The Ethereum (CRYPTO: ETH) network recorded over 1.2 million failed transactions in May.
What Happened: According to data from blockchain data explorer Blockchair, there were 1,23,998 failed ETH transactions recorded over the last month.
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When a transaction fails, the funds that were meant to be transferred remain in the sender’s wallet, but the gas fee is still deducted.
See Also: HOW TO BUY ETHEREUM (ETH)
Data shows that all transfers during the month of May incurred a gas fee on the Ethereum network, meaning that all the failed transactions were paid for in gwei, a small denomination of ETH.
The highest gas fee paid for a failed transaction last month was 3.7 ETH, worth around $10,200 dollars at the time.
Failed transactions typically occur due to a number of reasons, including being signed by the wrong sender or an insufficient gas limit.
Sometimes, the technical properties of the token itself can create a logical error during the contract execution. This would apply to ERC-20 tokens or tokens built with the Ethereum token standard.
Price Action: According to data from Benzinga Pro, ETH was trading at $1,936, down 2.79% in the last 24 hours.