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 $ 9,500 in fees.
On November 5, Reddit user ‘ProudBitcoiner’ posted that he had accidentally paid 23.5172 Ether (ETH). For a single trade 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 typing 200,000 in the ‘Gas limit’ input field, it I wrote in the input field ‘Gas price’, so I paid 200,000 GWEI for this transaction and destroyed my life.
Uniswap is a non-custodial exchange for 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 noted that he had recently downloaded MetaMask version 8.1.2 and had no problems with the Gas Limit field.
Redditor ‘Mcgillby’ suggested that MetaMask introduce safeguards that force users to confirm a transaction when the price of the 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. So they can’t get additional confirmation if someone exceeds the recommended price of gasoline by a large margin. “
Compound financing fork percentage error leads to $ 1 million locked
Roughly $ 1 million worth of Ethereum tokens is locked in a new DeFi app. After its developers made changes to the protocol’s interest rate smart contracts.
The PercentFinance project has announced in a published blog post, that just under $ 1 million in ERC-20 tokens had been blocked due to a mistake.
The team announced that a bug in an update to the interest rate model resulted in the USDC, WBTC and ETH markets freezing.
Net funds (the difference between available supply and borrowed funds) in these markets have been locked and users will not be able to supply, borrow, refund or withdraw in these markets until further notice.
Launched in October 2020, PercentFinance is a fork of Compound Finance which differs from the latter by using Chainlink’s oracles.
Binance’s DeFi Index drops 60%
The DeFi Index, initially released by Binance Futures in late August, is experiencing its second month of stress. Trading lower from its all-time highs of about $ 1,200 to less than $ 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 on Nov 5 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 totally negative relationship. Further:
“7 out of 13 DeFi tokens had negative correlations with Ethereum (ETH), despite Ethereum powering much of the DeFi ecosystem. DeFi’s negative correlation with BTC and ETH is not a surprise as the DeFi bubble came to a crashing end in September, ”they note.