Swapping tokens on the Solana network via Phantom Wallet is typically a smooth process. However, there are times when transactions might fail or not go as planned. Let’s explore the most common reasons for swap issues and how to resolve them step by step.
Check Your SOL Balance
Swapping tokens on the Solana network requires a small amount of SOL in your wallet to cover network fees. At a minimum, you’ll need 0.1 SOL to execute swaps. Without this, your transaction won’t proceed.
How to Check and Resolve:
- Open your Phantom Wallet and review your SOL balance.
- If your balance is below 0.1 SOL, top up your wallet by purchasing SOL on an exchange or buying it from within the wallet using the onramp buying options.
- Once your SOL balance is sufficient, retry the swap.
- Please not you can not pay for fees using other tokens like USDC, USDT, etc
Liquidity Provider Issues
Swaps rely on liquidity providers to match the trading pair you want to swap. If the provider doesn’t have enough liquidity, the transaction may fail. This is especially common when swapping new tokens or those with low trading volume.
How to Address This:
- Phantom Wallet allows you to select different liquidity providers.
- During the swap process, check if there’s an option to choose an alternative provider. Selecting a different one often resolves the issue by matching your trade with a pool that has sufficient liquidity.
- Alternatively you can use another platform that allows you to swap tokens.
Adjust Slippage Tolerance
Slippage refers to the change in token price between the time you initiate the swap and when it’s executed. By default, Phantom Wallet sets the slippage tolerance at 0.5% to protect users from significant price fluctuations. If the price changes beyond this tolerance, the swap will fail.
What You Can Do:
- Manually adjust the slippage tolerance to a higher percentage, but be cautious—this increases the risk of receiving tokens at a less favorable rate.
- Enable auto slippage in the swap settings to allow more flexibility in price movement.
Consider Network Congestion
The Solana network can experience congestion during peak activity times, which may delay or prevent swaps from completing. Congestion is typically temporary and resolves as network activity decreases.
How to Navigate This Issue:
- Check Solana’s network status using tools like Solscan to see if congestion is causing delays.
- Wait for the congestion to subside before attempting the swap again. Transactions are usually processed more smoothly during periods of lower network demand.
Scam Tokens and Frozen Assets
Some tokens are deliberately designed to be difficult or impossible to swap. These include scam tokens, frozen tokens, and those subject to price manipulation. Here's what you should know:
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Frozen Tokens
- Some tokens are locked by a "freeze authority," which prevents them from being traded or transferred.
- How to Check: Use tools like RugCheck to verify whether a token is frozen.
- Solution: If the token is frozen, the freeze authority can only be lifted by the token's creator or authority.
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Price Manipulation
- Some tokens have artificially inflated prices due to fake liquidity or wash trading. These tokens may look valuable, but swapping them often fails or results in minimal returns.
- Solution: Be cautious of tokens with unusual trading patterns or a dramatic price increase. Verify token details on trusted platforms like Solscan, Birdeye, or Rugcheck, before attempting a swap.
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High Price Impact
- Tokens with low liquidity can cause high price impact, where even small trades significantly shift the token price, resulting in a less favorable exchange rate.
- Solution: Avoid trading tokens with high price impact. Consider swapping smaller amounts or waiting for increased liquidity.
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Malicious Account Error
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If you see an error stating that the swap failed due to a malicious account, it indicates that the token you are trying to swap is likely a scam token. Scam tokens are designed to prevent swaps and should be avoided. Unfortunately, these tokens cannot be swapped, and it’s best not to interact with them further.
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