We recommend familiarizing yourself with the content of "What are Miner Fees on Ethereum?" before delving into the intricacies of setting miner fees in fiat. This will give you a solid foundation and enhance your comprehension of the subject matter.
In this version update, imToken has introduced the function of setting miner fees in fiat, helping users assess asset values more intuitively. Simultaneously, we've added an "Economy" option to the miner fee gear selection, aiding users to be more cost-effective during transactions.
The discussion below will explore these exciting advancements, present important cautionary points, and respond to commonly asked questions.
Introduction of a New Function
Supports Setting Miner Fees in Fiat
imToken 2.12.2 introduces a miner fee setting feature in fiat. You can easily and intuitively evaluate and set miner fees, avoiding the complexity of understanding and calculating Gwei.
At the same time, you can minimize costs by adjusting miner fees. Of course, for experienced users, we have retained the Gwei unit calculation. As such, everyone can set the miner fee according to their preference.
Added "Economy" Option
To assist users in achieving the best balance between transaction confirmation time and cost, imToken has added an "Economy" option. This option allows users to choose the appropriate miner fee gear according to their needs, making a trade-off between fast transaction confirmation and lower costs.
In the "Economy", there are Slight Savings and Moderate Savings gears to choose from. At the same time, users can flexibly adjust the miner fees by manually entering the amount they are willing to pay.
Precautions
When using the "Economy" option, please note the following possible risks:
Beware of web3 page Restrictions Causing Transaction Failure
Lower miner fees may cause the transaction confirmation time to extend. Since some web3 pages have transaction time limits, a long waiting time may lead to transaction failure.
Transaction Chain Delay
The use of the Economic Gear can cause transaction chain delays. The miner fee and network congestion determine the transaction verification time. When the network is congested, the transaction may need more time to be added into a block by the miner. If the set miner fee is too low, miners may prioritize transactions with higher miner fees, leading to a long waiting time for transactions.
Exceeding the Estimated Time
The delay in chaining is estimated; if the network becomes more congested, it will cause the actual transaction success time to exceed the estimated time.
Impact on Order Completion
Chain delay can affect order completion. Significant fluctuations in the market price during the confirmation waiting period can lead to transaction failure as the expected trading conditions may not be met.
Function Affected
Using the Economy function may result in a prolonged waiting period for transaction confirmation. If you want to make other transactions, you must wait for this transaction to be successfully confirmed.
Long Waiting Risk
The setting of low miner fees may extend the transaction time. If you encounter network congestion, the waiting confirmation time may extend to a few months.
Frequently Asked Questions Explanation
How Do I Use the Economy Effectively?
We recommend using the "Slight Savings" and "Moderate Savings" gears or referring to their numerical range when manually setting miner fee to complete the transaction faster.
If you need help setting the miner fee, please refer to this guide we've prepared.
What Do I Do When My Transaction Fails?
Please check and confirm the failure reason after the transaction fails. After solving the problem and ensuring you can send the transaction normally, try again to avoid wasting miner fees. If the issue persists, please email support@token.im to contact imToken customer service for assistance.
What if the Transaction Is Waiting For Confirmation for a Long Time?
If the transaction has not been verified after a long time due to low miner fees, you can patiently wait for the miner fee to drop, speed up, or cancel it from the transaction list. Set a sufficiently high miner fee level when speeding or canceling a transaction. You can also choose the miner fee setting recommended by imToken.
How Do I Cancel an Order?
If you need to cancel a transaction, you can find it in the transaction record list. Click the "Cancel Transaction" button to cancel. If you cannot find the cancel button, you can directly transfer 0 ETH to the receiving address of the unsuccessful transaction by setting a higher miner fee level, thus overriding the original transaction.
Note: Please ensure that the receiving address set for initiating the override transaction is the same as the original unsuccessful transaction.
How Do I Speed Up an Order?
If you want to speed up your transaction, you can find the "Speed up Transaction" button in the transaction list and set a higher miner fee level to speed up.
Other Questions
If you have any other questions, please visit the Help Center or contact our support team by emailing support@token.im. Thank you again for choosing imToken. We will continue to serve you.