Carefully! Lots of text.
If you have already worked on the Ethereum network, you have noticed that sometimes transaction confirmations take longer than usual. The fact is that miners process transactions with higher fees first.
If your transaction is stuck in a pending status due to low gas fees, you will have to wait for network fees to drop and miners to process your transfer. However, you can speed up the processing time if you replace this transaction with another one with a higher fee. Sound confusing? In fact, everything is simpler than you think. This method also applies to Ether (ETH) and all ERC20 tokens.
Introduction
First of all, you need to keep in mind that confirmed transactions cannot be canceled or replaced. However, during times of high network load, some transactions may remain in a pending status for a long time. During such periods, transaction confirmation takes several hours or even days.
Sometimes the blockage is removed on its own, either due to system failures or lower commissions. Although you cannot cancel an Ethereum transaction, there are several ways to speed up the process. In fact, they all involve replacing a pending transaction with a transaction with a higher fee.
In this guide, we'll look at how to speed up transactions using MetaMask and Trust Wallet. This can be done using other crypto wallets that support the Ethereum blockchain, but the process may vary.
Conditions
Installed MetaMask or Trust Wallet.
Private keys (seed phrase) to enter your Ethereum wallet.
Access to the Internet.
Why isn't my Ethereum transaction confirmed?
Ethereum operates on a staking system. The transaction fee will depend on its complexity (i.e. how much computing power it requires). There are three important terms to mention here: gas cost, gas price and gas limit.
The cost of gas is the price for completing a transaction, taking into account the computing power required for this, while the price of gas is the cost per unit of gas itself. In other words, the cost of gas is the amount of work required, and the price of gas is the price for “every hour” of work. The gas limit is the maximum amount you are willing to pay for a transaction.
If the cost of gas is determined by the complexity of the transaction, then you can set the gas price and gas limit yourself. The total fee will serve as an incentive for miners to confirm the transaction as soon as possible. However, if the gas price is too low, your transaction may be pushed back in line by other users with higher fees and be stuck waiting. If this happens, Ethereum will not confirm new transactions from the same wallet address, so in any case you will have to wait for confirmation from the miners.
How to speed up a transaction using MetaMask
1. Log in to your MetaMask wallet from which the unconfirmed transaction was sent. If this is an external wallet, you will need to import the address using your seed or private key.
2. Find your unconfirmed transaction in the [Activity] tab and click [Speed Up].
3. This process will allow you to notify the miners of your operation again. Be sure to set a higher gas price by clicking [Fast] and then [Save].
4. If this doesn't work, you can go to the [Advanced] tab to set the gas price manually. You can check the current commission amounts and average confirmation time on Etherscan or EthGasStation.
How to replace a transaction using MetaMask
1. Log in to your MetaMask wallet from which the unconfirmed transaction was sent. If you are using an external wallet, you will need to import the address using your seed or private key.
2. Find your processing transaction in the [Activity] tab. Click on it to check the details and record the [Nonce] value.
Note: If you have multiple unconfirmed transactions, you will need to start with the earliest one (with the smallest nonce value).
3. Then go to [Settings] and click [Advanced].
4. Scroll down the page and turn on [Customize transaction nonce].
5. Go back and copy your wallet address.
6. Click [Send] to create a new transaction and paste your wallet address in the [Add Recipient] field.
7. You must send 0 ETH to your wallet using the unconfirmed transaction nonce (mentioned in step 2). When you are ready, click [Confirm].
Note: If the gas price is too low, this transaction may also get stuck pending, so make sure you set a reasonable price.
8. Wait for the new transaction to be confirmed and the transaction to be replaced in processing.
Note: To be on the safe side, make sure you turn off the [Customize transaction nonce] feature.
How to cancel a transaction using Trust Wallet
1. Tap on an unconfirmed transaction in the Trust Wallet app and look for the [Nonce] field. Write this number down.
2. Create a new transaction and add your wallet address in the [Recipient Address] field. Make sure the address is the same as the unconfirmed transaction. Set [Amount ETH] to 0 and click [Next].
3. Open settings in the upper right corner.
4. In the [Nonce] field, insert the value that you wrote down earlier. Make sure you set the [Gas Price] field high enough so that your transaction is no longer stuck pending.
8. Wait for the new transaction to be confirmed and the transaction to be replaced in processing.
In conclusion
It can be frustrating to create an Ethereum transaction and find out that your gas price has been outbid. The worst part is that you cannot use the wallet until the pending transaction fails or is not confirmed.
Sometimes stuck pending transactions are cleared automatically when network fees are reduced, but this may take some time. Luckily, you can cancel an unconfirmed transaction by starting a transfer with 0 tokens. Please remember that you will need to pay sufficient gas fees to successfully complete the cancellation transaction.
