Source: Adobe / epic_images

Ethereum (ETH) transactions can be tricky when it comes to fees, and this is nowhere near the first time someone has paid massive amounts for a transaction, and a failed one at that – this time a total of $ 533,901.

It seems that this user wanted to participate in the token sale through the decentralized derivatives exchange (DEX). Strips of finance. The Initial Dex Offering (IDO) announced five days ago – also known as the STRP token sale – was announced on. carried out Sushiwap‘s MISO platform on October 13th, which lasts 24 hours.

750,000 STRP were up for auction – and were sold out in seconds. This suggests that competitiveness likely made the user less cautious in their attempt to buy.

In addition, in such a competitive atmosphere, users may choose to use a communication protocol known as. is known Flashbots. These allow Ethereum users to communicate with miners and pay for their transaction to have priority. Hence, it is in their best interest to keep it private until the miner inserts it into the block.

For some reason this doesn’t seem to have happened as planned, the transaction was public, contained in a block, but the sale ended in second place, the transaction failed “with error ‘DutchAuction: outside auction hours'” – and the User had to pay ETH 123.23 (then 423,961 USD).

An error occurred during the execution of the contract via Etherscan.

“Something is wrong with Flashbots. It seems to be a relay for flashbots doing evil, ”commented a Twitter user. Usually a transaction will not complete if there are no tokens available to purchase.

However, the product manager at Flashbots, Robert Miller, replied that the transaction was sent to the mempool, where Etherscan saw it. “Plus, we’ve never seen it on the Flashbots season,” he said.

One person claiming to be the sender of the transaction said they sent it to the Flashbots, but it was “shown on the mempool after I aired it and was occasionally taken down by” f2pool. “

They also said that they did not see this transaction in the incoming bundles of their Flashbots and there are no uncle blocks, which means the transaction would not be retransmitted to the mempool. Then what would be wrong …

– blanker.eth (@BlankerLin) October 13, 2021

The sender also paid an additional 30 ETH (109,940) after the failed transaction, and it appears that this payment was sent to the network to cancel a second transaction made during the STRP auction sent via Flashbots.

“This seems like a huge problem with the platform, it should be able to handle multiple addresses trying to buy tokens and not even trying to charge a fee,” commented a Redditor.

And others went further, claiming that high fees on the network drove them away from Ethereum and ETH.

But there are those who argue that this was not Ethereum’s fault, and some say this is a mistake of the person who programmed the bot in a bot trade. “This has nothing to do with ETH and all to do with a very poor start-up method,” said one user and another said, “Ethereum worked as intended”.

These commentators blame the teams behind the start. It “seems like no thought was given about how to launch tokens there. Have at least a maximum limit per address, whitelist addresses before starting and slowly release tokens, ”argued a Redditor.

While some are wondering why the user didn’t send ETH 0 to themselves to cancel the previous transaction instead of ETH 30, others have listed the things they would have with more than half a million dollars in fees for failed / canceled transactions can be paid for – including a lambo, a lavish property in the country the commentator lives in, and college debt.

Regardless of where the mistake lies: “I’ll tell you what. It happens to me, you will see an adult ass collapse and scream enough to fill a bathtub, ”Redditor concluded ‘Jasquirtin’.

Source: bitinfocharts.com

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Learn more:
– Ethereum’s EIP-1559 helped Coinbase save ETH 27 on daily fees
– DeversiFi explains what caused the $ 23 million transaction fee on Ethereum

– Axie Infinity blockchain game updates fees when token hits all-time low
– Bitcoin’s hash power estimate up, transaction fee income estimate down

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