Come on, let's relax with the latest news involving a Uniswap user who has spent $ 36,000 on gas costs in one transaction.
The incident further exacerbated the situation when the crypto community complained of excessive gas payments on the Ethereum network.
Undoubtedly, gas costs have rocketed to an all-time high (ATH), 1000% to around $ 40 since early 2021.
According to Etherscan, at the time of writing, the average gas price for an ERC-20 transfer is $ 18.43. Meanwhile, the Uniswap exchange cost an average of $ 56.71.
But, after examining the transaction information, the value listed at $ 36,000 is apparently a typo. Lahh! Don't panic.
Presenting: The most expensive approve https://t.co/WQvgjZWFug
- Andrew Redden 🕯️ (@androolloyd) February 23, 2021
The value that the consumer should enter is one of two different prices, namely: 500 gwei or 801 gwei. Instead of 500,801 gwei worth 24.94 ETH ($ 36,000). Probably, the user was not aware of the mistake and caused a commotion in the crypto community again Ethereum.
Fortunately the Ethereum network will soon launch the EIP-1559 as an initiative at high gas prices. The launch is expected to take place in July 2021.
According to the latest report, the EIP-1599 test is 99% complete and on March 5 it will be announced whether the EIP will be included in the London upgrade or not.
