What Should I Do If My Transaction Status Is Pending?

Modified on Wed, 18 Oct, 2023 at 1:20 PM

When making transactions on the Blockchain, transactions can get stuck, usually due to insufficient gas fees. When using the CoolWallet App for transactions, the system will automatically suggest the most appropriate gas fee amount for you.

However, if the transaction volume on the chain suddenly surges or if you manually adjust the fee to be lower than the average on-chain fee, the transaction may get stuck.

If you want to check real-time on-chain fees, you can refer to BlockNative, which provides transaction fee recommendations for Ethereum and Polygon. We recommend that you use the "More Likely" recommended value to set transaction fees.

When a transaction gets stuck, you can either be patient and wait or use the method of replacing the transaction to speed up the transaction. The way each cold wallet or third-party platform (hot wallet) handles the replacement of transactions is different. We will share how to replace transactions initiated from CoolWallet in this article.

How to determine the proposal followed by the transaction:

First, determine whether your transaction follows the Legacy or EIP-1559 proposal. CoolWallet cannot decide which proposal a transaction uses. Generally, most ETH transactions use EIP-1559. You can long-press and copy your transaction ID/txid from the history in the CoolWallet App and check it in a public ledger (online explorer). Here we use ETH transactions as an example. You can see the Txn Type = EIP-1559 in the Other Attributes field (highlighted in red).

Solution for Legacy (BSC chain):

Replacing a transaction that follows the Legacy proposal is simple. Just initiate a new transaction with the exact same "sending address," "receiving address," and "amount" as the original transaction and increase the gas fee.

This will replace the previous transaction. Please be remindful that you need to confirm the status of the transaction you want to replace is still pending to avoid sending out two identical transactions.

Solution for EIP-1559:

For transactions executed through the EIP-1559 proposal, if the gas fee is too low, a new nonce (considered a new transaction) will be generated, which is why you cannot directly replace the transaction by adjusting the gas fee.

For EIP-1559 transactions, you can directly switch to CoolWallet HOT on the CoolWallet App, use the mnemonic phrase to restore the wallet, initiate a new transaction with the exact same "sending address," "receiving address," and "amount" as the original transaction, and then use the "Edit"-"Professional Configuration" function to manually increase the "Max Priority Fee" to replace the transaction.

If you want to use a third-party platform, you can also enter your mnemonic phrase to restore the wallet in MetaMask, initiate a new transaction with the exact same "sending address," "receiving address," and "amount" as the original transaction, and manually increase the "Max Priority Fee" in the gas fee settings before sending out the transaction.

Both methods can successfully replace the transaction. The CoolWallet team reminds you that there are certain risks involved in restoring your wallet mnemonic phrase on a third-party platform. Therefore, please evaluate it carefully before proceeding.

We also do not recommend using the same set of mnemonic phrases to protect assets in both cold and hot wallets.

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