What is a dropped transaction in crypto and DeFi or a dropped Bitcoin transaction?
You may be asking yourself why hasn’t my crypto transaction completed? or what is a dropped Bitcoin transaction? or Why hasn’t my Ethereum transaction gone through?
No worries Exzo Network is here to help explain these types of transactions to you.
Dropped crypto transactions refer to transactions that were never mined and were dropped from the connected nodes. These can happen due to various reasons, such as a lower gas price, a transaction pool limit, or potential transaction failure. Once a transaction is dropped, it is no longer broadcasted by the network nodes and is not recorded on the blockchain. Any assets and gas fees used in dropped transactions are returned to the sending address.
Dropped crypto transactions typically occur for a number of reasons:
- The connected nodes drop a pending transaction from the transaction pool (usually due to a lower gas price compared to other pending transactions)
- A node can only have so many pending transactions before certain transactions are dropped from it’s pending pool (network dependent)
- The gas fee provided for the transaction was too low
- The transaction would fail if it got mined
However, dropped transactions can still be mined until they are replaced. Replaced transactions occur when another transaction using the same nonce is broadcasted and confirmed by the network. A nonce is the number of transactions made by an address, and it increases by one with each transaction. Exzo Wallet automatically resets the nonce to the nonce used during the dropped transaction, making replaced transactions possible.
Replaced transactions are initiated for various reasons, including to replace or cancel a pending transaction, or to speed up a transaction that had a low gas price and would take a long time to confirm. Additionally, if the node was not fully synced, it could result in an incorrect nonce being used, leading to the need for a replaced transaction.
Replaced transactions are typically broadcasted for the following reasons:
- The initial transaction had a low gas price and would take a long time to confirm, so users initiate a second transaction with a higher gas price to replace it
- The node was not fully synced, resulting in an incorrect nonce being used
- Initiated by users to replace or cancel a pending transaction
In summary, dropped transactions are not processed or recorded on the blockchain, but they can still be replaced until a new transaction with the same nonce is confirmed. Exzo Wallet automatically resets the nonce for replaced transactions, making it easier for users to manage their transactions on the blockchain.
Website: https://exzo.network
Whitepaper: https://docs.exzo.technology
Telegram: https://t.me/Exzo_Network
Twitter: https://twitter.com/Exzo_Network
