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How to Ensure Successful Trade Execution on the Blockchain

Overview​

After approving a P2P trade request, ensuring that the transaction is properly executed on the blockchain is a critical responsibility for Transfer Agents. This process involves monitoring transaction status, verifying confirmations, troubleshooting any execution issues, and confirming the successful transfer of tokens. This guide will walk you through the steps to monitor and ensure successful trade execution on the blockchain.

Prerequisites​

Before monitoring trade execution, you should:

  • Have an active Transfer Agent account on the platform
  • Have approved a P2P trade request
  • Understand basic blockchain concepts (transactions, confirmations, gas fees)
  • Be familiar with the specific blockchain network used for the token
  • Have access to the transaction monitoring tools on the platform

Step-by-Step Instructions​

Step 1: Access the Approved Trades Dashboard​

  1. Log in to your Transfer Agent account
  2. Navigate to the "Approved Trades" section in the left navigation menu
  3. You will see a list of all trades you have approved
  4. Each trade will show its current execution status:
    • Pending Execution: Approved but not yet submitted to blockchain
    • Submitted: Transaction sent to blockchain, awaiting confirmation
    • Confirming: Initial confirmations received
    • Confirmed: Required number of confirmations received
    • Completed: Transaction fully executed and recorded
    • Failed: Transaction failed on the blockchain

Step 2: Select a Transaction to Monitor​

  1. Click on a transaction in the "Approved Trades" list to view its details

  2. The transaction details panel will open, showing:

    • Transaction summary (parties, token amount, price)
    • Approval details (date, time, approving agent)
    • Blockchain execution status
    • Timeline of events

  3. Focus on transactions with "Submitted," "Confirming," or "Failed" status, as these require monitoring

Step 3: View Blockchain Transaction Details​

  1. In the transaction details panel, locate the "Blockchain Details" section

  2. This section displays:

    • Transaction hash (a unique identifier for the blockchain transaction)
    • Block number (if the transaction has been included in a block)
    • Number of confirmations
    • Gas fees paid (for Ethereum-based transactions)
    • Estimated time to completion

  3. Click "View on Block Explorer" to open the transaction in the relevant blockchain explorer (Etherscan, BSCScan, etc.)

Step 4: Monitor Confirmation Progress​

  1. For transactions in "Submitted" or "Confirming" status:

    • Check the current number of confirmations
    • Note the required number of confirmations for completion (varies by blockchain and platform settings)
    • View the estimated time remaining until final confirmation

  2. The progress bar will show:

    • Gray: Pending (transaction sent but not yet included in a block)
    • Yellow: Confirming (some confirmations received, but not enough)
    • Green: Confirmed (required number of confirmations received)

  3. Click "Refresh" to update the confirmation status

Step 5: Verify Token Transfer​

  1. Once the transaction reaches "Confirmed" status:

    • Check the "Token Transfer Verification" section
    • Verify that the tokens have been deducted from the seller's wallet
    • Verify that the tokens have been added to the buyer's wallet
    • Confirm that the token balance updates match the transaction amount

  2. The system will perform automatic verification, but you should manually confirm:

    • Click "Verify Token Balances" to refresh balance information
    • Review the before and after token balances for both parties
    • Confirm that the transfer amount matches the approved transaction

Step 6: Handle Successful Transactions​

  1. When a transaction is fully confirmed and verified:

    • The status will update to "Completed"
    • The system will automatically notify both parties
    • The transaction record will be updated with completion details

  2. Your responsibilities for successful transactions:

    • Review the final transaction record for accuracy
    • Add any relevant notes to the transaction record
    • Click "Mark as Verified" to confirm your review
    • The transaction will move to the "Completed Trades" section

Step 7: Identify and Troubleshoot Failed Transactions​

  1. Transactions may fail for various reasons:

    • Smart contract errors
    • Network congestion or issues
    • Wallet compatibility problems
    • Token transfer restrictions

  2. For transactions with "Failed" status:

    • Click on the "View Failure Details" button
    • Review the error message and failure reason
    • Check the blockchain explorer for more technical details
    • Document the specific failure in the transaction notes

Step 8: Resolve Transaction Issues​

  1. For failed transactions, follow the appropriate resolution path:

    For contract-related failures:

    • Navigate to the /support Support center
    • Provide the transaction hash and error details
    • Follow guidance from the technical team

    For wallet-related issues:

    • Click "Add Note"
    • Explain the issue to the buyer and/or seller
    • Provide instructions for wallet troubleshooting

  2. Document all troubleshooting steps in the transaction notes

Step 9: Monitor Resubmitted Transactions​

  1. If a transaction is resubmitted after failure:

    • The status will update to "Resubmitted"
    • A new transaction hash will be generated
    • The monitoring process begins again from Step 3

  2. Pay special attention to resubmitted transactions:

    • They have higher priority for monitoring
    • They may require additional verification
    • They may need more frequent status checks

Step 10: Generate Transaction Reports​

  1. For audit and record-keeping purposes:

    • Click "Generate Report" in the transaction details
    • Select the report type (Execution Summary, Full Transaction Detail, etc.)
    • Choose the output format (PDF, CSV, etc.)
    • Click "Generate"

  2. The report will include:

    • Transaction details
    • Approval information
    • Blockchain execution data
    • Confirmation timeline
    • Final status and outcome

  3. Save the report to the transaction record or download it for your records

Step 11: Set Up Monitoring Alerts​

  1. For efficient monitoring of multiple transactions:

    • Click on "Alert Settings" in the Approved Trades dashboard
    • Configure alerts for:
      • Confirmation milestones
      • Failed transactions
      • Stuck transactions (no progress for a specified time)
      • Successful completions

  2. Choose notification methods:

    • In-platform notifications
    • Email alerts
    • SMS alerts (if enabled)

  3. Set priority levels for different alert types

Step 12: Perform Periodic Status Checks​

  1. Establish a routine for checking transaction status:

    • High-value transactions: Check every 15-30 minutes
    • Standard transactions: Check every 1-2 hours
    • Low-priority transactions: Check once per day

  2. Use the "Bulk Status Check" feature:

    • Click "Bulk Status Check" in the Approved Trades dashboard
    • Select multiple transactions
    • Click "Refresh Status"
    • Review updated statuses for all selected transactions

Best Practices​

  • Prioritize Monitoring: Focus on high-value transactions and those with time sensitivity
  • Understand Blockchain Variations: Different blockchains have different confirmation times and requirements
  • Document Issues: Keep detailed notes on any execution problems and resolution steps
  • Verify Completion: Always confirm that tokens have actually transferred, not just that the blockchain confirmed
  • Stay Informed: Monitor blockchain network status for congestion or issues
  • Proactive Communication: Notify parties of any significant delays or issues
  • Regular Checks: Establish a routine for checking transaction status
  • Use Alerts: Configure alerts to notify you of important status changes
  • Technical Knowledge: Maintain a basic understanding of blockchain technology and common issues
  • Maintain Records: Generate and save transaction reports for audit purposes

Troubleshooting​

Common Issues​

  1. Stuck Pending Transactions

    • Solution: Check if gas price is too low for current network conditions
    • Solution: Use the "Speed Up" function to increase gas price
    • Solution: For severely stuck transactions, consider canceling and resubmitting

  2. Failed Smart Contract Execution

    • Solution: Review the error message in the blockchain explorer
    • Solution: Check if the token contract has any transfer restrictions
    • Solution: Consult with the technical team for contract-specific issues

  3. Wallet Compatibility Issues

    • Solution: Verify that the receiving wallet supports the token standard
    • Solution: Check if the wallet address is correct and active
    • Solution: Confirm the wallet has been properly connected to the platform

  4. Network Congestion

    • Solution: Be patient during high congestion periods
    • Solution: Consider increasing gas price for faster processing
    • Solution: Communicate expected delays to the parties

  5. Balance Verification Discrepancies

    • Solution: Refresh balance data from the blockchain
    • Solution: Check if there were other transactions affecting the balance
    • Solution: Verify the token contract address is correct

Getting Help​

If you encounter any issues during the trade execution monitoring process:

  1. Navigate to the /support Support center by clicking on the "Support" link in the main navigation
  2. Select the appropriate category for your issue
  3. Provide specific details about your issue, including the transaction hash
  4. Submit your support request
  5. Support staff will respond through the platform's notification system