For those of you who have been having issues with sending larger transactions, here’s the fix! But more generally, for everyone who uses the app – here’s a tool to keep your UTXOs at a minimum.
Why do I need to consolidate UTXOs?
Just like how spending hard cash results in the accumulation of spare change, spending cryptocurrency results in UTXO accumulation. Fumbling through a pocket full of change is not very efficient when spending money, and excessive UTXOs cause unwanted behaviors like slow or unsuccessful transactions.
With app release 3.10.0, you can condense your UTXOs and free up more space for larger transactions, much like exchanging loose coins for larger bills. Just follow the simple steps below to consolidate your UTXOs.
1. Tap the “streamline this keychain” banner
If you need to consolidate your UTXOs, there will be a banner in the account that needs it under the “Assets” tab. If no consolidation is needed, no banner will appear.
Tap the banner to get started. This process will need to be done in every wallet account for which the banner appears.
2. Tap “Consolidate 30”
The resulting screen will show you how many UTXOs need to be consolidated, and present a button to begin. Up to 30 UTXOs can be merged at a time, with each consolidation transaction merging up to 10. This means that three transactions will be created each time you initiate a merge.
3. Wait for the transactions to finish
You may need to wait a few minutes for the merge to conclude. Please don’t close the app or navigate away from the loading screen.
4. Enjoy peak efficiency or repeat the process
If all of your UTXOs have been merged successfully, the below “Consolidation complete” message will appear. You can now rest assured that you’re operating at peak efficiency and can send large volumes again!
If you still have UTXOs to merge, the below message with your remaining number of UTXOs will appear. You can now return to the consolidation screen from your “Assets” tab and repeat the process until you reach peak efficiency.
A history of the consolidation transactions are included under your PRV transaction history for the wallet account in which the consolidation occurred.
Find consolidation prompt in settings
Curious if you can benefit from merging UTXOs but don’t see a consolidation banner? Simply tap “Settings” from the home screen, and tap “Consolidate”. If you need to consolidate, you will be brought to the screen in step two of this tutorial. If not, you will receive a “peak efficiency” message.
There’s nothing to it! Check today if you’re enjoying peak efficiency for your privacy, or if you need to merge UTXOs and save yourself some trouble!
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