Finding it hard to cancel whopping sum of money in your MetaMask app?
If you’re nodding your head right now, this blog post is for you.
In this blog post, I will put you through the seamless process on how you can cancel pending transaction on Metamask today.
What is Matamask
MetaMask, a popular cryptocurrency wallet, facilitates interactions with decentralized applications (dApps) and enables users to manage their Ethereum-based assets.
During the course of transactions on the Ethereum blockchain, situations may arise where transactions become stuck in a pending state, causing delays in the transfer of funds.
Understanding the process of canceling pending transactions in MetaMask is essential for maintaining smooth transactions and safeguarding your funds.
How Pending Transactions Work
When a transaction is initiated on the Ethereum blockchain, it enters a pending state, awaiting confirmation from miners who validate and process transactions.
This confirmation process involves miners incorporating the transaction into a block, which is then added to the blockchain.
Factors Affecting Transaction Confirmation
Several factors influence the speed at which pending transactions are confirmed, including:
- Network Congestion: When the Ethereum network experiences high traffic, transactions may take longer to be confirmed due to the increased demand for miner resources.
- Gas Fees: Gas fees represent the compensation paid to miners for processing transactions. Higher gas fees incentivize miners to prioritize transactions, leading to faster confirmation times.
- Base Fee: The base fee, a dynamic component of transaction fees, automatically adjusts based on network congestion. During periods of high network usage, the base fee increases, making transactions more expensive but potentially leading to faster confirmation times.
How to identify Pending Transactions
To identify pending transactions in MetaMask, follow these steps;
Launch the MetaMask extension.
Navigate to the “Activity” tab.
Under the “Pending” section, you will find a list of transactions awaiting confirmation or rejection.
How to cancel Pending Transactions Using MetaMask’s Activity Log
MetaMask provides a straightforward method for canceling pending transactions directly from the Activity Log.
Step 1: Accessing the Activity Log
- Open the MetaMask extension.
- Click on the “Activity” tab located at the top of the interface.
Step 2: Locating the Pending Transaction
Scroll through the list of transactions until you identify the pending transaction you want to cancel.
Step 3: Initiating the Cancellation Process
- Click on the “Cancel” button associated with the pending transaction.
- Review the cancellation confirmation message and click on “Confirm” to proceed.
Canceling Pending Transactions via Transaction Replacement
Transaction replacement involves overriding a pending transaction with a new transaction that effectively cancels the original. This method is particularly useful for stuck transactions.
Step 1: Gathering Transaction Details
- Access the pending transaction you want to cancel using MetaMask’s Activity Log.
- Note down the transaction’s details, including the recipient address, amount, and gas limit.
Step 2: Crafting the Replacement Transaction
- Open MetaMask and initiate a new transaction.
- Enter the same recipient address and amount as the pending transaction.
- Set a higher gas limit to incentivize miners to prioritize the replacement transaction.
Step 3: Initiating the Replacement Transaction
Review the transaction details and click on “Confirm” to send the replacement transaction.
How to Resolve Stuck Transactions
Stuck transactions are those that remain pending for an extended period due to network congestion or insufficient gas fees. To resolve struck transactions, follow this steps
- Monitor the Activity Log for transactions that have remained pending for an unusually long time.
- Speeding Up Stuck Transactions
- Click on the “Speed Up” button associated with the stuck transaction.
- Increase the gas fee to incentivize miners to prioritize the transaction.
How to Reset the Nonce
- Access MetaMask’s advanced settings.
- Enable “Customize transaction nonce.”
- Send a new transaction to reset the nonce and potentially resolve the stuck transaction.
How to Prevent Pending Transactions from Getting Stuck
To minimize the occurrence of stuck transactions, consider the following preventive measures:
- Before initiating transactions, check the current network congestion levels on Ethereum blockchain explorers. Avoid transacting during periods of high congestion.
- Set gas fees that are commensurate with the current network congestion. Higher gas fees prioritize transactions, reducing the likelihood of them getting stuck.
- MetaMask offers advanced gas fee options, such as “Max Priority Fee” and “Max Fee,” which automatically adjust gas fees based on network conditions.
Alternative Approaches to Dealing with Pending Transactions
Instead of canceling a pending transaction, consider alternative approaches:
Waiting for Confirmation: If the transaction is not urgent, waiting for confirmation may resolve the issue without the need for manual intervention.
Contact the dApp: If the transaction is related to a specific dApp, contact the dApp’s support team for assistance. They may be able to provide guidance or initiate actions to resolve the pending transaction.
Conclusion
Effectively managing pending transactions is an essential aspect of utilizing MetaMask and using the Ethereum blockchain.
By exercising caution, following preventive measures, and considering alternative approaches, users can minimize the risks associated with pending transactions and safeguard their digital assets.
FAQS
How do I cancel pending ethereum transactions?
The general approach involves using a method called “replace-by-fee (RBF).” This method allows you to replace the pending transaction with a new one that has a higher gas fee, which will incentivize miners to prioritize the new transaction and get it confirmed more quickly.
How long does a pending transaction take to expire?
Most pending transactions will expire within 7-10 business days. This means that if the transaction is not confirmed within this timeframe, it will be canceled and the funds will be returned to your wallet.
Does pending mean it went through?
No, “pending” does not mean that a transaction has gone through. It simply means that the transaction has been initiated but has not yet been completed.
Transactions are typically pending for a short period of time while they are being processed by the relevant network or system.
