User paid 25 ETH for Uniswap token approval

A user of the decentralized exchange Uniswap paid 25 ETH (~$37,000 at the time of writing) to approve transactions involving the USDC stablecoin. This drew the attention of Andrew Redden, the chief technology officer of the DeFi project Groundhog.

Presenting: The most expensive approve https://t.co/WQvgjZWFug

— Andrew Redden 🕯️ (@androolloyd) February 23, 2021

According to Etherscan data, the operation took less than 30 seconds to process. Gas price stood at 500,801 Gwei, while the median at the time of writing was 346 Gwei.

Data: Dune Analytics.

One of the community members speculated that the user intended to change the gas price from 500 to 801 Gwei, but instead concatenated the digits.

probably s/he wanted to change the gas price from 500 to 801 or the other way around and sent it with 500,801 gas price.

— undefined (@SubjectiveRe) February 23, 2021

“I was trying to change 800 to 750 and ended up typing 800750. Fortunately, I noticed it,” he wrote.

Afterwards, the user purchased 19.5 ETH for 27,831 USDC on Uniswap. The fee amounted to $143.46 at a gas price of 851 Gwei.

Data: Etherscan.

One Twitter user noted that he almost made the same mistake himself.

I have always wondered how people fat finger these, but I literally almost did the same thing tonight. Was trying to change 800 to 750 and typed 800750. Luckily I caught it… I guess in the old days the worst fat finger of this kind would be 4 figures…

— kain.eth (@kaiynne) February 23, 2021

“I was trying to change 800 to 750 and ended up typing 800750. Fortunately, I noticed it,” he wrote.

In June 2020, an unknown user executed two transactions with fees totaling 10,688 ETH (~$2.6 million). In the first, the amount was 0.55 ETH, in the second — 350 ETH.

Later, an address linked to MiningPoolHub sent 2,310 ETH ($538,000) for transferring 3,221 ETH ($751,000).

In November, one of the holders of the second-largest cryptocurrency by market capitalization by mistake paid $9,500 to process a transaction worth $120.

In February, Ethereum miners’ revenue surpassed $1 billion — more than 50% of that came from transaction fees.

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