Ethereum’s Failed Transactions Result in Major User Losses — What’s Going On?
Ethereum’s network of decentralized applications and smart contracts frequently faces criticism for its high rate of failed transactions, which result in substantial losses for users. According to November 7 data shared by Fernando Nikolić, the Marketing and Communications Director at Blockstream, Ethereum users have lost over $100,000 in just the top 10 failed transactions on the network.
The staggering losses were revealed in a post on Nikolić’s X (formerly Twitter), where he referred to the failed Ethereum transactions as “hot garbage.” The top failed transaction resulted in a loss of more than $38,000 in gas fees for a single user. The second-highest failed transaction led to a loss of over $17,000 in gas fees. The remaining failures in the top 10 list also showed users losing thousands in gas fees.
Throughout this year, Ethereum has seen upwards of $100,000 lost due to failed transactions, with a single failed transaction costing a user $38,000+
What kind of hot garbage is this? pic.twitter.com/i8fA7IPOf9
— Fernando Nikolić
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