Zero-based entry DeFi: teach you how to increase Ethereum transaction fees

Author: Open Finance Foundation (DeFi.org), focused on decentralized financial ecological non-profit organization

Source: Chain News

When we are using Defi products, transactions may not be confirmed for a long time. This is because at these times, the Ethereum network is congested due to excessive transaction volume.

If you are in a hurry, then you can increase your gas fees (that is, handling fees) so that your transactions can be prioritized.

This tutorial will teach you how to increase gas costs and how to increase the confirmation speed of previous transactions when a previous transaction gets stuck.

What this tutorial will cover

  • How to set up Ethereum transaction fees
  • How to speed up submitted transactions

How to simply set the gas cost

We take such an approve transaction as an example. When we want to submit a transaction, MetaMask will pop up to let us confirm it:

You will see that GASFEE here is the handling fee, we click Edit here, and it will jump to the following page:

We will see that here MetaMask gives us several options, there is GASFEE for each option, and how long it will take for the transaction to be confirmed:

For example, if we choose the fastest one here, and then click Save, we will return to the previous page:

You will find that the fees here have become higher.

How to set a higher gas cost

Sometimes, the gas cost estimation algorithm of MetaMask will be wrong. The highest gas cost it estimates may not allow the transaction to be confirmed quickly:

We can click Advanced here:

The gas cost is obtained by multiplying the gas price by the gas limit (how much gas is spent at most, which is related to the specific complexity of the transaction and generally does not require our attention).

We only need to pay attention to the gas price here. When we increase the gas price, the handling fee rises, but at the same time, our transaction can be confirmed faster. For example, we change it to 30 gwei:

If the transaction is already stuck

In the above, we introduced how to increase the gas fee when submitting a transaction, but if the transaction is stuck because the gas fee is too low, can we cancel the transaction and then increase the fee?

We take such a transaction as an example. If you see that it has been pending for a long time, it is likely that the gas fee is too low:

We can click the Speed ​​Up button here:

In this page that pops up, we choose a higher gas fee, which will submit a new transaction, because the gas cost of this transaction is higher, then the miners are more inclined to put it into the block in advance, once This transaction is put into the block, and the transaction you submitted before will automatically expire (if you are curious why, it is because they have the same nonce).