Have you ever experienced the frustration of an Ethereum transaction not getting confirmed?
You might think it is going to get confirmed in an hour but before you know it you are waiting for days!
It can be annoying but it happens to a lot of people who use blockchain.
There could be numerous reasons for a transaction to get ‘stuck’.
It might not be picked up by any minors or the gas fees you paid might not be sufficient.
Fortunately, there are ways to get out of the ‘pending’ phase.
Let us take a look at some tips and tricks to make Ethereum transactions.
Plan Your Transactions In Advance
You have probably witnessed people planning out their shopping on days when there are fewer crowds or more offers.
Did you know you can do the same with your Ethereum transactions?
According to reports and statistics, the network is the least busy and congested during weekdays after midnight.
So if you want your transactions to go through quickly with less gas fees, we would recommend you set aside some time on a weekday between twelve and six in the morning.
The majority of the transactions are carried out in the Ethereum Mainnet which is the main chain of the network.
You might be unaware of a layer-2 that operates on top of it.
Transactions that are processed on this layer benefit from high transaction speed and less gas fees while maintaining the same kind of security.
It works just like when you’re in a long waiting line that gets divided into two to save time.
If you are just learning about layer-2 solutions, then you might have saved yourself a long waiting period!
All your transaction information will still be stored on layer 1 even if it is processed off it.
Some of the popular layer-2 Ethereum solutions include Arbitrum, Polygon and X-Dai.
Pay A Higher Gas Fee
When the network is super busy sometimes all you can do is pay a higher gas fee!
It may not feel so good at the moment, but your transaction will go through much faster.
After all, your time is worth something as well right?
Before you make your transaction use tools to analyze the network consumption.
They will tell you the gas price you need to pay in order to make a transaction. The higher you pay, the faster your transaction will get through.
Make sure you find your estimate before the transaction. If you end up paying lower gas fees you will have to spend more time making additional changes.
You can use an Ethereum transaction cost calculator to calculate the gas price.
Make A Second Transaction With The Same Sequence Number
Maybe you have already made a transaction but it isn’t going through because the network is congested and your gas fees aren’t sufficient.
You can end up waiting for hours and hours.
There is a better solution.
In the Ethereum blockchain, the transactions are processed according to their sequence number.
Let’s say you got waitlisted for something and your number is seven. You will only get approved after all the numbers before you from one to six get approved.
In some cases, if you pay an additional fee, you might get bumped up the waiting list.
When you relaunch your transaction with a higher gas fee but with the same sequence number, it will go through first because you paid a higher fee.
Use An Ethereum Blockchain Explorer
Before you relaunch a new transaction, it is important to check if the status is pending.
Thanks to technology we have tools that can help!
An Ethereum Blockchain Explorer will give you information about your transactions including your transaction fees, transaction status and time of the transaction.
If your transaction is stuck for too long you can consider canceling it with an in-application cancellation.
The majority of the transaction issues can be solved by adding gas that is paying a higher gas fee.