This content is for educational purposes only and should not be considered financial advice or an inducement to buy, sell, or trade cryptoassets.
In this article, we'll break down what 'pending' means in the context of crypto transactions.
What does "Pending" mean?
Generally, an incoming blockchain transaction appears in your wallet within minutes of being broadcast. However, it's labeled as "Pending" until it gets at least one network confirmation.
The duration a transaction remains pending largely depends on the transaction fee set by the sender and the current network traffic. The asset involved can also influence this time.
Once the network verifies a transaction, the "Pending" status is removed, indicating that the transaction is irreversible, and the funds can now be spent.
Why is a transaction pending?
Initially, your wallet broadcasts the transaction to the blockchain network. Miners or validators then confirm this transaction and include it in a block.
Reasons for pending status:
Insufficient fees
All transactions need a fee for miners or validators to confirm them. If the sender's fee is too low, the transaction might remain unconfirmed.
Unconfirmed assets
Sending assets that are pending in your account will result in the sent transaction being marked as pending until the received funds get confirmed.
Network congestion
High transaction volumes can result in longer confirmation times.
Slow block times
The nature of block confirmations can sometimes lead to slow confirmation times. For example, Bitcoin blocks are usually confirmed every 10 minutes, but this can vary.
Unconfirmed transactions are typically dropped and returned to the sender after a while. If a dropped transaction remains as pending in your Magic Eden Wallet, consider refreshing your wallet to update to the latest network status.
Average confirmation times
Bitcoin: 60 minutes or less
Ethereum, Polygon or Solana: 5 minutes or less
Troubleshooting incoming pending transactions
If you're waiting on a transaction for a prolonged period:
Check the transaction fee
Low network transaction fees can cause delays. If this is the case, contact the sender to consider accelerating the transaction, or speed it up yourself if you initiated the transaction.
Network delays
Sometimes, network congestion or slow block confirmations can delay transactions. In these scenarios, patience is key.
Centralized exchange delays
If your funds are coming from an exchange, they might have internal processing times. Or, there could be missed steps, like unconfirmed emails. Reaching out to the sending party or the exchange's support team might help.
For further assistance or questions, feel free to contact us. We're here to help!