Xccelerate tool is designed for users to speed up their pending transactions using CPFP (Child Pays For Parent) method. This tool is designed for situations where transactions are stuck in the mempool due to changing network conditions or low fees set upon creation, and when they are not eligible for RBF (Replace-By-Fee). Xccelerate offers a user-friendly solution to ensure your transactions are confirmed more quickly.
What is CPFP?
Child Pays For Parent (CPFP) is a technique used to increase the transaction fee of a low-fee, unconfirmed Bitcoin transaction by creating, and linking a new transaction (the child) by spending an output from the original transaction (the parent) with a higher fee. This method applies a new fee-rate across both transactions known as an ‘effective fee rate’ incentivising miners to include both transactions in the same block, as they are compensated with a higher overall fee.
Step-by-Step Guide to Using Xccelerate
- Visit https://wallet.xverse.app/xccelerate and connect your wallet to review all pending transactions.
- Xccelerate will show if your transaction is eligible for the CPFP method. For CPFP to work, there must be at least one unconfirmed output returning to your address that can be used in the child transaction.
- Select the transaction you want to accelerate and click “Speed up”.
- By default, the suggested 'New fee rate' will be set to 'High Priority' as determined by mempool.space. If you wish to change this fee rate, click in the box and adjust to your preferred rate.
By using Xccelerate, you can take advantage of the CPFP method to speed up your Bitcoin transactions, ensuring timely confirmations.