A mempool developer suggested that the user behind the transfer might not be aware of the non-cancellation of replacement fees policy, resulting in an accidental $3.1 million transaction fee.
Transaction Fee News
A transaction fee is an amount charged for any financial transaction a user conducts. The cost of a cryptocurrency transaction varies each time, based on the activity on the blockchain at the time of the transaction.
Due to the sheer number of users, blockchains can become busy with a stream of transactions, increasing the cost of fees and the confirmation time for transactions. Every node maintains a smaller database of unconfirmed or pending transactions called the mempool (memory pool). In the Bitcoin network, all the valid transactions are placed in the mempool for confirmation. A large mempool size points to traffic congestion, resulting in a longer confirmation time and higher priority fees.
To expedite transactions, users may pay higher transaction fees. The objective of levying fees is to prevent the clogging of the transactions and provide additional incentive to the miners/validators to secure the network. On some chains, such as Ethereum, crypto transactions with higher fees get priority. If a user is worried about their transaction fees, they can consolidate their microtransactions, wherever possible, into a single transaction of a greater amount. Moreover, if their transfer is not time-sensitive, they can wait until the average fee on the blockchain comes down.
Bitcoin transaction fees have soared above Ethereum’s amid a renewed appetite for Ordinals-inscribed assets.6883
Chun’s reservations about whether to return the funds to Paxos stems from him being “annoyed” that “the person claiming it (the funds) kept saying EST instead of EDT/UTC.”8273
Despite a surge in Ether gas prices in May, NFT marketplaces only accounted for 3% of the entire Ethereum gas consumption.2388
The hype around Bitcoin Ordinals and BRC-20 tokens is unsustainable and will fade away in a matter of months, according to Jan3 CEO Samson Mow.13080
Proceeds come from base fees and surplus revenue generated from network transactions. The incentive follows a recent clash between Arbitrum’s team and its community.4974
Bitcoin transactions and fees are at high levels, and 400,000 of them are still unconfirmed on the blockchain.10524
A user spent an additional 76% of their total purchase price in gas fees on a single memecoin trade.8916
Concerns circulated on Crypto Twitter of a denial of service (DoS) attack on the Bitcoin network.17496
Despite the latest spike in Bitcoin transaction fees, the current BTC transaction cost is still far from all-time high levels.14894
They may have seen some hard times, but overall, estimates conclude that Bitcoin miners are up 37% from their activities.3421
Ethereum proponents celebrated the growth in daily revenue, while many others pointed toward network congestion and difficulty in usage.6307
Fans of the Bitcoin bull have been transferring him 21 Satoshis as a way to test out the feature.7271
Despite the latest FTX-related crisis, Solana still has what it takes to win the layer-1 race, according to the head of strategy at the Solana Foundation, Austin Federa.8841
High transaction fees stand in the way of crypto achieving its full potential and being embraced by the masses — but it is possible to make transfers for free.3724