diff --git a/__tests__/account.test.ts b/__tests__/account.test.ts
index 74a923cdc..c67ae8c58 100644
--- a/__tests__/account.test.ts
+++ b/__tests__/account.test.ts
@@ -4,7 +4,6 @@ import {
   Contract,
   DeclareDeployUDCResponse,
   Provider,
-  TransactionStatus,
   TransactionType,
   cairo,
   contractClassResponseToLegacyCompiledContract,
@@ -338,9 +337,7 @@ describe('deploy and test Wallet', () => {
       calldata: [erc20.address, '10', '0'],
     });
 
-    await provider.waitForTransaction(transaction_hash, {
-      successStates: [TransactionStatus.ACCEPTED_ON_L2],
-    });
+    await provider.waitForTransaction(transaction_hash);
   });
 
   test('read balance of wallet after transfer', async () => {
@@ -379,9 +376,7 @@ describe('deploy and test Wallet', () => {
       },
     ]);
 
-    await provider.waitForTransaction(transaction_hash, {
-      successStates: [TransactionStatus.ACCEPTED_ON_L2],
-    });
+    await provider.waitForTransaction(transaction_hash);
 
     const response = await dapp.get_number(account.address);
     expect(toBigInt(response.number as string).toString()).toStrictEqual('57');
diff --git a/src/provider/rpc.ts b/src/provider/rpc.ts
index 263756ebc..a7195fec3 100644
--- a/src/provider/rpc.ts
+++ b/src/provider/rpc.ts
@@ -434,13 +434,15 @@ export class RpcProvider implements ProviderInterface {
   }
 
   public async waitForTransaction(txHash: string, options?: waitForTransactionOptions) {
-    const errorStates = [TransactionStatus.REJECTED, TransactionStatus.NOT_RECEIVED];
     let { retries } = this;
     let onchain = false;
     let txReceipt: any = {};
-
-    const retryInterval = options?.retryInterval ?? 8000;
-    const successStates = options?.successStates ?? [
+    const retryInterval = options?.retryInterval ?? 5000;
+    const errorStates: any = options?.errorStates ?? [
+      TransactionStatus.REJECTED,
+      TransactionStatus.NOT_RECEIVED,
+    ];
+    const successStates: any = options?.successStates ?? [
       TransactionStatus.ACCEPTED_ON_L1,
       TransactionStatus.ACCEPTED_ON_L2,
     ];
@@ -451,9 +453,8 @@ export class RpcProvider implements ProviderInterface {
       try {
         // eslint-disable-next-line no-await-in-loop
         txReceipt = await this.getTransactionReceipt(txHash);
-
         if (!('status' in txReceipt)) {
-          const error = new Error('transaction status');
+          const error = new Error('waiting for transaction status');
           throw error;
         }
 
diff --git a/src/provider/sequencer.ts b/src/provider/sequencer.ts
index 2a3a140ea..77d94d338 100644
--- a/src/provider/sequencer.ts
+++ b/src/provider/sequencer.ts
@@ -31,7 +31,8 @@ import {
   SequencerProviderOptions,
   SimulateTransactionResponse,
   StateUpdateResponse,
-  TransactionStatus,
+  TransactionExecutionStatus,
+  TransactionFinalityStatus,
   TransactionType,
   getEstimateFeeBulkOptions,
   getSimulateTransactionOptions,
@@ -489,27 +490,46 @@ export class SequencerProvider implements ProviderInterface {
   }
 
   public async waitForTransaction(txHash: BigNumberish, options?: waitForTransactionOptions) {
-    const errorStates = [TransactionStatus.REJECTED, TransactionStatus.NOT_RECEIVED];
-    let onchain = false;
     let res;
-    const retryInterval = options?.retryInterval ?? 8000;
+    let completed = false;
+    let retries = 0;
+    const retryInterval = options?.retryInterval ?? 5000;
+    const errorStates = options?.errorStates ?? [
+      TransactionExecutionStatus.REJECTED,
+      TransactionFinalityStatus.NOT_RECEIVED,
+      TransactionExecutionStatus.REVERTED,
+    ];
     const successStates = options?.successStates ?? [
-      TransactionStatus.ACCEPTED_ON_L1,
-      TransactionStatus.ACCEPTED_ON_L2,
+      TransactionExecutionStatus.SUCCEEDED,
+      TransactionFinalityStatus.ACCEPTED_ON_L1,
+      TransactionFinalityStatus.ACCEPTED_ON_L2,
     ];
 
-    while (!onchain) {
+    while (!completed) {
       // eslint-disable-next-line no-await-in-loop
       await wait(retryInterval);
       // eslint-disable-next-line no-await-in-loop
       res = await this.getTransactionStatus(txHash);
 
-      if (successStates.includes(res.tx_status)) {
-        onchain = true;
-      } else if (errorStates.includes(res.tx_status)) {
-        const message = res.tx_failure_reason
-          ? `${res.tx_status}: ${res.tx_failure_reason.code}\n${res.tx_failure_reason.error_message}`
-          : res.tx_status;
+      if (TransactionFinalityStatus.NOT_RECEIVED === res.finality_status && retries < 3) {
+        retries += 1;
+      } else if (
+        successStates.includes(res.finality_status) ||
+        successStates.includes(res.execution_status)
+      ) {
+        completed = true;
+      } else if (
+        errorStates.includes(res.finality_status) ||
+        errorStates.includes(res.execution_status)
+      ) {
+        let message;
+        if (res.tx_failure_reason) {
+          message = `${res.tx_status}: ${res.tx_failure_reason.code}\n${res.tx_failure_reason.error_message}`;
+        } else if (res.tx_revert_reason) {
+          message = `${res.tx_status}: ${res.tx_revert_reason}`;
+        } else {
+          message = res.tx_status;
+        }
         const error = new Error(message) as Error & { response: GetTransactionStatusResponse };
         error.response = res;
         throw error;
diff --git a/src/types/api/sequencer.ts b/src/types/api/sequencer.ts
index bb446bd96..10b35bbe0 100644
--- a/src/types/api/sequencer.ts
+++ b/src/types/api/sequencer.ts
@@ -11,6 +11,8 @@ import {
   ContractClass,
   EntryPointType,
   RawCalldata,
+  TransactionExecutionStatus,
+  TransactionFinalityStatus,
   TransactionStatus,
   TransactionType,
 } from '../lib';
@@ -18,11 +20,14 @@ import {
 // #region | originally not included in the namespace
 export type GetTransactionStatusResponse = {
   tx_status: TransactionStatus;
+  execution_status: TransactionExecutionStatus;
+  finality_status: TransactionFinalityStatus;
   block_hash?: string;
   tx_failure_reason?: {
     code: string;
     error_message: string;
   };
+  tx_revert_reason?: string;
 };
 
 export type GetContractAddressesResponse = {
diff --git a/src/types/lib/index.ts b/src/types/lib/index.ts
index 930affd46..8588b77b3 100644
--- a/src/types/lib/index.ts
+++ b/src/types/lib/index.ts
@@ -133,12 +133,30 @@ export enum TransactionType {
   INVOKE = 'INVOKE_FUNCTION',
 }
 
+/**
+ * new statuses are defined by props: finality_status and execution_status
+ * to be #deprecated
+ */
 export enum TransactionStatus {
   NOT_RECEIVED = 'NOT_RECEIVED',
   RECEIVED = 'RECEIVED',
   ACCEPTED_ON_L2 = 'ACCEPTED_ON_L2',
   ACCEPTED_ON_L1 = 'ACCEPTED_ON_L1',
   REJECTED = 'REJECTED',
+  REVERTED = 'REVERTED',
+}
+
+export enum TransactionFinalityStatus {
+  NOT_RECEIVED = 'NOT_RECEIVED',
+  RECEIVED = 'RECEIVED',
+  ACCEPTED_ON_L2 = 'ACCEPTED_ON_L2',
+  ACCEPTED_ON_L1 = 'ACCEPTED_ON_L1',
+}
+
+export enum TransactionExecutionStatus {
+  REJECTED = 'REJECTED',
+  REVERTED = 'REVERTED',
+  SUCCEEDED = 'SUCCEEDED',
 }
 
 export enum BlockStatus {
@@ -200,7 +218,8 @@ export type ParsedStruct = {
 
 export type waitForTransactionOptions = {
   retryInterval?: number;
-  successStates?: Array<TransactionStatus>;
+  successStates?: Array<TransactionFinalityStatus | TransactionExecutionStatus>;
+  errorStates?: Array<TransactionFinalityStatus | TransactionExecutionStatus>;
 };
 
 export type getSimulateTransactionOptions = {