May 29, 2024

A recent transfer involving 410 million XRP tokens has raised several questions within the crypto space. The significant controversies focus on the strangely high gas fee of 20 XRP coins accompanying the transaction.

In a recent tweet, Ripple CTO David Schwartz suggested possible explanations for the transaction and its outrageous gas fee.

Discovery Of Whooping Gas Fee On XRP Transaction

The XRP community seems perturbed over the recent transaction, with intense discussions about the associated transaction fee. In an October 11 tweet on the X platform, pro-XRP crypto enthusiast Saul questioned the normalcy of the transaction 20 XRP transaction fee. 

According to Saul, he noted the abnormality while browsing XRP Scan, a leading XRPL explorer. In his tweet, Saul noted the registration of a new XRP wallet address as of October 11. But his major highlight was a whooping transaction of 410 million XRP tokens as inflow into the new address. 

Also, the associated transaction fee of 20 XRP coins was a huge surprise for the crypto enthusiast. In line with current crypto market prices, 410 million XRP tokens are worth about $195.9 million. 

However, a gas fee of 20 XRP for the transaction reflects an unusual trigger for any observer. Notably, XRP transactions have a standard charge of 0.00001 XRP.

Considering the mystery of the situation, Saul drew the attention of the entire XRP community to the transaction. In his tweet, he tagged Vet, a prominent XRPL dUNL validator, for more clarity on the situation.

Saul asked the critical question:

Is it normal for a payment like this to have a 20 XRP fee?

In a response, Vet mentioned that a fee of 20 XRP should not apply to a 410 million XRP transaction. The validator stated: “It is an overkill.

Ripple CTO Offers More Insights

The tweet caught the attention of Ripple CTO Schwartz, who stepped in, offering more insight regarding the strange appearance of the transaction. According to Schwartz, the overall effect could be a mistake.

The CTO stated the possibility of the sender trying to lay out the transaction fee at 20 drops but could have miscalculated.

Such an error would set the gas fee at a million times higher than the usual value. The standard transaction fee is 0.00001 XRP for each ten drops. For clarity, XRP can be divided into smaller units. A drop is the smallest unit of XRP, and 1 XRP equals 1,000,000 drops.

The CTO stated:

I wonder if they meant to set the fee at 20 drops and were off by a factor of a million.

On its part, XRP Scan’s official X account also tried to demystify the strange associated fee in the transaction. It stated that the sender could have sought a means to have a zero-account balance by using a 20 XRP fee. 

Irrespective of a potential error in the transaction, some crypto enthusiasts have a favorable view of the situation. They still believe that a 20 XRP fee worth about $9.904 is relatively cheap for a 410 million XRP transaction worth almost $200 million. 


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