™️Different Transaction Status
After you submit a transaction, it can succeed, fail, or be replaced:
Submitted: After you initiate a transaction, it's like handing it over to a courier. It's ready to be picked up by the network's miners and placed on the blockchain if it's a valid transaction. Example: You decide to swap 0.1ETH for DAI on DZap. The swap transaction is submitted, and it's now waiting to be processed by the network.
Success: When a transaction is successful, it means it has been verified and added to the blockchain. Once it's on the blockchain, there's no turning back, and the transfer of funds is complete. Example: The network validates your swap transaction, and you now own DAI in your wallet, and the transaction is considered successful.
Failed: A transaction can fail if it's invalid, often due to issues like insufficient funds, incorrect addresses, or conflicting with other transactions. When this happens, the network rejects the transaction. Example: You attempt to swap 1 ETH, but there's not enough funds for the trade, causing the transaction to fail.
Canceled, Replaced:Sometimes, you can cancel or replace a pending transaction before it gets confirmed. This might occur if you made a mistake in the initial transaction, like setting a very low fee.
Example: You initiate a swap to trade 0.05 BTC for 2 ETH. After some time, the market price for ETH significantly drops, making you reconsider the swap. You cancel the initial transaction and create a new one, swapping 0.05 BTC for 2.5 ETH at the updated market rate.
These states illustrate the lifecycle of a token swap on DZap, from the moment you initiate the trade to its successful completion or any potential failures, cancellations, or replacements. It's important to be attentive and double-check your swap parameters to ensure a successful and efficient transaction.
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