Here we got an interesting sad news. A Reddit user accidentally paid more than 9,000$ transaction fee for a 120$ worth of swap on Uniswap. “ProudBitcoiner” named Reddit user has posted about this incident he faced.
The user claimed he swapped 0.29ETH for 531 CHI Gastokens on Uniswap. The transaction was worth approximately 120$. But the user mistakenly placed a more than 9,000$ Transaction fee.
But how does this happen? How is it possible to make this kind of mistake?
You know, the Ethereum network is different than others. The transaction time directly depends on the transaction fee. You pay high, the transaction is speed. I wrote a detailed article about Ethereum transactions. Here it is if you want to learn more: Ethereum Gas Price Explained [Gwei, Gas Limit]
There are two major things when making Ethereum transactions. Gas price (Most commonly known as Gwei) and Gas limit. The perfect example to explain both of these,
Considering a vehicle. The price of fuel you put into that vehicle is the Gas price. The amount of fuel you put in is the Gas limit. Assume you need 4 Litres of fuel to run about 50 Kms. If you put lower than that, You won’t make 50 Kms.
That’s very basic about Ethereum transactions. So what exactly happened to “ProudBitcoiner”?
He mistakenly put 200,000 Gas price instead of Gas limit. (It’s like you put dozens of dollars for 1 Litre of fuel into that vehicle)
So according to the Reddit post, the poor user has contacted Ethermine to get assistance with the mistake he made.