failed transactions blemishing Ethereum network and also causing pain for it's users.the most asked question why it happens?
So the answer is it can happen due to deficiency of smart contracts or it may happen by user side due to lack of knowledge.
So let's talk about why this happened with stoner cats nft's protocol?
*As you may know Stoner Cats NFTs sold-out in record time.
In the first drop 10,420 NFTs were available for sale at price 0.35 ETH each , the event went live on July 27. the all stock of nft's sold out just in 35 minute's,on the other hands Opensea(nft market)fooled with high demand of buyers.
Everyone was trying to buy a NFT at cheap price which caused congestion on the network and the gas fee starts going up rapidly and all transactions with low gas fee failed. ethereum network first filled the higher bid gas transactions than descend to lower gas fee transactions, but in that case the the gas fee was on one way route without any limit so all low gas fee transaction failed and buyer lost 344 ETH for nothing.
Conclusion:
According to my analysis this was developer's mistake.the devs not have set a default gas limit in the smart contract
An advice to ethereum network users.
always audit a newly launched project smart contract before performing any transactions.
If you want me to write a complete guide how to audit a smart contract please write a comment. I'll try my best for you
THANK YOU VISITING MY BLOG
YOU CAN ALSO READ MY OTHER POSTS
About Rising Star Game (PLAY TO EARN)
ABOUT CRYPTO
GOOD BYE!
