Ethereum is one of the world’s most versatile blockchains, with functionality that supports innumerable decentralized applications and blockchain assets. Although conceived in 2013 by Vitalik Buterin, Ethereum did not launch until 2015, it has since been at the forefront of blockchain utility, especially with the recent popularity of non-fungible tokens (NFTs).
An NFT is an asset on a blockchain that is completely verifiably unique and therefore irreplaceable. Today, many people use NFTs to digitize real-world assets and expose these assets to a global audience. NFTs are very popular in art and photography, as they allow creators to access a wide pool of potential fans and buyers. Currently, most NFTs are on the Ethereum blockchain.
Ethereum is also the most popular network for decentralized applications (DApps). These apps are powered by smart contracts that drive several functions on the blockchain using specified agreements and conditions. Since the NFT and DApp markets exploded, the Ethereum network has become very busy, and sometimes leaves some transactions stuck for long periods.
Check out our video on how to fix stuck transactions on Ethereum:
A delay in processing simply means that no miner has picked up the transaction yet. All Ethereum transactions require a gas fee (gwei), a processing fee set to incentivize miners to pick up and process the transaction. This fee is never static, as it depends on the network congestion at transaction time. Sometimes, gas fees may be very high if there are a lot of people transacting simultaneously.
Ethereum wallets usually recommend a gas fee based on current network specifics but would let the user increase or reduce it as preferred. If a transaction is delayed for too long, it’s likely that the gas fees for other transactions on the network are considerably higher, and miners are ignoring the lower prices.
What is a Nonce?
Used in cryptography as an acronym for “Number Only Used Once,” a nonce is a number that functions as an identifier for a transaction. This number is sequential and follows an order such that transactions with lower nonces get processed before others. Since one Ethereum wallet can initiate any number of transactions, nonces represent a (sometimes chronological) sequence that transaction processing follows.
How to Fix a Stuck Transaction
There are three main ways to fix a stuck transaction: cancelling the transaction, increasing the gas fee, or introducing a new transaction with a custom nonce. Before fixing a stuck transaction, it is important to verify the transaction in a block explorer like Etherscan to confirm that it is pending. An ETH wallet may provide users with a cancel or reset button that helps to delete the transaction. After cancelling, it might be necessary to close the wallet application or browser and then reopen it.
If it is a hardware wallet, turning off and disconnecting the device is also required. Although this is a simple and quick way to solve stuck transactions, users should note that this method may not always work. It is also possible to fix a transaction by increasing the set gas fee. If a user initiates a transaction with a low gas fee but later increases it to match the market’s current price, miners will pick up and process the transaction.
Another way is to use a new transaction to clear the old one by setting a custom nonce. For instance, a wallet might have three pending transactions, each with nonces 3, 4, and 5, respectively. The network would process nonce 3 first before the others. However, if the gas fee for that transaction is low and miners aren’t picking it, all three transactions could remain stuck.
The solution here is to initiate a new 0 ETH transaction with a high gas price and send the transaction to the user’s own address. To clear out the transaction, the user must ensure that the nonce specified in the new transaction is the same as the old one. Although this will cost some gas, it immediately clears out the clog and resolves all the other transactions.
How to Prevent a Stuck Transaction
The simplest way to prevent a stuck transaction is to ensure the gas fee you are setting agrees with current market prices. If the gas fee is high enough, miners pick it up almost immediately and process the transaction without delay. Users can confirm current gas prices from the wallet or from other online sources. If you are looking to save on gas fees, there are gas tracking websites and applications that will help you optimize this process.
Conclusion
Fixing a stuck Ethereum transaction is easy and usually takes a few minutes. When the transaction is still “pending” on the block explorer, these methods can help solve any problems concerning transaction delay. However, users should note that it is mostly impossible to fix any transactions where the status has moved from “pending” to “completed.”
Locate the stuck transaction in your wallet's transaction history.Select 'Speed Up' or 'Replace' the transaction. This feature is usually found as a button or in the transaction details. The wallet interface should allow you to set a new gas price higher than the original transaction.
The average transaction time depends on the number of confirmations needed. An Ethereum network confirmation completes in 16 seconds and depending on the required confirmations, transactions can take between 1 to 5 minutes.
If the fee you attached to your submitted transaction is too low and network congestion remains high, there's a chance your transaction will stay pending for hours or even days.
This can be the case if the hold is placed on your debit card and, thus, your bank account. Unfortunately, it's not very easy to do—your card issuer cannot cancel or otherwise alter the transaction until it's been finalized. Skip contacting your card issuer and go straight to the merchant instead.
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.
Locate the stuck transaction in your wallet's transaction history.Select 'Speed Up' or 'Replace' the transaction. This feature is usually found as a button or in the transaction details. The wallet interface should allow you to set a new gas price higher than the original transaction.
If you are getting the error that looks like this: “Not enough ETH to send”, it means you do not have enough ETH in your account to cover the cost of gas. Each transaction (including token and contract transactions) requires gas, and that gas is paid in ETH. You can think of this like a transaction fee.
Exchange or platform freeze: If an exchange or platform freezes your wallet, it's often due to security concerns, suspicious activity, or non-compliance with their terms of service. In such cases, contacting the platform's support team and resolving the underlying issue is usually the only way to unfreeze your wallet.
Bitcoin and Ethereum transactions require a certain number of network confirmations before they are considered final. Transactions appear as Pending until the required number of network confirmations has been reached. Transactions require a miner fee to be confirmed by the network.
To resolve this issue, contact your bank directly. To get the contact details of your bank or institution, use DigiSaathi's 24x7 helpline. This helpline is an initiative of NPCI, on behalf of payment system operators and participants.
Ask the merchant or retailer to reverse the charge, cancel the sale or release the hold for the confirmed amount. The sooner you can reach out to the merchant, the more likely the pending transaction can be canceled. If you suspect fraud, skip the merchant and call your bank or card issuer first.
What happens if a pending transaction doesn't go through? Your bank may remove a pending transaction from your account summary if it hasn't cleared after a certain time. In this case, it'll no longer appear in your list of pending payments and shouldn't affect your available balance.
If you are getting failed transactions, you either need to add more gas by customizing gas before you start the transaction (you can also “speed up” a transaction by paying more later, for example, click “speed up” in MetaMask) and/or, if you are trading on a DEX, you need to increase slippage (done in settings on DEXs ...
Since Ethereum transactions have to be processed sequentially, users can get completely stuck. In other words, the longest-running transaction has to be processed before any more recent transaction from that wallet has a chance to be processed.
The record for the longest time a Bitcoin transaction has remained unconfirmed is indefinite. A transaction could stay unconfirmed indefinitely, depending on the network traffic. If the transaction is not confirmed, the funds will be spendable again from the sender's wallet, and this may take up to 30 days.
CoinList waits for 30 confirmations to consider an ETH or ERC-20 transaction final. Although typically this should only take about ~ 5 minutes, this can take anywhere from 5 minutes to 4 hours. Especially during periods of high network congestion, the transaction can take longer.
Can ethereum reach $50,000? Ethereum prices could surpass $50,000 by 2030 in a best-case scenario, according to VanEck. But that would require a significant rise in activity on the ethereum blockchain over the next six years. When more apps are running on the blockchain, increased fee revenue is generated.
VanEck has already said it won't charge a fee for its spot Ethereum ETF. Thompson finished with a bold price prediction: “Ether will reach $7,000 and Bitcoin will make its first attempt at $100,000 by the election in November.”
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