Help! I forgot my Stellar memo.

A guide for understanding memos and using them with exchanges.

Kolten
Kolten
Apr 9, 2019 · 5 min read
Image for post
Image for post

What if I forget the Memo?

If you are making an ‘everyday’ transaction on the Stellar network using a popular Stellar wallet, forgetting the memo is no big deal; it’s optional. If you are sending (depositing) lumens to an exchange, forgetting the memo will generally lead to your exchange account not being credited with lumens. If this happens, it’s important that you contact the exchange you sent lumens to — SDF can not help you recover your lumens.

Image for post
Image for post

How Do Exchanges Use Memos?

Custodial exchanges do not create an individual Stellar wallet for every user that signs up on their platform. Instead, they use one wallet that serves X amount of users. An example would be that users are divided into groups of 50 with each group sharing a wallet.

Image for post
Image for post
Coinbase Deposit
Image for post
Image for post
Bittrex Deposit
Image for post
Image for post
Binance Deposit

What is a Memo?

The usual transaction flow for cryptocurrencies such as Bitcoin goes as follows: Type in receiving address, specify amount to be sent along with fees, click send.

Image for post
Image for post

Custodial Exchanges — Time to ditch the memo?

As Stellar grows and more people are looking to move their assets around, the frequency of memo support questions and issues have grown. Even people who are familiar with “memo deposits” still mess them up from time to time.

Stellar Community

Unlocking the world’s economic potential, together

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch

Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore

Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store