Efficiently Monitoring Outgoing Failed Transactions on Blockchain Addresses

Written by
Tatum team
May 29, 2023
min. read

The Importance of Monitoring Paid Transaction Fees

Monitoring outgoing transactions on blockchain addresses is a crucial practice for individuals and businesses alike. However, it is equally important to pay attention to failed transactions, as they can provide valuable insights and help prevent potential issues. In this section, we will explore the importance of efficiently monitoring outgoing failed transactions on blockchain addresses and the benefits it brings.

  • Identifying and Resolving Issues: Efficient monitoring of outgoing failed transactions allows you to promptly identify any issues or errors in the transaction process. Whether it's a technical glitch, insufficient funds, or incorrect recipient addresses, failed transactions provide valuable clues to troubleshoot and resolve problems effectively. By monitoring and addressing these issues in a timely manner, you can minimize disruptions and ensure smoother transaction flows.
  • Enhancing Security: Monitoring failed transactions helps in strengthening the security of your blockchain addresses. Failed transactions could indicate potential hacking attempts or unauthorized access attempts. By closely monitoring and analysing these failed transactions, you can detect any suspicious patterns, identify potential security breaches, and take appropriate measures to safeguard your funds and sensitive information.
  • Improving Transaction Efficiency: Analyzing outgoing failed transactions can provide insights into transaction errors or bottlenecks, allowing you to fine-tune your transaction processes for improved efficiency. By identifying common reasons for failed transactions, such as gas limit issues or network congestion, you can optimize transaction parameters, select appropriate fee levels, and ensure a higher success rate for future transactions.
  • Learning from Past Mistakes: Failed transactions serve as valuable learning opportunities. By reviewing and understanding the reasons behind failed transactions, you can gain insights into potential pitfalls and avoid making similar mistakes in the future. Learning from past failures helps you refine your transaction strategies, improve accuracy, and ensure a higher success rate in your outgoing transactions.

The challenge of monitoring failed transactions with direct RPC approach

For non-custodial blockchain wallets with numerous end users, it's essential to monitor outgoing failed transactions on wallet addresses. However, detecting and monitoring these failed transactions can be challenging and time-consuming when using a direct RPC (Remote Procedure Call) approach. This method involves reading block by block, parsing each transaction's payload, and detecting transfers, which can lead to:

Problems when building live monitoring systems from scratch with RPC’s?

  1. Scalability issues: As transaction volumes increase, scanning each block becomes resource-intensive and slow.

  2. Efficiency problems: Parsing every transaction payload requires significant computational resources and impacts performance.

  3. Compatibility obstacles: Integrating with multiple blockchain networks may require adapting the code for each platform.

  4. Reliability concerns: Direct RPC is prone to errors, which can affect notification accuracy.

To overcome these challenges, a more efficient and reliable solution is needed to monitor outgoing failed transactions on blockchain wallet addresses.

[.c-text-center]Utilizing Tatum SDK for monitoring outgoing failed transactions on blockchain addresses[.c-text-center]

[.c-text-center]The Tatum SDK provides an efficient and reliable way to monitor outgoing failed transactions on blockchain wallet addresses. This Typescript SDK simplifies the process by allowing developers to create subscriptions for monitoring wallet addresses without the drawbacks of the direct RPC approach.[.c-text-center]

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Here's an example of how to initialize the Tatum SDK and create a subscription for monitoring outgoing failed transactions on a blockchain address:

To simplify monitoring outgoing failed transactions on blockchain addresses and improve the user experience, developers can leverage the Tatum SDK for efficient and reliable monitoring. Get Started with Tatum SDK for Monitoring Outgoing Failed Transactions on Blockchain Addresses.

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By integrating the Tatum SDK into your project, you can ensure seamless integration with MetaMask, receive timely notifications, and enjoy the benefits of efficient monitoring of outgoing failed transactions on blockchain addresses without the complexities of the direct RPC approach. Don't wait, get started with the Tatum SDK today!