How to Address Delayed Blockchain Transactions
Delayed transactions happen in crypto. They can happen for various reasons, with network congestion being one of the main causes. A well-known example is the 2017 CryptoKitties crisis.
This cat trading game became so popular that it caused a massive spike in Ethereum transactions, overwhelming the network. At its peak, transaction requests increased sixfold, causing significant delays and driving up gas fees to the point where some transactions became prohibitively expensive. All this made the network nearly unusable.
In this blog post, we'll explore the reasons behind transaction delays, the impact of fees on processing speed, and practical solutions to these issues.
Blockchain network congestion
Think of network congestion like an Uber rush hour, where too many people are trying to get a ride at the same time.
Just like surge pricing in Uber, during blockchain congestion, miners prioritize transactions with higher fees, leaving lower-fee transactions to wait longer in the queue. This usually happens during periods of high activity – like a major ICO or when prices are especially volatile.
Transactions pile up in the mempool (short for "memory pool"), which is a waiting area for unconfirmed transactions, before being processed. Since there's only so much space in a block, miners prioritize high-fee transactions, leaving others to wait – just like Uber does.
Network upgrades can also cause delays. Software updates can temporarily slow transaction processing, but you can avoid this by checking if an upgrade is in progress.
How the blockchain networks are addressing it
Several solutions are being worked on to address network congestion. Some blockchain networks are increasing block sizes to fit more transactions per block.
Others are adopting layer-2 scaling solutions like the Lightning Network for Bitcoin or Optimism for Ethereum. They help process transactions off-chain to reduce main network congestion.
The introduction of Proof of Stake (PoS) is also helping ease traffic and improve scalability.
How to address delayed transactions
Now that we understand why delays happen, let's look at what you can do to avoid or address delayed transactions on the blockchain.
But before we get into that, you need to first figure out what your wallet type is. There are two types:
- Centralized exchange wallet (CEX): This is a wallet managed by a company that stores and controls your private keys for you. For example, Coinbase is a common CEX wallet.
- Decentralized exchange wallet (DEX): This is a wallet where you have full control over your cryptocurrency and private keys. A popular DEX wallet is Metamask.
A quick Google search will help you if you’re not sure, or you can check out our COO’s beginner’s guide for everything you need to know about crypto wallets.
Dealing with centralized exchange delays
Exchanges like Coinbase can hold or delay your transactions due to network outages, high transaction fees, or because of required security information. Let’s look at the details in more detail:
- Network outage: Your transaction will be queued and processed when it’s back online.
- High transaction fees: When a network is congested, transaction fees are higher, so exchanges wait until the fees return to normal to process them.
- Required security information: You may need to verify some info before a transaction gets confirmed.
Decentralized exchange delays
If your transfer on a DEX like Metamask is delayed, the best option is to trace your crypto transaction to find out where it’s currently at. Etherscan is a block explorer for Ethereum that helps you track in real time.
A transaction could be pending because it has been accepted into the mempool but a miner hasn’t processed it. Software errors can cause delays as well. Let’s discuss what you can do to address these issues.
1. Your transaction (gas) fees
If your transaction is “under gassed,” it’ll take time in the mempool because miners prioritize transactions with adequate fees. Whether you choose the gas fees yourself or a wallet auto-decides it for you, your transaction will be ignored if it’s lower than the current market rate.
When a transaction stays stuck for too long, it times out and gets dropped automatically after 2-3 days. You’ll lose your gas money as a consequence.
To address this issue:
- Cancel the transaction and attempt to re-send it with higher fees
- Add more gas fees to an existing transaction
- Use websites like Blockchain.com that have a “customize fee” option to prioritize your transactions.
2. Software errors
If your transaction isn’t showing up on the blockchain at all, it could be your wallet software or simply network congestion. Before assuming a software issue, check the status of your transaction on a block explorer like Etherscan to see if it’s still pending.
If the problem is with your wallet software:
- Restart the wallet
- Clear your browser cache if using a web wallet
- Update your wallet software to the latest version
- Contact wallet support if the issue persists.
3. Check other stuck transactions
If you try to process transactions after one that got stuck, they will all get delayed. Troubleshoot and check what to do about your stuck transactions first before processing any new ones.
Speed up your crypto transactions
Delays in blockchain transactions can be frustrating, but they don’t have to be a roadblock. By choosing the right wallet, keeping an eye on transaction fees, and knowing how to navigate stuck transactions, you can avoid many of the common issues that cause delays.
Remember that even if you get unlucky and face crypto delays, it’s still quicker than traditional banking.
If you’re tired of waiting on slow transactions and want a faster, more secure solution, we’re here for you. Book a free demo now to see how your business can accept monthly crypto payments in minutes!