Time between web3.eth.sendRawTransaction and transaction validated time on Bscscan

Question

I'm making web3py contract transaction, using this code:

txn = contract.functions.bid(
    tokenId, 
    price
).buildTransaction({
    'chainId': 56,
    'gas': gasLimit,
    'gasPrice': web3.toWei('5', 'gwei'),
    'nonce': nonce
})

signed_txn = web3.eth.account.sign_transaction(txn, private_key=privateKey)
web3.eth.sendRawTransaction(web3.toHex(signed_txn.rawTransaction))

Then, I check transaction status on Bscscan

The transaction appeared on Bscscan at 05:54:42, but sendRawTransaction was at 05:54:39 (3 secs difference). Is it possible to minimize this time difference?

Answer 1

HOW TO HANDLE TRANSACTION SPEED?

For greater speed adjust the gas price (transaction fee) for your transaction. However, be aware that Higher GWEI = Higher Speed = Higher Rates.

If you don't define the gasPrice transaction object it will default to web3.eth.getGasPrice() which is often 5 gwei. [READ MORE]

USE 5 GWEI FOR STANDARD TRANSACTION SPEED

.buildTransaction({
'chainId': 56,
'gas': gasLimit,
'nonce': nonce
})

USE 6 GWEI FOR FAST TRANSACTION SPEED

.buildTransaction({
'chainId': 56,
'gasPrice': web3.toWei('6', 'gwei'),
'gas': gasLimit,
'nonce': nonce
})

USE 7 GWEI FOR VERY FAST TRANSACTION SPEED

.buildTransaction({
'chainId': 56,
'gasPrice': web3.toWei('7', 'gwei'),
'gas': gasLimit,
'nonce': nonce
})

USE 15 GWEI OR MORE FOR INSTANT TRANSACTION SPEED

.buildTransaction({
'chainId': 56,
'gasPrice': web3.toWei('7', 'gwei'),
'gas': gasLimit,
'nonce': nonce
})

Typically 7 GWEI is more than enough for most cases, being perhaps the best cost-benefit between speed and cost in gas fees.

However if you really need to guarantee instant transactions I recommend gasPrice of 15 GWEI or above.