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If you are one of the many people that own an Ethereum wallet and launched a few transactions on the Ethereum blockchain, then chances are you faced a long-running transaction. Some people even reported having to wait for hours, days, or even months, hoping their transaction would eventually be processed by the miners.
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.
Why are my transactions not being processed?
Ethereum transactions are not being processed because they are not getting picked up by a miner. But why? Miners receive the transaction and code-processing fees (gas) for each block of transactions they process as part of their reward. If your transaction is not being mined, it means there are enough other transactions on the network willing to pay a higher fee to the miners to get processed. Thus, if the network is very busy, the transaction costs will be higher and vice versa.
So how do I know which fee (gas price) is sufficient?
The Venly wallet automatically sets the correct gas price based on the network consumption, making it very easy for the user to get their transactions processed. Advanced users have the option to modify the gas price for their transaction; higher to get it processed more quickly or lower leading to a lower transaction cost but also slower processing time.
If you are using a different wallet, which might not support fluctuating gas prices, you can always set it manually, if your wallet allows it. To get an idea of the recommended gas price you can look at the gas tracker from Etherscan.
How to fix a long-running transaction
So what if you have launched a transaction with a gas price that is too low to be of any interest to the miners. Easy, you just relaunch the same transaction, but this time with a higher gas price, high enough so it will be picked up. Now you will have two transactions almost identical, one with a low gas price and one with a high gas price. The only problem left to solve is to make sure, that only one gets processed at the end.
At the beginning of this post, I said that on the Ethereum blockchain transactions are being processed sequentially, meaning transaction #2 will be processed before # 3 and so forth. It is also not possible to process transactions with the same sequence number. For example, it is not possible to process 2 transactions that have sequence #3, one of them will be dropped.
This brings us to our solution, when you launch your transaction with a correct gas price, you set the sequence number to the same number as the long-running transaction. The transaction with the higher gas price will be picked up sooner, meaning the sequence number will be processed, and cause the long-running transaction to be dropped because its sequence is outdated.
At Venly we understand that this might sounds complicated, therefore we’ve added a Resubmit button that takes care of all the technical stuff.
We even make it super easy to cancel a pending transaction.
Are there wallets that calculate the gas price automatically for you?
Luckily yes, Venly Wallet, will analyze your transaction and set an average gas price, which you can modify easily to speed up or slow down your transaction. We generally do not advise lowering the gas price as this can result in long-pending transactions.
Sometimes a video says more than words
In this 10min video below we create a ‘stuck’ transaction and show you how you can speed them up or even cancel them.
Note: this is a demo from before our rebranding from Arkane Network to Venly.
Certainly! The article delves into several concepts related to Ethereum transactions and blockchain mechanisms. Let's break down the key elements mentioned:
Ethereum Transactions
- Transaction Delays: Transactions on the Ethereum blockchain sometimes encounter delays, leading to long processing times due to network congestion.
- Sequential Processing: Ethereum processes transactions sequentially, meaning older transactions must be processed before newer ones from the same wallet.
Transaction Processing Issues
- Reasons for Delay: Transactions might not get processed due to insufficient transaction fees (gas) or high network congestion.
- Miner Prioritization: Miners select transactions to process based on the offered gas fees. Higher fees often lead to quicker processing.
Gas Price and Modification
- Gas Price Significance: Gas price determines transaction fees and influences transaction processing speed.
- Dynamic Gas Pricing: Venly Wallet (formerly Arkane Network) automatically sets appropriate gas prices based on network activity. Advanced users can manually adjust gas prices for their transactions.
Addressing Long-Running Transactions
- Resolving Delays: Users can resolve stuck transactions by resubmitting them with higher gas prices to attract miner attention.
- Sequence Numbers: Transactions have sequence numbers, and setting a new transaction with a higher gas price and the same sequence number as the stuck transaction allows it to be processed earlier, effectively replacing the older one.
- Venly's Solution: Venly implements features like a "Resubmit" button to simplify this process and offers easy cancellation of pending transactions.
Automatic Gas Price Calculation
- Wallet Functionality: Venly Wallet calculates average gas prices automatically, aiding users in setting appropriate fees for their transactions.
- Advice Against Low Gas Prices: Lowering gas prices might lead to extended transaction processing times.
Additional Resource
- Video Demonstration: The article refers to a video demonstration illustrating how to address stuck transactions, expedite them, or cancel pending transactions.
This breakdown covers concepts related to Ethereum transactions, gas fees, transaction processing, and strategies to handle delays or stuck transactions on the blockchain.
