Swapping tokens on the Polygon network using Phantom Wallet is typically a seamless process. However, there are instances where swaps may fail or encounter issues. This guide outlines the common reasons for failed swaps on the Polygon network and provides solutions to address them.
Insufficient Funds
To execute any transaction on the Polygon network, you must have enough POL in your wallet to cover transaction fees. These fees, known as gas fees, are required to process transactions and vary depending on network congestion and the complexity of the transaction.
What Does This Mean:
If your wallet doesn’t have enough POL to cover gas fees, the transaction will fail. The Polygon network requires POL for all transaction costs.
Solution:
- Check your POL balance in your Phantom Wallet.
- Ensure you have sufficient POL to cover gas fees, which can be monitored using tools like Polygonscan Gas Tracker.
- If your balance is low, transfer POL to your wallet before attempting the swap again.
Reminder: Without POL, transactions on the Polygon network cannot be completed.
Slippage
Slippage occurs when the token price changes between the time you initiate the swap and when it is executed. Phantom Wallet sets a default slippage tolerance, and if the price movement exceeds this tolerance, the transaction will fail.
What Does This Mean:
Significant price changes during the swap can deviate beyond the slippage tolerance, leading to transaction failure.
Solution:
- Increase the slippage tolerance in your Phantom Wallet settings.
- Enable Auto Slippage for dynamic adjustments to price changes.
- Be cautious—higher slippage tolerance may result in receiving fewer tokens than expected.
Liquidity Provider Issues
Phantom Wallet uses the 0x aggregator to fetch the best rates across multiple decentralized exchanges (DEXs) on the Polygon network. However, low liquidity for specific token pairs can lead to failed swaps.
What Does This Mean:
When the token pair you’re swapping has insufficient liquidity, the aggregator cannot match your trade.
Solution:
- Retry the swap during periods of higher market activity when liquidity is more available.
- Reduce the trade size to lessen the impact on liquidity.
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 a trade has on the market price of a token. For tokens with low liquidity, even small trades can cause significant price changes, resulting in fewer tokens than expected or failed swaps.
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 common with less popular tokens or during low trading activity.
Solution:
- Swap Smaller Amounts: Breaking large trades into smaller transactions reduces price impact.
- Trade During High Liquidity: Execute swaps when market activity is higher and liquidity is more available.
- Monitor Token Liquidity: Use tools like Polygonscan or DEX analytics to check the liquidity pool size before trading.
Please Note: If price impact is too high and the token cannot be swapped, your funds may be unrecoverable.
Malicious Account Error
If you see an error stating that the swap failed due to a malicious account, this typically means the token you are trying to swap is a scam token. Scam tokens are often designed to prevent swaps, trapping users into holding them.
What Does This Mean:
Scam tokens block swap functionality, making them impossible to trade.
Solution:
- Avoid further interaction with the token.
- Unfortunately, these tokens cannot be swapped, and their value is typically unrecoverable.