The Ethereum DeFi liquidation hit a record high, and a block of nearly 100ETH fees appeared

Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc)Editor's Note: This article comes from

Babbitt Information (ID: bitcoin8btc)

Babbitt Information (ID: bitcoin8btc)

, Author: Li Xiaoping, published with authorization.

On February 23, due to the sharp drop of Bitcoin from nearly $55,000 to around $45,000 in just 12 hours, and tens of billions of dollars evaporated in a short period of time, the cryptocurrency market experienced a day of panic.

At the same time, affected by panic selling, the Ethereum blockchain network was congested, and rare high transaction fees occurred. According to data from OKLink, at 16:07:37 on February 23, the transaction fee of Ethereum at block height 11912124 reached 96.81ETH. There were two transactions with abnormally high fees in this block. Up to 44ETH and 29.43ETH respectively.

Looking back on the past market, there are generally two reasons for the high handling fee:

One is user misoperation. For example, on February 19, 2019, an abnormal transaction occurred at block height 723829 of Ethereum. The address started with "0x587Ecf6" to transfer 0.1 ETH to another address, but the transaction fee was as high as 2100 ETH, and most of the previous transaction records of this account were small transfers. Therefore, some analysts believe that the user mistakenly set the unit of Gas Price to 0.1 ETH (usually Gwei), which consumes a total of 21,000 Gas, so the total transaction fee is as high as 2,100 ETH.

The second is mining pool transfers. For example, on June 10, 2020, an account whose address on the Ethereum network begins with "0xcdd6a2b" transferred 0.55 ETH, and the transaction fee was 10669 ETH. The same account the next day, transfer 350ETH, the transaction fee is also 10669ETH. Some analysts have analyzed the transfer and receiving addresses, and suspect that the receiving address is a miner, and it is the mining pool that pays the sky-high handling fee.

Different from the above two situations, what is the reason for the high transaction fee for the two transactions that occurred 17 hours ago? Possibly a DeFi liquidation.

In the context of the major correction on February 23, the liquidation volume of lending agreements on Ethereum reached 131 million US dollars, surpassing the record of 93.3 million US dollars in November 2020, setting a record high. Among them, the liquidation volume on Compound reached 100 million US dollars, ranking first. Aave V2 ranked second with 10.97 million US dollars.

Observing these two transaction records, it is not difficult to find:

The balance of the account whose address starts with "0x3241d46" is 591.438 ETH. In the past month, there have been 15 transfers to the same address (started with "0x681bd23"). The handling fee ranges from 0.005 to 44.02 ETH. Most of the transferred currencies are DeFi Tokens, including DAI, ZRX, UNI, cDAI, cETH, cWBTC, cUNI, cCOMP, etc.