Key takeout
Ethereum trade requires gas fees that depend on gas restrictions and gas prices. Higher prices guarantee faster processing with validators. Speed up stack transactions by using the same non-s to increase gas prices or cancel them with exchange transactions. Monitor network congestion and use tools such as Etherscan gas trackers to set optimal gas prices, allowing for smoother transaction management.
Ethereum is a decentralized blockchain platform that allows developers to build and deploy smart contracts and distributed applications (DAPP).
Ethereum, often referred to as the “computer of the world,” goes beyond mere cryptocurrency trading, enabling a safe, unreliable, decentralized environment. Ether (ETH), the native cryptocurrency of the Ethereum Network, is used to pay transaction fees and becomes an integral part of the ecosystem.
Navigating Ethereum transactions can be difficult, especially if the transaction is stuck in a pending state. Understanding how to modify or cancel these transactions is important for efficient blockchain interactions.
This comprehensive article will explain steps to address pending Ethereum transactions and ensure that you are well equipped to deal with such a situation.
Understanding Ethereum trading and gas fees
Ethereum Transactions are validated through a consensus mechanism called Sportof-stake (POS) when network participants known as Validators are responsible for reviewing transactions and adding them to the blockchain. Validators are chosen based on the amount of ETH they bet to ensure the security and integrity of the network.
Every time you hit “send” on Ethereum, you are taking part in the bidding war for Validator’s attention. Gas fee? That’s what you bid on.
This is because for all Ethereum transactions, a fee known as gas, is paid to the validator for processing and validation of the transaction. The total fee is determined by two factors.
Gas Limit: The maximum amount of gas you will be willing to spend on a transaction. Think of this as your tank size – this is the maximum gas you are willing to burn for your trip. GAS Price: Payment per gas unit, usually measured in GWEI (1 GWEI = 0.0000001 ETH). The higher it is, the faster the ride will be.
A lower gasoline price setting can lead to delays or stack transactions as it prioritizes transactions at higher rates. This problem becomes more pronounced during periods of network congestion.
Did you know? The highest gas fee ever paid on Ethereum was an astounding $24 million for a single transaction in 2021. The fee was reportedly an error due to crypto exchanges that emphasized the importance of double-checking transaction details before reviewing the transaction. Thankfully, it was returned.
Why do transactions get stuck?
A stack transaction is the equivalent of waiting in a long queue. It’s a nuisance, but it can be fixed. Transactions may be pending for:
Low Gas Fees: If gas prices are too low, validators may overlook transactions in favor of those with higher fees. Network Congestion: High network activity can lead to delays, especially with low gas prices. If a low NonCE transaction is pending, the pending transaction will also be delayed until it is processed.
Did you know? Ethereum Blockchain processes transactions in order of CENCE value. If a low-nonce transaction is stuck, it can delay all subsequent transactions from the same wallet.
Therefore, Ethereum transactions can go through different states depending on their status within the blockchain network. This outlines the various transaction states and means:
Pending: Waiting for a transaction to be broadcast to the network and validated. If held for a long time, it means that gasoline fees are too low and too low to compete with other transactions under current network conditions. Ethereum processes transactions in order of NONCE value, so sequence gaps prevent queued transactions from being validated. Cancel: Transactions in this state will no longer be validated. This happens when it is replaced by another transaction with the same non-sized value but with a higher gas charge and invalidation value or data field. Cancelled transactions are effectively removed to prevent the original request from being processed. Repress: Similar to cancellation, this state indicates that the transaction has been fixed rather than invalidated. Exchanges are used to speed up or change the processing of certain values and data in the original request. To replace a transaction, you must resubmit it with the same NONCE and higher gas fees. Common causes include insufficient gas, completing execution, errors in smart contract logic, or invalid instructions. Failed transactions are logged in the blockchain, but do not execute the intended function.
Understanding these conditions will help you effectively troubleshoot and manage Ethereum transactions and ensure smoother interactions with your network.
To change or cancel a pending Ethereum transaction:
If the transaction is stuck, there are two main plays.
Speeding up transactions: This involves resending the same transaction at a higher gasoline rate. Provide incentives to process your valters faster. Transactions: This includes sending new transactions with the same NONCE at a high gas price and effectively overwrite pending transactions.
Once a transaction is verified on the Ethereum blockchain, it is important to note that it is final and cannot be speeded up, returned or cancelled any more.
Method 1: Speed up your Ethereum transaction
If Ethereum transactions occur pending due to gas charges or network congestion, steps can be taken to speed up them. The key is to raise gas prices, which encourages verifiers to prioritize transactions. To speed up pending or stacked transactions, your Ethereum account needs sufficient ETH to cover your network fees.
Here’s how to speed up your ETH transactions:
1. Use a wallet with transaction management functionality
Wallets like Metamask allow users to directly speed up stack transactions. MetaMask allows you to find the “Speed Up” option in pending transactions. This feature increases the likelihood that validators will be processed faster by resubmitting the same transaction at a higher gas fee.
Metamask Steps:
Open the metamask and navigate to the pending transaction in the Activities tab. Click the Speed Up button. Higher gas prices (we can use tools such as Etherscan gas trackers to determine the best rate). Create a new transaction and broadcast it to the network.
This process essentially replaces the original transaction with one that is the same non-sec, but has a higher gas price, encouraging faster execution.
2. Replace the transaction manually
If your wallet does not have a “speed up” option, you can manually exchange transactions using the same NONCE. This includes:
Cancel the stack transaction by submitting a new one with the same non-se and higher gas prices. Sell ETH to your wallet address with zero value or remeasur the original transaction with updated gas settings.
3. Choose the right gas price
To avoid stranded transactions, always choose the right gas rate when you start trading. Many wallets, including Metamask, offer recommended gas prices based on current network activity, but you can choose a higher price for time-sensitive transactions.
Gas Fee Hacking: Are you in a hurry? Wait for network traffic to cool (non-peak times) to save ETH.
Method 2: Cancel a stuck Ethereum transaction
You can cancel transactions that are pending for several hours. But once again, it is wise to remember that once a transaction is confirmed on the Ethereum blockchain, it is final and cannot be bounced, returned or canceled.
Fortunately, there are two main ways to cancel pending Ethereum transactions. It involves using wallet in-app features such as MetaMask, or manually setting custom NonCEs. Here’s how both methods work:
1. Cancel a transaction within the app
Many wallets, such as MetaMask, provide built-in options for canceling pending transactions. This is the easiest and user-friendly way to try to cancel.
Steps:
Open the MetaMask Wallet and find the pending transactions in the Activities section.
Select the Cancel option. Create a cancellation by signing a new transaction with a higher gas fee.
This method sends the same non-subscription and exchange transactions as the pending transaction, but effectively overrides the original transaction due to no value or data.
2. Cancel transaction using custom Nonce
For advanced users, or if the wallet cancellation option is not available, you can manually cancel the transaction using a custom NonCE.
Steps:
Find the non-CE in the stack transaction. Use Blockchain Explorer to search for wallet addresses. Find a stuck transaction and pay attention to its nonce value. Sends an exchange transaction.
– Open the wallet and enable the “Custom Non-Se” feature in Settings.
– Create a new transaction to your wallet address and set the same NONCE as the pending transaction.
– Set gas prices higher than the original transaction to ensure priority.
Once submitted, the new transaction replaces the pending transaction. This method works with Ethereum’s rules that you need to process transactions in order. Effectively replace pending ones by broadcasting new transactions with the same non-se and higher gas prices.
Important considerations for canceling a transaction
No guarantee: Trying to cancel or speed up transactions, especially during high network congestion, is not always a success. Potential risk: Incorrectly modifying a transaction can lead to additional stack transactions or unintended consequences. Make sure you understand the process thoroughly before proceeding. Transaction Finality: Once a transaction is verified and included in a block, it cannot be reversed or changed. Always double-check transaction details before submitting.
Prevent future stack transactions
To minimize the risk of pending transactions:
Set the right gas pricing: Use tools such as Etherscan gas trackers to determine the best gas price based on your current network conditions. Monitor Network Status: Beware of network congestion and adjust transaction timing and fees accordingly.
Understanding the mechanisms and available tools for Ethereum transaction can effectively manage and resolve pending transactions and ensure a seamless experience on the blockchain.
Written by: Shailey Singh
