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Getting started with your first send transaction - confirmation speed and network fee
Getting started with your first send transaction - confirmation speed and network fee

Details on getting started with your first transaction, confirmation speed, network fee, and transaction balance update

Support Specialist avatar
Written by Support Specialist
Updated over a week ago

What’s the difference for [Send] on DeFi Wallet VS App?

Every transaction on DeFi Wallet is on-chain and requires network fees to incentivize the corresponding Blockchain Network for transaction processing and confirmation. You are the one and only custodian of your funds, unlike App where certain transactions are off-chain and transferred internally within

How to send my first on-chain transaction?

1. Tap [Send] from home screen

2. Select the coin that you want to send

3. Copy and paste/scan the recipient address and destination tag/memo, if applicable

4. Enter the send amount


  • If it’s your first on-chain transaction, try sending a small testing amount first

  • The actual sent amount = (send amount you entered - network fee)

  • There is a minimum balance required for XRP/XLM so you will not be able to send all of your available balance. You'll need at least 20 XRP/1 XLM before you are able to start sending your XRP/XLM.

5. Review the amount, address, and confirmation speed, adjust the confirmation speed according to your preferred fee and confirmation time, if available.

6. Tap [Confirm to send]

7. See send request submitted and transaction is pending with the transaction details

8. You may view the transaction on the explorer by tapping [View Status on explorer]

9. Refresh your wallet by pulling down the Home Screen to sync the latest transaction status

Please keep in mind that DeFi wallet does not support the EIP681 QR code format used by Coinbase.

Why can't I see or select a particular coin from the list to send?

You will only see coins with a balance > 0 on the list.

For ERC-20 tokens with balance > 0 but are disabled from selection, this is due to insufficient ETH balance (ETH = 0).

Please note that you need to pay your network fee in ETH when sending ERC-20 tokens. Add some ETH first before sending ERC-20 tokens.

Why is my transaction still pending or balance is not updated?

Please refresh your wallet by pulling down the screen on the home page to sync the latest balances and transactions.

After you confirm to send crypto, the transaction is immediately broadcasted to the network and is shown as “pending” until there is at least one confirmation. The time it takes for a transaction to be confirmed depends on the confirmation speed you have selected in the transaction review screen. The higher the fee, the faster a transaction will be confirmed - however, this varies for each token due to the overall network traffic and consensus mechanism.


Fee Tier

Estimated 1st Confirmation Time

Bitcoin (BTC)

Super Fast



10 mins

30 mins

60 mins

ETH (Ethereum) & ERC-20 Tokens

Super Fast



30 secs

2 mins

30 mins

Litecoin (LTC)


30 secs

Ripple (XRP)


5 secs

Stellar (XLM)


7 secs

For your convenience, your “pending” transactions are displayed on the home screen for you to easily keep track. Once the first confirmation is received and the transaction is verified on the network, your transaction will move from “pending” to “completed” on DeFi Wallet.

Why is my transaction still pending beyond the estimated confirmation time?

Occasionally, transactions are not accepted by the network and remain marked as “pending” for 2-3 days. Typically these transactions will never confirm. These problematic transactions are typically due to:

  • Congested traffic on the blockchain network: There is an increase in the number of transactions on the blockchain network, causing congestion and delays that are not under DeFi Wallet's control

  • A low fee setting was selected: By default, the selected confirmation speed is “Fast”. There are 3 confirmation speeds for your selection in the send review screen, tap on the dropdown to change the confirmation speed - fee tier accordingly.

You may also check on the explorer to see the latest status via transaction details > [View Status on Explorer]

My ETH/ERC-20 transaction has been pending for days, how can I cancel or replace the stuck transaction?

View here to learn more.

What’s the confirmation speed and network fee?

DeFi Wallet is a decentralized wallet in the sense that there’s no intermediary to handle your crypto assets, the DeFi Wallet serves as a mobile app interface to enable you to interact with the Blockchain Networks directly via our easy and user-friendly UI.

Transactions initiated on the DeFi Wallet are submitted on-chain directly and require a network fee to incentivize the corresponding Blockchain Network to validate and confirm your transaction actions. Other than the fees that go to the network, DeFi Wallet does not charge any network fees.

The beauty of transacting on-chain is that there’s no single point of failure, even if the DeFi Wallet is not working properly, you can easily backup your 12-word recovery phrase which is equivalent to your master private keys, and import your wallet to any other non-custodian wallet app interfaces to see your balances and initiate transactions.

If you prefer to transact via a custodian app with instant confirmations and zero fees, you may check out our App instead. See here for the differences between DeFi Wallet and App.

Why do I need to pay a network fee for my transactions?

The use of any Blockchain network (Bitcoin, Ethereum, Ripple etc.) requires a fee to send a transaction as the network validates and confirms your transactions with the help of people (miners or validators) who are constantly spending their computational resources to help process and secure transactions on the network. As an incentive, the network fees go to them.

How are network fees determined?

It depends on the corresponding Blockchain’s consensus mechanism. Popular Blockchains like Bitcoin, Ethereum are using Proof-of-Work consensus, which is less scalable compared to Cosmos, Polkadot using Proof-of-Stake consensus. For example, Bitcoin can only process ~5 TPS (transactions per seconds) and Ethereum can process ~3,000 TPS vs Cosmos at ~10,000 TPS.

When many users are transacting at the same time, the network gets congested and hence the calculation of network fees varies and depends on the traffic. When the market is bullish and users are transferring assets more frequently or using DeFi products on the ETH network, this significantly drives up the network fees for ERC20 tokens.

This is also why Ethereum is upgrading to ETH 2.0 that will use the Proof-of-Stake consensus and leading to new Blockchain networks’ development to solve the scalability issue.

Why is it so costly to perform certain transactions like swap, deposit sometimes?

The network fee depends on the Blockchain network you are transacting on and how busy the traffic is. Please refer to the previous question to find out more. Certain transactions that involve smart contract execution would also cost more than normal transfers as more computational power is required to execute the smart contracts set up by the DeFi protocols, hence a higher gas limit is required and this leads to a higher network fee.

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