relay.”
One person claimed to have sent the transaction. However, it was still “showing in mempool” after I broadcast it. It has also been mined by f2pool.
After the failed transaction, the sender also paid an additional ETH 30, (109,940). It seems that this payment was sent to the network in order to cancel another transaction during the STRP auction via Flashbots.
said one Redditor, “This seems to be a big problem with the platform. It should be able to deal with multiple addresses trying to purchase tokens and not try to charge fees.”
Others went further and claimed that high fees on Ethereum and ETH drove them away.
Some people argue that Ethereum is not to blame. Others say that the bot was programmed incorrectly in a bot trade. One user stated that this has nothing to do ETH, and everything to do a poor launch method. Another user said that Ethereum worked as it was intended.
These commenters blame the launch teams. It seems like no thought was given to how tokens should be launched on that platform. Redditor: At the very least, set a maximum limit per address. Whitelist addresses before launch and release tokens slowly.”
Some wonder why the user didn’t send ETH 0 instead of ETH 30 to cancel the transaction. Others list the items that could have been paid with more than half a billion dollars for fees in failed/canceled transactions – including a Lambo which is a luxurious property in the country where the commenter lives and college debts.
No matter who the culprit is, “I tell ya what.” “This happens to me, you’ll see an adult ass man fall apart and cry enough for a bathtub,” said Redditor Jasquirtin.