Speed Up/Cancel Ethereum Transaction on Ledger Live [2024]

Cryptocurrency transactions on the Ethereum network can sometimes face delays or remain pending due to network congestion or incorrect gas fees. If you find yourself in such a situation using Ledger Live, don’t fret! In this comprehensive guide, we’ll explore effective methods to speed up or cancel a pending Ethereum transaction, ensuring you have full control over your digital assets. You can also get guidance from our Ledger Crypto Wallet Support Number.

Understanding A Pending Transaction on Ledger Live

Before delving into solutions, let’s grasp why Ethereum transactions end up pending on Ledger Live. The Ethereum network operates on a Proof-of-Work (PoW) consensus mechanism, making transaction processing time variable. Network congestion and low gas fees can result in delayed or stuck transactions.

How To Speed Up Ethereum Transaction on Ledger Live

Adjust Gas Fees Manually

Ledger Live allows users to manually adjust gas fees for their transactions. Navigate to the transaction settings and increase the gas fees to prioritize your transaction in the network. Be strategic in choosing an appropriate fee to ensure prompt processing.

Utilize Replace by Fee (RBF)

Ledger Live supports the Replace by Fee (RBF) feature, allowing users to replace a pending transaction with a new one featuring higher fees. This can be particularly effective during times of network congestion.

Explore External Accelerator Services

External accelerator services can be a game-changer for speeding up transactions. These services prioritize your transaction by including it in their next mined block. However, exercise caution and choose reputable accelerators to avoid potential risks.

Also Read: Ledger Stuck in Bootloader Mode – How To Fix [2024]

Step-by-Step Guide to Speed Up Ethereum Transaction

Now, let’s break down the process to speed up your Ethereum transaction on Ledger Live.

Step 1: Open Ledger Live

Launch your Ledger Live application and ensure your device is connected.

Step 2: Access the Pending Transaction

Navigate to the transaction that is currently pending and causing delays.

Step 3: Transaction Settings

Explore the transaction settings to find options for adjusting gas fees or initiating a replacement transaction.

Step 4: Increase Gas Fees

Choose the option to manually increase gas fees. Evaluate the current network conditions and set a competitive gas fee to ensure priority processing.

Step 5: Confirm and Monitor

Complete the necessary steps to confirm the adjustments. Now, keep a close eye on the transaction status. The increased gas fees should expedite the processing time.

How Do I Cancel a Pending Ethereum Transaction on Ledger Live

Double-Spending Technique

One effective way to cancel a pending transaction is by initiating a new one with the same nonce but a higher gas fee. This essentially replaces the pending transaction in the queue, and miners are incentivized to prioritize the higher fee transaction.

Wait for the Timeout

If urgency is not a concern, waiting for the transaction to naturally expire is another option. Ethereum transactions typically time out after approximately 14 days. However, keep in mind that this method requires patience.

Step-by-Step Guide To Cancel a Pending Ethereum Transaction

Now, let’s break down the process to cancel a pending Ethereum transaction on Ledger Live.

Step 1: Open Ledger Live

Launch your Ledger Live application and ensure your device is connected.

Step 2: Access the Transaction

Navigate to the transaction that is pending and causing concern.

Step 3: Transaction Settings

Explore the transaction settings to find options for adjusting gas fees or initiating a replacement transaction.

Step 4: Adjust Gas Fees

If you choose to accelerate the transaction, adjust the gas fees to a higher value. This action signals to the network that you’re willing to pay more for faster processing.

Step 5: Confirm and Monitor

Complete the necessary steps to confirm the adjustments. Now, keep a close eye on the transaction status. The higher gas fees should expedite the process.

Conclusion

Successfully managing pending Ethereum transactions on Ledger Live requires a strategic approach. By adjusting gas fees, utilizing RBF, exploring accelerator services, and employing double-spending techniques, you can navigate through transaction hurdles effectively.