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Speeding up transactions
Dealing with Network Congestion in DeFi
The rise in DeFi's popularity across multiple chains has led to a familiar challenge: network congestion. More users mean more transactions, and sometimes, you might find yourself stuck, waiting for your transaction to be added to the blockchain. But don't fret! There are strategies to navigate these bottlenecks.
Why Network Congestion? Network congestion occurs when there's a high volume of transactions waiting to be confirmed and added to the blockchain. During peak times, this can lead to extended waiting times, even if you've set a reasonable gas price.
How to Speed Up Transactions: The time it takes for your transaction to process is closely linked to the gas price you set. Here's what you need to know:
- Gas Price as a Bid: Think of your gas price as a bid. Offering a higher gas price can get your transaction processed faster.
- Low Gas Price: Opting for a lower gas price can save on costs, but it may result in slower processing times. Sometimes, even standard gas prices can lead to delays during periods of intense congestion.
What Can You Do? If you're facing delays, consider these options:
- 1.Speed Up Directly: Some crypto wallets allow you to speed up transactions directly within the app.
- 2.Adjust Gas Price: If your transaction fails or is taking too long, you can manually increase the gas price or gas limit and try again.
- 3.Switch RPC: If you're still facing issues, consider changing the mainnet RPC.