How to use the SafePal ETH Transaction Optimizer
Ever tried to purchase a popular ERC20 token in the DeFi space but the transaction was taking too long and not sure what to do because the gas fee you selected was perhaps too low.
Now you can use the SafePal ETH Transaction Optimizer to cancel previous transactions that haven’t gone through on the blockchain.
Note: ETH Cancellation and Acceleration Feature
This feature is only available once an ETH transaction has been stuck or bottle necked after at least 10 minutes.
Why do I have to cancel my previous transaction?
The ETH blockchain only supports 1 transaction order at a time therefore if the previous transaction did not go through or is still pending. The following transactions that you attempt to perform will be clogged and bottlenecked by your first transaction that is still pending. Thus we would have to cancel this transaction that is causing the bottleneck.
The second reason may be the fact that you have misplaced this transaction and would like to cancel this mistakenly placed transaction. You can only cancel transactions that are still pending, you can not cancel completed transactions.
How to cancel an ETH transaction?
Within the SafePal App you can only cancel pending transactions,
Within the ETH Coin page, under transaction details you will see all pending transactions.
Like the one shown in the below image.
Thorough this page you can access the following:
- Detail Page
- Cancel Page
- Accelerate Page
In the Detail Page you will also be given the option to Cancel a pending transaction or Accelerate a pending transaction
Select the Cancel Tab
Sign the transaction and enter your SafePal Wallet security password to confirm this transaction
When the status states Success than the ETH transaction has been cancelled
What is an ETH transaction accelerator?
After signing an ETH transaction but the transaction is taking too long, upon the realization that you have accidentally or unintentionally selected a slow GAS fee. This new feature allows you to accelerate this transaction by paying a new GAS fee to speed up the previous transaction to ensure its timely arrival. The previous GAS fee will not be refunded and will be overwritten by the new GAS fee. This GAS fee is paid to the ETH network and its miners NOT to SafePal.
How to accelerate an ETH transaction?
Select the Accelerate icon on the pending transaction. You will be led to this page, Make sure at the top of the page it states Accelerate
Select Confirm to sign and approve the transaction to be accelerated
When the status changes to Success than the Pending transaction has been accelerated,
Hope this guide has helped you better understand how to accelerate an ETH transaction as well as cancel a pending transaction.