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Find out the number of failed transactions on the Ethereum blockchain in May 2022

Find out the number of failed transactions on the Ethereum blockchain in May 2022

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Answer Find out the number of failed transactions on the Ethereum blockchain in May 2022

The number of failed transactions in the Ethereum blockchain increased by another 1.2 million in the month of May alone.

Which means 200,000 more than last month’s figure and more than 2% of all failed transactions in the history of Ethereum.

According to blockchain data explorer Blockchair, exactly 1,228,131 Ethereum transactions failed between May 1 and May 31.

As for the reasons for the failure and failure of transactions, it is due to various reasons, most notably the transactions being signed by the wrong sender, or if someone tries to send money with no balance available.

Another reason is the insufficient funds provided by the sender to pay the transaction fees, which means that the transaction does not go through and fails.

Read:Ethereum closes the month of April at an all-time high…what are the reasons for that?

High fees became a long-standing problem for Ethereum, as the cost of gas soared to 474,57 gwei at the beginning of the month.

Gas is an abstract unit for measuring the computational cost of various transactions on the Ethereum network.

The minimum transaction fee for Ethereum is 21,000 gas, but the gas cost may vary according to ETH/gwei terms and depending on the demand on the network.

The 1.2 million failed transactions referred to in the title all have non-zero transaction fees and gas fees attached.

During the first three days of the month, more than 83,000 transactions have already failed.

About 1 million Ethereum transactions failed in April, as was also the case in March when 1 million failed transactions were recorded.

The annoying thing is that the fees associated with a failed transaction are not refunded or refunded to the sender.

According to the aforementioned source, 5 failed transactions were counted this month that cost more than 3 Ether, equivalent to about $6000.

Vitalik Buterin promises that Ethereum transaction costs will drop significantly after the merger and the switch in the authentication mechanism from mining to stakes.

Read:Surprisingly … the price of Bitcoin fell by 91% on the Binance platform!

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