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ConsenSys, a leader in the Ethereum ecosystem, announced the launch of Smart Transactions, a new optional feature of MetaMask that promises safer, faster, and cheaper transactions for users. This major innovation aims to solve a recurring problem faced by cryptocurrency users.
A new era of Ethereum trading
MetaMask users now have the option to enable Smart Transactions, an innovative feature provided by Consensys.
Available as an option to users around the world, this solution improves the user experience by increasing transaction success rates, reducing gas fees, and protecting against MEV (Maximal Extractable Value) attacks such as frontrunning and sandwich transactions. It is intended to be optimized.
According to EigenPhi's analysis, these forms of MEV helped Ethereum users reach an astronomical amount of 124,000 ETH, or more than $350 million, in 2023 alone. With Smart His Transactions, a user's transactions are kept private until they are confirmed on-chain, making it impossible for malicious bots to misuse the transactions.
Additionally, users can benefit from higher success rates and lower gas costs thanks to the pre-simulation of each smart transaction via MetaMask's just-in-time simulation service. The real-time status of transactions is also displayed directly in his MetaMask wallet, providing increased visibility and peace of mind.
These improvements are based on new mempool virtualization technology developed by Consensys' advanced research arm, Special Mechanisms Group. The entire package gives users more privacy, control, and visibility over their cryptocurrency transactions.
Specific benefits for users
In beta testing, Smart Transactions achieved a 99.5% success rate, significantly exceeding industry standards. Users can save money by avoiding costly front-line transactions and failed transactions. You can also track the status of your transactions in real-time directly in MetaMask.
SMG director Jason Linehan emphasizes the importance of users having better control over transactions sent to the blockchain. In 2023 alone, failed trades cost him more than 52,000 ETH ($153 million), while sophisticated bots profited from post-send trades.
Gal Eldar, executive director of products at MetaMask, acknowledges the complexity and frustration associated with sending transactions on decentralized networks. Smart He Transactions aims to tackle these issues head on.
In summary, with the launch of Smart Transactions, ConsenSys has taken a major step in the quest for a more efficient and user-friendly Ethereum ecosystem. By offering MetaMask users safer, cheaper, and more transparent transactions, this innovation could be a turning point in the mass adoption of cryptocurrencies. It remains to be seen how its gradual rollout and impact on the market will play out in the coming days.
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Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
