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Transaction Troubleshooting

NOTE: These docs are under active development 👷‍♀️👷

Please follow the transaction troubleshooting guideline below to assist with failed, stuck or missing transactions on Float.

If you need any further support please feel free to hop over to our #tech-support channel in Discord for assistance.

A transaction on Float can be classified as taking the following actions:

  • Minting
  • Staking / unstaking
  • Redeeming
  • Shifting
  • Claiming a gem NFT
  • Claiming alphaFLT

Failed Transactions#

Sometimes transactions on Float can fail. When this happens the UI will display a pop-up error message for failed transactions (see the example below).

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The first step you can take is to determine whether the transaction failed on-chain or off-chain.

You will know if the transaction failed on-chain because the exception message shown in the pop-up will start with “execution reverted”. If you want to double-check this then you can follow the instructions:

Use one of the applicable blockchain explorers below (depending on the chain you are using e.g. Polygon or Avalanche) and simply copy and paste the wallet address you used to interact with the protocol in the search bar of the block explorer (see examples below).

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If there is no recorded transaction, then the issue is off-chain and is most likely RPC endpoint related. Consider changing your RPC endpoint in your wallet, and performing the transaction again.

For example, if you are using the Polygon network, changing from https://rpc-mainnet.matic.network/ to https://polygon-rpc.com/ may resolve the issue.

For a list of RPC endpoint URLs please visit either the official Polygon docs or the Avalanche docs.

For more information on how to change your RPC URL step by step in your Meta Mask wallet please visit their support docs here.

On-chain failed transactions#

If the transaction has been recorded on-chain, then there could be a handful of reasons for a failed transaction. To identify the cause of the failed transaction, see what error message has been displayed in the blockchain explorer (insert the wallet address that was used to interact with Float ).

We’ll cover a few of the most common reasons for failed transactions in the section below and show you how the error message is displayed on the blockchain.

ERC20: transfer amount exceeds balance#

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Reason: This error indicates that the amount of ERC-20 tokens you are trying to transfer exceeds your current balance of this token for a given transaction. In the context of Float, this could be trying to mint a position using x amount of collateral, but the balance in your wallet is x - y where y > 0.

This error could also take place when redeeming or staking your ERC-20 tokens, as well as when shifting your position between long and short positions, where you are trying to shift more tokens than you have available. Our UI however has built-in validations to prevent amounts being transferred greater than your balance. These errors could take place when interacting directly with the contracts (without the UI).

Other likely reasons for this error could be:

  • Subgraph congestion on TheGraph, causing a delay in the values / positions reflected in the UI, but the transaction was processed and recorded on the blockchain. Delays in the UI can cause users to perform repeated / duplicate transactions, where naturally the duplicate transaction may fail. Our UI currently relies heavily on TheGraph protocol from which we query contract data, and due to subgraph congestion, values may take a little longer to reflect in the UI, however no user funds are at risk.

  • You perform a transaction such as minting a position, or shifting your position, but don’t sign / approve the transaction in your wallet. You repeat the transaction again (duplicate), and sign / approve both transactions. Naturally the second transaction (duplicate) may fail.

Solution: Be aware that the UI can have a delay in reflecting positions. The best solution for this, is to wait for the UI to reflect the values / position. Or try giving the page a hard refresh.😉

If the issue is not as a result of the Graph, make sure you have the tokens available you're trying to use.

Rapid trading disabled, under wait period#

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Reason: Float currently employs a 2 hour cooldown period for redeem and shift actions; it disallows any further redeem/shift actions on the minted/shifted tokens for 2 hours.

The 2 hour time limit on the redeem and shift to discourage rapid trading on the platform. Given we made the UX so easy, it made the platform both extremely attractive and easy for short term traders to use.

The consequence of having lots of short term traders on the platform is that their constant entry, exit and shifting in markets means that the value held in the long and short liquidity pools is fluctuating constantly.

The result being that any user wanting to simply hold the tokens for a longer term period is subjected to a constant whipsaw of exposure changes that means that their returns are unpredictable. The cooldown period is to favor long term holders while being slightly more restrictive to active traders.

Solution: Wait 2 hours until you can shift and redeem your tokens

Out of Gas#

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Reason: A gas fee (MATIC or AVAX) is required when interacting with blockchain networks. Gas fees are affected by network congestion and may need to be adjusted at times to complete a transaction.

Not enough gas will cause transactions (interactions with the smart contract deployed on the blockchain) to fail.

Solution: Increase your gas price. For example, in the Meta Mask settings, they allow you to adjust your gas price.

You can find more info and a step by step guide to adjusting your gas price in Meta Mask here.

ERC20: transfer amount exceeds allowance#

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Reason: This happens when you set a limit on your spend allowance in your wallet when you first approved to interact with the contract, and subsequently try to transact more than the limit you set.

Solution:

  1. Use https://revoke.cash/ or https://app.unrekt.net/ to revoke approval for the smart contract you're trying to interact with
  2. Approve the contract again, increasing your spending allowance.
  3. Try interacting with the contract again.
tip

We recommend not setting your spending allowance to ‘unlimited’ as this goes against general best practice of securing your wallet funds when interacting with dApps.

Not enough to withdraw#

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Reason: This error is related to our staking contract, and indicates that you attempted to unstake an amount of staked ERC-20 tokens that is greater than you currently have staked.

Our UI has built-in validations to prevent amounts being unstaked that are greater than your balance. This error could take place when interacting directly with the contracts (without the UI) or as a result of a delay in the UI.

Our UI currently relies heavily on TheGraph protocol from which we query contract data, and due to subgraph congestion, values may take a little longer to reflect in the UI. The transaction (i.e. unstaking action) however may have already been processed and recorded on the blockchain.

Delays in the UI can cause users to perform repeated / duplicate transactions, where naturally the duplicate transaction may fail.

Solution: The best solution for this, is to wait for the UI to reflect the values / position. Or try giving the page a hard refresh.😉

To summarize:#

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Stuck Transactions#

For transactions that are taking very long, it is likely that the gas price was set too low. Higher gas fees can result from network congestion or too many pending transactions on the blockchain offering a higher gas price than what you had been offered on your previous transaction.

If your transaction hasn’t been processed successfully by the blockchain, we recommend increasing your gas price and canceling your stuck transaction by overwriting it with the same nonce. Two transactions can’t have the same nonce so if the new transaction goes through because of the higher gas settings it will automatically cancel the previous stuck transaction.

For example, in the Meta Mask settings, they allow you to set a custom nonce as well as adjust your gas price.

You can find more info and a step-by-step guide to adjusting your nonce in Meta Mask here.

You can also find your nonce using a blockchain explorer (see example below).

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Missing Transactions#

Missing transactions refer to transactions that have been processed by the blockchain but are not being displayed in the UI. When users make a transaction, the UI may not show these values immediately.

This could be due to subgraph congestion on TheGraph, causing a delay in the values / positions reflected in the UI, however no user funds are at risk.

The best solution for this, is to sit down and have a hot cuppa, call some frens, and then check back in a few mins to see if the values have reflected. Delays can take up to 30 minutes or even longer.

If you are still experiencing any issues related to failed, stuck or missing transactions or need assistance, please get in touch with us in our #tech-support channel on Discord and one of our chad devs will be happy to help.