Summary
If you’ve used the Ethereum network before, you’ve likely experienced transaction confirmation times that are far longer than normal. This is because miners prioritize transactions, processing transactions first for users who pay more.
If an Ethereum transaction is stalled because the gas fee is too low, all you have to do is wait until the fee goes down and miners finally start processing your transactions. However, you can also replace a pending transaction with a new transaction with a higher gas fee. Sound confused? Don’t worry, it’s actually easier than you think! This method is versatile and works with Ethereum (ETH) and all ERC20 tokens.
Introduction
First, please note that any confirmed transaction cannot be replaced, restored, or canceled. However, during periods of network congestion, some cryptocurrency transactions may come to a standstill. If the volume is too high, your transaction may be on hold for hours or even days.
Blockages sometimes clear themselves due to reasons such as a pending transaction failure or a decrease in gas costs. While you can't actually cancel an Ethereum transaction, there are a series of actions you can take to speed up the process. In effect, this method replaces pending transactions with new ones that pay more.
In this guide, we will explain how to use MetaMask or Trust Wallet to speed up transactions. You can also use other cryptocurrency wallets that support the Ethereum blockchain, but the process may be slightly different.
Require
MetaMask or Trust Wallet comes pre-installed.
Prepare the private key (mnemonic phrase) and log in to the Ethereum wallet.
Normal network connection.
Why is my Ethereum transaction stalled?
Ethereum has a bidding system for user transaction fees. The exact fee depends on the complexity of the transaction (i.e. the amount of computational effort required). In this case, there are three important terms you should know: fuel cost, fuel price, and fuel limit.
The computational tasks of a transaction are measured in terms of gas costs, and the price paid per unit of fuel is the so-called gas price. You can think of the cost of fuel as the amount of work required, and the price of fuel as the price paid per unit of "hour of work." Finally, the gas limit is the maximum amount you are willing to pay for a transaction.
While the gas cost depends on the complexity of the transaction, you can set the gas price and gas limit as you wish. The total amount of fees paid will then be distributed to miners in the form of rewards. However, if the gas price is too low, you will only be able to make way for other users with higher bids, causing your transaction to enter a pending state. If the current transaction is stalled, Ethereum will not be able to confirm any new transactions made by the same wallet address until the miner confirms the first transaction.
How to speed up transactions in MetaMask
1. Log in to the MetaMask wallet with pending transactions. If it is an external wallet, you need to use the corresponding mnemonic phrase or private key to import the address.
2. Find the pending transaction under the [Activity] tab and click [Accelerate].
3. This process allows you to broadcast the transaction again. Make sure to increase the fuel price by clicking [Quick] and [Save].
4. If the previous step does not work, you can also access the [Advanced] tab to manually set the fuel price. You can check the current gas price and average confirmation time through Etherscan or EthGasStation.
How to replace transactions in MetaMask
1. Log in to the MetaMask wallet with pending transactions. Similarly, if it is an external wallet, you need to use the corresponding mnemonic phrase or private key to import the address.
2. Find the pending transaction under the [Activity] tab. Click to view details and record the [Nonce] value.
Note: If there are multiple pending transactions, start with the earliest (lowest Nonce value) transaction.
3. Next, enter MetaMask’s [Settings] and click [Advanced].
4. Scroll down and turn on [Customized Trading Nonce].
5. Go back and click on the wallet address to copy it to your clipboard.
6. Click [Send] to create a new transaction and paste the wallet address into the [Add Payee] field.
7. You need to send 0 Ethereum to your own wallet using the Nonce value of the pending transaction (recorded in step 2). When ready, click [Confirm].
Note: This deal may also stall if the fuel price is too low. Therefore, reasonable fuel prices must be set.
8. Wait for the new transaction to be confirmed, indicating that the pending transaction replacement is successful.
Note: To avoid accidents, the [Customized Trading Nonce] option must be switched back to off.
How to cancel a transaction in Trust Wallet
1. Click on a pending transaction in Trust Wallet App and search for the [Nonce] field. Record the numbers you see.
2. Create a new transaction and add the wallet address to the [Payee Address] field. The new transaction must have the same address as the pending transaction. Set [Ether Amount] to 0 and click [Next].
3. Click Settings in the upper right corner.
4. Replace the [Nonce] field with the previously recorded value. Be sure to set a very competitive [gas price] to avoid stalling transactions again.
5. Wait for the new transaction to be confirmed, indicating that the pending transaction replacement is successful.
Conclusion
It can be frustrating to submit an Ethereum transaction only to find out that your gas price is not as good as others. To make matters worse, you may find that you cannot use your Ethereum wallet until the pending transaction fails or is confirmed.
Sometimes, when network fees drop, stalled transactions are automatically filled. The problem is, this can take quite a while. The good thing is that you can perform a simple zero-token transfer on the front-end, which will cancel the stalled transaction. Don't forget that you must pay sufficient gas to successfully cancel the transaction.
