Introduction:
Have you ever used Ethereum and waited a long time for a transaction? It’s not only with you! Many users like you already facing super slow (hours, days, even months!) transactions. The reason behind this is that Ethereum processes transactions one at a time and your transaction gets stuck. You're stuck waiting until the transaction ahead of you is complete before yours can even be considered.
In this blog, we will tell how to solve this issue of being stuck while doing Ethereum Transactions. You might have so many questions;
Your Ethereum Transaction Took Forever! (and How to Avoid It)
Are you also thinking that why is your transaction stuck in blockchain purgatory?
The network can only handle so many at once, before being added to the permanent record, each transaction must be verified by a miner. However, the main thing behind this is that if your transaction fee is too low, it will be stuck in the regular lane, patiently waiting behind everyone else with more money. Miners prioritize transactions with higher fees, similar to fast lanes with fewer cars. If your transaction fee is too low, it gets stuck in the regular lane, waiting behind all the others with deeper pockets.
Okay, so how can you avoid this frustrating wait?
If you use Venly Wallet, it will automatically set the optimal gas price based on current network traffic, ensuring that your transactions run smoothly.
If you are using another wallet, such as MetaMask or Coinbase Wallet, you might have the option to manually adjust the gas price.
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A higher price indicates faster processing but also costs more. Check out Etherscan's gas tracker to see the current recommendations.
How to Unstuck Your Stuck Transaction?
Recovering a Stuck Transaction:
If you have sent a transaction with a low gas price, but it is now going nowhere fast. Here is your escape plan:
Try to resubmit with a higher gas price: Essentially, repeat the transaction but with a higher fee. This could result in two transactions, one with a lower fee and one with a higher fee. Remember that transactions are processed in order, and you cannot have two with the same sequence number (similar to having two cars with the same license plate). The higher fee transaction will be picked up first, making the lower fee transaction obsolete.
Consider alternative wallets:
Wallets such as MetaMask or Coinbase Wallet may include features such as setting a maximum gas price you are willing to pay or even recommending optimal gas prices based on network congestion. While higher gas prices make things faster, they also come at a higher cost. Determine the optimal balance of speed and cost based on the urgency of your transaction.
Conclusion:
To overcome the challenge, this blog gave you many ways but here is a secret weapon, Venly Wallet. It has a "Resubmit" button and It automatically resubmits your stuck transaction with the appropriate gas price to get it processed quickly. While a higher gas price means faster processing, it also comes with a higher cost. Find the right balance between speed and cost depending on how urgent your transaction is. Thus, by understanding gas prices and these handy tips, you can navigate the Ethereum network more confidently and avoid getting stuck in transaction traffic jams! Now you can go forth and conquer the blockchain, one speedy transaction at a time.
