Bitcoin

User paid more than 23 ETH for a USD 120 transaction

One user paid more than 23 ETH per „accident“ in a Uniswap transaction for USD 120.

A user paid more than 23 ETH by mistake, for a transaction of USD 120 on the Uniswap Exchange. The trader claims to have „destroyed“ his life after accidentally paying USD 9,500 in fees.

On 5 November, Reddit user ‚ProudBitcoiner‘ published that he had accidentally paid 23,5172 Ether (ETH). For a single transaction after confusing the „Gas Limit“ and „Gas Price“ entry boxes in the MetaMask wallet.

„Metamask did not fill in the ‚Gas Limit‘ field with the correct amount in my previous transaction and that transaction failed, so I decided to change it manually in the next transaction but instead of writing 200,000 in the ‚Gas Limit‘ entry field, I wrote it in the ‚Gas Price‘ entry field, so I paid 200,000 GWEI for this transaction and destroyed my life“.

Uniswap is a non-custodial exchange of ERC-20 tokens, which means that transactions are executed directly from the user’s wallet. This allows them to manually set the gas prices they are willing to pay for a transaction.

The user pointed out that he had recently downloaded MetaMask version 8.1.2 and that he had no problems with the Gas Limit field.

The redditor ‚Mcgillby‘ suggested that MetaMask introduce safeguards that require users to confirm a transaction when the price of gas entered significantly exceeds the price.

„I think they could issue a warning like: ‚You are exceeding the amount needed to be included in the next block by a significant amount‘ and make you confirm. Metamask already automatically calculates the recommended gas price, so I don’t see any reason. Why they can’t have an additional confirmation if someone exceeds the recommended gas price by a large margin.“

Error in the percentage of compound financing bifurcation leads to $ 1 million blocked

Approximately USD 1 million in Ethereum tokens are blocked in a new DeFi application. After its developers made changes to the protocol’s smart interest rate contracts.

The PercentFinance project announced in a published blog post that just under USD 1 million in ERC-20 tokens had been blocked due to a mistake.

The team announced that an error in an interest rate model update resulted in a freeze on the USDC, WBTC and ETH markets.

Net funds (the difference between available supply and borrowed funds) in these markets have been frozen and users will not be able to supply, borrow, repay or withdraw in these markets until further notice.

Launched in October 2020, PercentFinance is a bifurcation of Compound Finance which differs from the latter by using Chainlink oracles.

Binance’s DeFi index falls by 60%

The DeFi index, initially launched by Binance Futures in late August, is experiencing its second month of stress. Trading down from its historical peaks of around USD 1,200 to less than USD 400, a decline of approximately 60%.

In fact, most DeFi tokens have erased 70% to 90% of their earnings since the beginning of September. As the Binance report of November 5th points out

As described in the report, only eight DeFi tokens, AAVE and UNI, showed a neutral correlation with Bitcoin during the 45 days leading up to November 1. Eight other DeFi tokens had a completely negative relationship. Additionally:

„7 out of 13 DeFi tokens had negative correlations with Ethereum (ETH), even though Ethereum drives much of the DeFi ecosystem. The negative correlation of DeFi with BTC and ETH is not a surprise, as the DeFi bubble came to a crashing end in September,“ they say.