Mempool

The mempool, short for memory pool, is a collection of unconfirmed transactions on a blockchain that are waiting to be added to a block. When a transaction is broadcast to the network, it first enters the mempool, where it waits until a miner or validator selects it to be included in the next block. The mempool acts as a kind of holding area, where transactions are temporarily stored before they are confirmed and added to the blockchain. The size and contents of the mempool can fluctuate based on network activity, with higher congestion leading to larger mempools and potentially longer wait times for transactions to be confirmed.

Understanding the mempool is important for managing transaction costs and timing. During periods of high network activity, such as during a surge in demand for a particular cryptocurrency, the mempool can become crowded with a large number of transactions. As a result, miners prioritize transactions with higher fees, meaning that users who want their transactions to be confirmed quickly may need to pay more. Conversely, during quieter periods, transaction fees may be lower, and confirmations may happen more quickly as the mempool clears out.