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User mistakenly paid 25 ETH to approve the transaction


One of the users of the Uniswap decentralized exchange made a mistake that cost him 25 ETH or more than $ 36,000 at the current exchange rate. As shown by the data of the Ethereum blockchain, he paid this amount to approve transactions with the USDC stablecoin token.

The answer to the reasons for the incident lies in the cost of gas, which for this transaction amounted to 500 801 gwei. The standard gas price currently ranges from 500-800 gwei, depending on the desired confirmation rate. The user most likely wanted to replace the value, but instead added one to the other. In the block with the specified transaction, the minimum gas price was 610 gwei. Thus, it was logical to replace 500 gwei with 801 to ensure its early inclusion.

It took less than 30 seconds to confirm a transaction with such a high commission. Immediately after that, the user bought 19.5 ETH for 27,831 USDC on Uniswap, for which he probably approved the token. The commission in this case was already $ 136 at a gas price of 851 gwei.

After that, until the moment of publication, he did not conduct any more transactions. Blockchain data shows that the first transaction to the specified address was recorded in August last year, when the wallet was funded with 5 ETH from Binance. It is used periodically for trading on decentralized exchanges and after today’s incident it still contains 63 ETH as well as $ 3,600 in SUSHI tokens.

“I was always surprised how people make such mistakes, until today I almost did it myself. I tried to change 800 to 750 and instead entered 800750. Fortunately, I noticed it in time, ”writes one of the commentators.

While this is probably the highest approval fee for token transactions on Uniswap, in the past, users have paid much larger amounts to send transactions on the Ethereum blockchain. So, in June 2020, one of the addresses sent transactions, the price of a gas unit in which was 508,034,850 gwei. The resulting commission in each case was 10,668 ETH worth $ 2.6 million then and $ 15.6 million now.

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