An anonymous Ethereum person spent $88,000 price of ETH in charges to send a transaction price $2,200 on Sunday.

The transaction became as soon as first seen by X person DeFiac, and later flagged by blockchain security company PeckShield.

The total fee of a transaction is measured by the amount of gasoline consumed for performing a specific transaction, the sinful rate and the precedence rate keep of abode by the person.

Usually, gasoline prices raise when there are excessive intervals of inquire for block location, prompting customers to keep of abode better prices for validators to prioritize their transactions. On this case, it appears to be like that the person by accident entered a host vastly better than the value of the transaction itself.

While it wouldn’t be the first time a keyboard input “fats finger” error has resulted in any individual overpaying for gasoline, it is price noting that the median gasoline rate on Ethereum is for the time being at a five-year low.

The gasoline rate on the Ethereum blockchain is for the time being hovering between 1-2 gwei, or $0.0089-$0.0178. That modify is so low that it is impacting the ETH issuance schedule, in conserving with a document from The Block.

In March, Ethereum’s Dencun abet presented knowledge blob carrying transactions, additionally is known as proto-danksharding, to lower transaction prices for layer 2 blockchains. For the community, one of many outcomes has been a slowdown in person exercise on the mainnet.

In accordance with Gnosis co-founder Martin Köppelmann, a minimum gasoline rate of 23.9 gwei is notable to offset the staking rewards to validators.

“Ethereum desires to receive extra L1 exercise again and even when it sounds counterintuitive at such low rates, raising the gasoline restrict can even additionally be portion of a fashion,” acknowledged Köppelmann on X.