Number Of Failed Ethereum Transactions In May Reaches 1.2 Million ETH

Ethereum transactions that failed in May topped 1.2 million. (photo; Unsplash)

JAKARTA – Ethereum transactions that failed in May reached 1.2 million. The number of transaction failures increased by 200,000 from the figure in the previous month.

According to blockchain data explorer Blockchair's report, the exact number of failed Ethereum transactions between May 1 and May 31 is 1,228,131.

Transaction failures can occur due to a number of different errors, including if the transaction was signed by the wrong sender, or if someone tried to send illegal funds.

CryptoPotato revealed the possibility that the sender's funds were limited so that it was not sufficient to pay the gas fee. High fees have become a classic issue for Ethereum, with gas costs surging to 474.57 gwei at the start of the month.

Gas is an abstract unit for measuring the computational costs of various transactions on the Ethereum network. The minimum transaction fee is always 21,000 gas, but the gas fee in terms of ETH/gwei may vary depending on network demand.

The 1.2 million failed transactions referred to all had non-zero transaction fees and gas fees. In the first three days of the month, more than 83,000 transactions had failed.

About 1 million transactions failed on Ethereum in April, like millions more in March. Unfortunately, the failed transaction still has not returned the funds for the gas fee to the sender. 5 of the failed transactions this month cost over 3 ETH, the equivalent of US$6,000 at the time of writing.

Meanwhile, Ethereum founder Vitalik Buterin revealed that transaction fees on the Ether network will be significantly reduced after the transition from PoW to PoS, when The Merge launches.