How can I make my Transaction Succeed Podcast

Enhancing Transaction Success on Goblins

To increase the chances of a successful transaction on the Goblins platform, consider the following key factors:

1. Transaction Deadline

Default Deadline

The Goblins interface sets a transaction deadline of 30 minutes. This limit is in place to prevent swaps after significant price movements.

Tips:

  • Monitor Gas Fees: If your gas fee limit is set too low, your transaction may not complete within the deadline. Ensure your gas fees are set appropriately to avoid delays.
  • Act Quickly: Initiate and complete transactions promptly to stay within the deadline.

2. Slippage Limits

Default Slippage Setting

The Goblins interface has a default slippage limit of 0.5%. Slippage is the difference between your expected output and the actual output at the time of your swap. If the price changes by more than your set slippage, the transaction will fail.

Tips:

  • Adjust Slippage: You can modify the slippage limits in the ‘Transaction settings’ at your own risk. Be cautious, as higher slippage increases the likelihood of receiving less favorable rates.
  • Balance Risk and Reward: Consider the volatility of the token you are swapping. Higher volatility may require a higher slippage tolerance.

3. Insufficient Funds

Gas Fees

Each transaction requires gas fees, paid in the network’s native token. If you do not have enough to cover these fees, the transaction will fail.

Tips:

  • Ensure Sufficient Funds: Verify you have enough of the network’s native token to cover the transaction fees.
  • Adjust Swap Amount: Lower the amount you are swapping to reduce the required fee.
  • Monitor Fee Levels: Network fees fluctuate, so consider timing your transaction when fees are lower.

4. Unsupported Tokens

Deflationary Tokens

Deflationary tokens are not supported by the Goblins router. Attempting to execute a transaction with these tokens will automatically fail.

Tips:

  • Check Token Compatibility: Ensure the token you are swapping is supported by Goblins. Avoid deflationary tokens.
  • Research Tokens: Before initiating a swap, research the token’s properties to confirm it aligns with Goblins’ supported standards.

Additional Tips and Considerations

  • Update Software: Ensure your wallet and browser are up to date to avoid compatibility issues.
  • Network Conditions: Monitor blockchain network conditions. High congestion can lead to higher fees and delayed transactions.
  • Wallet Configuration: Configure your wallet settings to optimize for transaction speed and reliability.
  • Security Practices: Always double-check transaction details to avoid errors and potential loss of funds.

Conclusion

By understanding and managing transaction deadlines, slippage limits, gas fees, and token compatibility, you can significantly increase the chances of successful transactions on the Goblins platform. Stay informed, monitor conditions, and adjust settings as needed to navigate the swapping process effectively.