Swapping tokens on the Base network with Phantom Wallet is usually easy, but issues can arise that hinder successful swaps. This guide outlines common reasons for swap failures and offers solutions to resolve them.
Insufficient Funds
To execute any transaction on the Base network, you must have enough ETH on the Base network to cover transaction fees. These fees, often referred to as gas fees, vary depending on the network’s congestion and the complexity of the transaction.
What Does This Mean:
If your wallet doesn’t have enough ETH to cover gas fees, the transaction will fail. ETH is required on the Base network to process and validate all transactions.
If you are trying to transact on the base network using ETH on the Ethereum network your swap will fail due to not enough funds.
What You Can Do:
- Check your ETH balance on the Base network.
- Ensure you have enough ETH to cover gas fees, which can be monitored using tools like Etherscan Gas Tracker.
- If your balance is low, transfer ETH to your wallet before attempting the swap again.
Reminder: Without sufficient ETH, no transaction can be processed on the Base network.
Transfer Fees
Some tokens on the Base network may have embedded transfer fees, which are deducted during transactions. Due to the 0x aggregator used by Phantom Wallet, tokens with transfer fees cannot be swapped on this platform.
What does this mean:
The 0x aggregator does not support tokens with embedded transfer fees, leading to transaction failures.
What You Can Do:
- Verify whether the token you’re trying to swap has a transfer fee. Use tools like De.Fi to review token details.
- If the token has a transfer fee, consider using an alternative platform like Uniswap, which supports swapping tokens with embedded fees.
Note: Tokens with transfer fees cannot be processed on Phantom Wallet, so you’ll need to explore other platforms for these swaps.
Slippage
Slippage occurs when the token price changes between the time you initiate the swap and when it’s executed. Phantom Wallet sets a default slippage tolerance, and if the price movement exceeds this tolerance, the transaction will fail.
What Does This Mean:
Price fluctuations during the transaction exceed the acceptable range, causing the swap to fail.
What You Can Do:
- Increase the slippage tolerance in your Phantom Wallet settings to allow for price adjustments during the trade.
- Enable Auto Slippage for the wallet to handle price fluctuations dynamically.
- Be cautious—higher slippage tolerance may result in less favorable exchange rates.
Liquidity Provider Issues
Phantom Wallet uses the 0x aggregator to secure the best rates across multiple decentralized exchanges (DEXs) on the Base network. However, swaps may fail if there is insufficient liquidity for the token pair.
What Does This Mean:
Low liquidity for the token pair prevents the aggregator from matching your trade, leading to a failed swap.
What You Can Do:
- Retry the swap during times of higher market activity when liquidity is more readily available.
- Reduce the size of your trade to lessen the strain on the liquidity pool.
Pro Tip: The 0x aggregator optimizes rates across DEXs, so liquidity issues often resolve as market conditions improve.
Price Impact
Price impact refers to the effect your trade has on the market price of a token. For tokens with low liquidity, even small trades can significantly impact the token price, resulting in a less favorable exchange rate or failed swap.
What Does This Mean:
The liquidity pool for the token pair is too shallow to handle the trade size without affecting the price. This is especially common for less popular tokens or during periods of low trading activity.
What You Can Do:
- Swap Smaller Amounts: Splitting larger trades into smaller transactions reduces price impact.
- Trade During High Liquidity: Execute swaps when the market is more active and liquidity is higher.
- Monitor Token Liquidity: Use tools like blockchain explorers or DEX analytics to check liquidity pool size before initiating a swap.
Please Note: If the token cannot be swapped due to low liquidity, your funds may be lost.
Malicious Account Error
If you see an error stating that the swap failed due to a malicious account, it indicates that the token you’re trying to swap is likely a scam token. These tokens are designed to prevent swaps, trapping users into holding them.
What Does This Mean:
Scam tokens often block swap functionality to deceive users. They may appear to have value but cannot be traded or exchanged.
What You Can Do:
- Avoid interacting further with scam tokens.
- Unfortunately, such tokens cannot be swapped, and it’s best to consider them unrecoverable.
Final Thoughts
Swapping tokens on the Base network is generally seamless, but understanding these potential issues can help you resolve most challenges effectively. Always ensure you have sufficient ETH for gas fees, verify token details to avoid transfer fees, and review liquidity and slippage settings for successful swaps. If your issue persists, feel free to contact Phantom Support for further assistance. Remember to trade cautiously, especially with tokens that seem suspicious or have low liquidity.