An unexpected and colossal XRP transaction has stirred significant interest within the XRP community, leading Ripple’s CTO to provide further analysis to understand the specifics of the event.
In a recent tweet, XRP enthusiast Saul disclosed an intriguing observation while browsing through XRP Scan, XRP’s leading blockchain explorer. Saul claims to have observed the activation of an XRP wallet on October 11. He expressed astonishment at the staggering inbound transaction of 410 million XRP on the new address.
However, the fees associated with the transfer held particular intrigue about the new wallet transaction. Specifically, the 410 million XRP worth $195.9 million had an unusual transaction fee of 20 XRP. The 20 XRP gas fee is strange because the standard fee for XRP transactions is 0.00001 XRP.
Saul brought the matter to the XRP community’s attention, tagging Vet, a known XRPL dUNL validator, in the tweet. He asked the crucial question: “Is it normal for a payment like this to have a 20 XRP fee?”
The XRPL developer dismissed the strange fee, stating: “No, definitely not! 20 xrp fee is overkill.” Meanwhile, the post also caught the attention of David Schwartz, Ripple’s Chief Technology Officer (CTO), who offered his perspective on the unusual transaction.
I wonder if they meant to set the fee to 20 drops and were off by a factor a million.
— David “JoelKatz” Schwartz (@JoelKatz) October 11, 2023
Schwartz speculated that there might have been an error. He suggested that the sender might have intended to set the fee at 20 drops but miscalculated by a factor of a million. For context, Dropil (DROP) is the smallest unit of XRP, and 1 XRP equals about 1,788 drops.
General Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
