Bitget App
Trade smarter
Buy cryptoMarketsTradeCopyBotsEarnWeb3

Magic Eden allegedly uses Coinbase to process small outputs for it to reduce hassle and save integration costs

CointimeCointime2024/05/20 02:52
By:Cointime

Deezy founder Danny said on X platform that he discovered Magic Eden was using a "clever trick" on Coinbase. Magic Eden adds small outputs for market fees in every market purchase, with amounts as small as 1000 to 2000 satoshis. Integrating these small transactions in the future will cause trouble and require additional costs. What's clever is that Magic Eden didn't use its own address to receive these UTXOs (unspent transaction outputs), but instead chose the Coinbase account address, allowing these small deposits to go directly into Magic Eden's Coinbase account, for which Coinbase is responsible for integrating the fees. However, due to its large size and slow response, Coinbase was unaware of this and suffered heavy losses during the integration process.

0

Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.

You may also like

GameStop (GME.N) surged 90% before the market opened

Cointime2024/06/03 08:10

Musk: Will spend at least $9 billion to buy 300,000 Nvidia AI chips

Cointime2024/06/03 08:10

Vitalik: "Games" is now often understood as "gambling", and the term "e-sports" refers to truly interesting games

Cointime2024/06/03 07:52

Solana on-chain DEX transaction volume exceeded US$700 million yesterday

Cointime2024/06/03 07:34

‌Spot copy trading

More
AIOnline
AIOnline
insight1000/1000
9359.81%
ROI
Total profit $47735.04
WhaleGo_YouTube
WhaleGo_YouTube
insight500/500
1269.4%
ROI
Total profit $3685.87

Bot copy trading

More
BGUSER-FFF8CNJ4
BGUSER-FFF8CNJ4
insight8/150
$7892.34
Total profit
Total subscriber profits $210.93
TopTrader85
TopTrader85
insight150/150
$13284.03
Total profit
Total subscriber profits $137.16