In this article, we will discuss:
Introduction
First, remember that you cannot overwrite, reverse, or cancel transactions that have already been confirmed. However, during periods of network congestion, some cryptocurrency transactions may crash. When the volume of transactions is very high, you can have a transaction pending for hours or even days.
Sometimes locks clear on their own – either because the pending transaction has failed or because gas rates have gone down. While you cannot literally cancel an Ethereum transaction, there are some steps you can take to speed up the process. In fact, it consists of replacing a pending transaction with a new one that pays higher fees.
In this guide, we will show you how to speed up transactions using MetaMask or Trust Wallet. You can also use other crypto wallets that support the blockchain Ethereum, but the process may be a little different.
Requirements
1. MetaMask or Trust Wallet installed.
2. Private keys (seed words) to log into your Ethereum wallet.
3. Internet access.
Why did my Ethereum transaction crash?
Ethereum works with a bidding system for its transaction fees. Your fee will depend on the complexity of your transaction (that is, how much computer work it needs). In this context, there are three important terms you should know: cost of gas, price of gas and limit of gas.
The computational tasks of a transaction are measured in terms of the cost of gas, while the price paid for each unit of gas is what we call the price of gas. You can think of the cost of gas as the amount of labor required and the price of gas as the price paid for each "hour of work". Finally, the gas limit is the maximum amount you are willing to pay for a transaction.
Although the cost of gas is defined by the complexity of your transaction, you are free to set your own gas price and limit. The total fee paid will then act as an incentive for miners. However, if the price of gas is too low, you may be outpaced by other users, leaving your transaction pending. If a transaction crashes, Ethereum will not confirm any new transactions made with the same wallet address until a miner confirms the first transaction.
How to speed up a transaction in MetaMask
1. Log in to your MetaMask wallet that contains the pending transaction. If it is an external wallet, you need to import the address using the original phrase or corresponding private key.
2. Find the pending transaction on the [Activity] tab and click [Accelerate].
3. This process will allow you to re-transmit your transaction. Make sure to use a higher gas price by clicking [Fast] and then [Save].
4. If the previous step didn't work, you can also go to the [Advanced] tab to set the gas price manually. You can check current gas prices and average confirmation time on Etherscan or EthGasStation.
How to replace a transaction in MetaMask
1. Log in to your MetaMask wallet that contains the pending transaction. Again, if it is an external wallet, you need to import the address using the original phrase or corresponding private key.
2. Find the pending transaction on the [Activity] tab. Click on it to check the details and make a note of the [Nonce] value.
Note: If you have multiple transactions pending, you need to start with the oldest one first (lowest nonce value).
3. Then, go to MetaMask [Settings] and click on [Advanced].
4. Scroll down and activate [Customize transaction nonce].
5. Go back and click on the wallet address to copy it to the clipboard.
6. Click on [Send] to create a new transaction and paste the wallet address in the [Add recipient] field.
7. You need to send 0 ETH to your own wallet using the nonce of the pending transaction (noted in step 2). Click [Confirm] when you are ready.
Note: If the price of gas is too low, this transaction may also stall. Be sure to set a reasonable gas price.
8. Wait for the confirmation of the new transaction, so that the pending one is replaced.
Note: To avoid accidents, be sure to toggle the [Customize transaction nonce] option back to OFF.
How to cancel a Trust Wallet transaction
1. Click on the pending transaction in your Trust Wallet app and search for the [Nonce] field. Write down the number you see.
2. Create a new transaction and add the wallet address in the [Recipient Address] field. Make sure it is the same address as the pending transaction. Set [Amount ETH] to 0 and click [Next].
3. Touch the settings in the upper right corner.
4. Replace the [Nonce] field with the value you noted earlier. Make sure you set a competitive [gas price] so your transaction doesn't stall again.
5. Wait for the confirmation of the new transaction, so that the pending one is replaced.
Final reflections
Submitting an Ethereum transaction and finding that your bid exceeds gas prices can be very frustrating. It gets even worse when you realize that you cannot use your Ethereum wallet until the pending transaction fails or is confirmed.
Sometimes, locked transactions will be cleared automatically when network fees fall. But, unfortunately, this can take a while. Fortunately, you can cancel a locked transaction by executing it with a simple zero token transfer. Remember that you will need to pay enough gas fees to successfully cancel the transaction.