What Does “This Transaction Will Likely Fail” Mean?

When you see the message “This transaction will likely fail” in your Coinbase Wallet it’s a warning that something may go wrong if you proceed with the transaction. This can happen for various reasons from insufficient gas fees to network congestion or liquidity issues. Essentially, the wallet is telling you that the chances of a smooth successful transaction are slim.

But don’t panic! This is just a heads-up and doesn’t mean the end of the world (or your transaction). Let’s look at what could be causing this and how you can fix it.

Common Causes of the Error

Several factors could trigger this warning. Understanding the root of the problem is crucial for a quick resolution. Here are the most common reasons:

• High Gas Fees: The transaction requires more gas than you’re offering, leading to a potential failure.
• Low Token Liquidity: The token you are trying to trade might not have enough liquidity.
• Network Congestion: Too many users are trying to complete transactions simultaneously.
• Outdated App: Running an outdated version of Coinbase Wallet can cause issues.
• Wrong Network: You might be connected to the wrong blockchain network for the token you’re trading.

Once you know the cause, fixing the issue becomes a lot easier.

Check Your Gas Fees

One of the first things you should check is the gas fees. Gas is the fee required to process transactions on the Ethereum network, and if it’s set too low, your transaction might fail. To fix this:

• Open the transaction in your Coinbase Wallet.
• Check the gas fee settings.
• Adjust the gas fee to a higher value to ensure that miners prioritize your transaction.

It’s like trying to take a taxi during rush hour—if you’re not willing to pay more, you might be waiting a long time!

Open your Coinbase Wallet.

• Check which network you are connected to.
• Switch to the right network for your token if needed.
• Verify the Amount and Recipient Address

It’s crucial to double-check the amount you’re sending and the recipient’s wallet address before proceeding. A small typo can lead to an error or worse a loss of funds. Always:

• Verify the amount of cryptocurrency you’re sending.
• Double-check the recipient’s address to ensure it’s correct.
• Consider copy-pasting the address instead of typing it out.

Update Your Coinbase Wallet App

An outdated version of the Coinbase Wallet app may cause various issues, including this error. Ensure that your app is always up to date by:

• Visiting the App Store or Google Play Store.
• Searching for Coinbase Wallet.
• Tapping Update if a new version is available.

Just like any software, the latest version often contains fixes for bugs that may be causing your transaction issues.

Try a Different Time for the Transaction

If you’re dealing with network congestion, sometimes the simplest solution is to wait. Try making the transaction again later when the network is less busy. Typically, transaction fees are lower, and success rates are higher during off-peak hours.

It’s like waiting for rush hour traffic to clear before hitting the road.

• Cancel the Transaction and Start Over

If the transaction seems to be stuck, you might want to cancel it and try again. Here’s how:

• Go to the pending transaction in your Coinbase Wallet.

Look for a cancel option (Note: not all transactions can be canceled).

• If possible, cancel and then start the transaction from scratch, ensuring all settings (like gas fees) are correct.

Use a Different Network or Wallet

If the error persists you might consider using a different wallet or network for the transaction. For example, if you’re on the Ethereum network and having issues, switching to a Layer 2 solution like Arbitrum or Optimism might work better.

Alternatively, you could try using another wallet like Metamask or Trust Wallet to complete the transaction.

When to Contact Support

If none of these solutions work, it might be time to reach out to Coinbase Wallet support for help. They can offer more specific advice or investigate any underlying issues that aren’t immediately apparent.

To contact support:

• Visit the Coinbase website or app.
• Navigate to the support section.
• Provide details about the transaction and error message.

Conclusion

Encountering the “This transaction will likely fail” error on Coinbase Wallet can be frustrating, but with these simple steps, you can quickly diagnose and resolve the problem. From adjusting your gas fees to ensuring network compatibility, each solution helps improve your chances of success. Remember to keep your app updated and be mindful of network conditions to avoid these errors in the future.

FAQs

1. Why does Coinbase Wallet say, “This transaction will likely fail”?

This error often appears due to insufficient gas fees, network congestion, or liquidity issues, indicating that the transaction may not succeed if you proceed.

2. How can I fix the gas fee issue on Coinbase Wallet?

You can fix the gas fee issue by adjusting the gas settings in your wallet and setting a higher gas fee to prioritize your transaction.

3. What is liquidity, and how does it affect my transaction?

Liquidity refers to the availability of a token for buying and selling. Low liquidity can cause transaction failures, as there may not be enough tokens to complete the trade.

4. Can I cancel a transaction on Coinbase Wallet?

In some cases, you can cancel a pending transaction by accessing the transaction details and selecting the cancel option, but it depends on the transaction type.

5. Should I update my Coinbase Wallet app regularly?

Yes, keeping your app updated ensures you have the latest features and bug fixes, which can help avoid transaction issues.