Ethereum’s failed transaction count soared by another 1.2 million in May alone. That’s up 200,000 from last month’s figure and over 2% of all failed transactions in its history.
- Blockchair, the blockchain data explorer, reported that 1,228,131 Ethereum transactions failed between May 01 and May 31st.
- Transaction failures could be due to many reasons, including transactions signed by the wrong sender or attempts to send negative money.
- It could also be because the sender did not have sufficient funds to pay transaction fees. High fees are a problem for Ethereum. At the beginning of each month, the price of gas was as high as 474.57 Gwei.
- Gas is an abstraction unit that measures the computational cost of transactions on the Ethereum network. While 21,000 is the minimum transaction fee, the price of gas in ETH/ gwei terms will vary depending upon network demand.
- All of the 1.2 million transactions that failed were subject to non-zero transaction fees or gas fees. In the first three working days of the month, more than 83,000 transactions had failed.
- In April, Ethereum saw approximately 1 million transactions fail. Another million failed in March. Unfortunately, such failed transactions still don’t return funds for gas fees to the sender.
- Five of the failed transactions in this month’s January cost more than 3 ETH. That is approximately $6,000 at the time of writing.
- Vitalik claims that Ethereum transaction costs will significantly decrease after “the merge” – meaning the network’s upgrade to proof of stake.
- Optimism – a layer 2 blockchain designed to make Ethereum transactions much faster and cheaper – launched its governance token on Tuesday.