fix: hide couldnt load balances msg when balances are loading

[kernelwhisperer]

Summary

Fixes #4127

The issue was that the form validation was not taking into account the isBalancesLoading state.

To Test

As per the issue:

Connect to a wallet (using WC or open the app inside Safe --> most likely you will immediately reproduce the issue)

AR: each time when app is loading after changing a network/connection, 'Couldn't load balances' message appears and is displayed up to 20 seconds

Summary by CodeRabbit

• New Features

  • Trade form now shows a "Fetching balances" message with a subtle loading indicator while token balances load.

• Bug Fixes

  • Validation updated to suppress premature balance errors while balance data is still loading, preventing incorrect error states during fetch.

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[vercel]

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Project	Deployment	Review	Updated (UTC)
cowfi	Ready	Preview	Jan 8, 2026 5:32pm
explorer-dev	Ready	Preview	Jan 8, 2026 5:32pm
swap-dev	Ready	Preview	Jan 8, 2026 5:32pm
widget-configurator	Ready	Preview	Jan 8, 2026 5:32pm

2 Skipped Deployments

Project	Deployment	Review	Updated (UTC)
cosmos	Ignored		Jan 8, 2026 5:32pm
sdk-tools	Ignored	Preview	Jan 8, 2026 5:32pm

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Walkthrough

Adds a balances-loading flag to trade form validation: exposes isBalancesLoading from the balances hook, extends validation context and types, updates validation logic to show a "balances loading" state instead of a "balances not loaded" error while balances are being fetched, and adds UI for the loading state.

Changes

Cohort / File(s)	Summary
Hook / Context apps/cowswap-frontend/src/modules/tradeFormValidation/hooks/useTradeFormValidationContext.ts	Import useTokensBalances, derive isBalancesLoading, expose it on the returned validation context, and add it to memo deps.
Types apps/cowswap-frontend/src/modules/tradeFormValidation/types.ts	Added TradeFormValidation.BalancesLoading enum member and isBalancesLoading: boolean to TradeFormValidationCommonContext.
Validation Logic apps/cowswap-frontend/src/modules/tradeFormValidation/services/validateTradeForm.ts	Updated balance-related checks: return BalancesLoading when isBalancesLoading is true; only return BalancesNotLoaded when balances are not loading and no balance exists; retain BalanceInsufficient checks once balance is present.
UI / i18n apps/cowswap-frontend/src/modules/tradeFormValidation/pure/TradeFormButtons/tradeButtonsMap.tsx, apps/cowswap-frontend/src/locales/en-US.po	Added BalancesLoading entry in tradeButtonsMap rendering a "Fetching balances" message with CenteredDots; added corresponding i18n string in en-US.po.

Sequence Diagram(s)

mermaid
sequenceDiagram
participant UI as TradeForm UI
participant Hook as useTradeFormValidationContext
participant Balances as useTokensBalances
participant Validator as validateTradeForm
UI->>Hook: request validation context (user input)
Hook->>Balances: subscribe / read balances state
Balances-->>Hook: isBalancesLoading / balances data
Hook-->>UI: context includes isBalancesLoading
UI->>Validator: validateTradeForm(context)
alt balances loading
Validator-->>UI: TradeFormValidation.BalancesLoading
UI-->>UI: show "Fetching balances" + CenteredDots
else balances loaded / available
Validator-->>UI: other validations (ok / BalancesNotLoaded / BalanceInsufficient / ...)
end

Estimated code review effort

🎯 3 (Moderate) | ⏱️ ~20 minutes

Possibly related PRs

• feat: update same tokens warning message, address wrapped tokens bug #6028 — Updates tradeButtonsMap.tsx rendering and error/tooltip handling; overlaps UI map changes.
• fix(swap): wait for a optimal quote before eth-flow #5530 — Modifies validateTradeForm.ts and validation control flow; directly related to validation logic changes.

Suggested reviewers

• elena-zh
• shoom3301
• alfetopito

Poem

🐰 Fetching balances, hop by hop,

I nibble bugs until they stop,
Dots a-dancing, soft and light,
No false warnings through the night,
Hooray — the numbers now feel right! 🎉

Pre-merge checks and finishing touches

✅ Passed checks (5 passed)

Check name	Status	Explanation
Title check	✅ Passed	The title accurately describes the main change: hiding the 'couldn't load balances' message when balances are loading, which directly addresses the PR's primary objective.
Description check	✅ Passed	The PR description includes the issue number, a clear explanation of the problem, and testing steps. It follows the template with the main sections populated, though testing steps are somewhat brief.
Linked Issues check	✅ Passed	The code changes directly address issue #4127 by adding isBalancesLoading state to validation logic, introducing a BalancesLoading enum state, and updating UI to show 'Fetching balances' during loading, preventing premature error display.
Out of Scope Changes check	✅ Passed	All code changes are directly related to fixing the balance loading state issue. The modifications to validation context, validation logic, types, UI rendering, and localization are all scoped to resolving issue #4127.
Docstring Coverage	✅ Passed	Docstring coverage is 100.00% which is sufficient. The required threshold is 80.00%.

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[elena-zh]

Hey @kernelwhisperer , thank you!
However, I still can see this message ('could not load balances') when I connect to a wallet (to Safe with WC, or to MM).

To reproduce:

1. open the PR preview link
2. connect to Safe wallet using WC

Then, sometimes. when I switch between networks using network selector (connected to MM), I can see 'fetching balances' message flashing on a quote load, but then I get 'could not load balances' error again.

See the video: the issue happened when I switched to Base: https://www.loom.com/share/e896d51a2d314e0aaba185ada0ebb465