In May alone, the number of unsuccessful transactions on Ethereum increased by 1.2 million. This represents an increase of 200,000 over last month’s figure and more than 2% of all failed transactions in the company’s history.
At the time of writing, the blockchain data explorer Blockchair reported that 1,228,131 Ethereum transactions failed between May 1st and May 31st.
Transaction failures can happen for a variety of reasons, such as when the wrong sender signs the transaction or when someone tries to transmit negative cash.
They could also be the result of the sender failing to supply adequate funds to cover transaction expenses. High fees have long been a problem for Ethereum, with the price of gas reaching 474.57 gwei at the start of the month.
The 1.2 million unsuccessful transactions were all associated with non-zero transaction and gas fees. Over 83,000 transactions have already failed in the first three days of the month.
In April, about 1 million Ethereum transactions failed, compared to another million in March. Unfortunately, funds for gas fees are not returned to the sender in such failed transactions.
This month, 5 of the failed transactions cost more than 3 ETH, which is nearly $6,000 at the time of writing.
After “the merging,” or the network’s upgrade to proof of stake, Vitalik says that Ethereum transaction prices will drop dramatically.
On Tuesday, Optimism, a layer 2 blockchain that aims to make Ethereum transactions significantly faster and cheaper, released its governance token.
