HomeNewsHow MetaMask's Smart Transactions are Saving Ethereum Users Millions

How MetaMask’s Smart Transactions are Saving Ethereum Users Millions

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  • Smart Transactions save users money, improve privacy, and protect them from MEV threats.
  • For developers, MetaMask still supports custom RPCs and raw transactions.

With the official introduction of Smart Transactions, a ground-breaking new technology, Consensys is now offering it as an optional service to all MetaMask users globally, echoing earlier coverage by ETHNews.

With this reinvented transaction experience, customers may expect lower gas expenses, higher transaction success rates, and protection against dangerous MEV (Maximal Extractable Value) assaults like frontrunning and sandwiching.

Sparing Users from MEV Attacks

EigenPhi claims that by 2023 alone, these MEVs will cost Ethereum users up to 124,000 ETH, or more than $350 million at current pricing. By preserving user transactions confidential until they are verified on-chain, smart transactions stop bots from frontrunning them.

Because MetaMask pre-simulates every transaction, users will also benefit from lower gas costs and higher transaction success rates. Transparent and improved user experience are achieved by showing real-time transaction progress right inside the MetaMask wallet.

The Special Mechanisms Group, an advanced research division of Consensys, developed a new mempool virtualization technique that contributes to many improvements in Smart Transactions.

Users of this cutting-edge technology have greater visibility, control, and privacy over their transactions, independent of network constraints.

Fantastic Smart Transactions Beta Testing Results

During beta testing, Smart Transactions achieved a stunning 99.5% transaction success rate, which is far above the industry average. More value for users when trading and transacting results from this high success rate.

Smart transactions save customers money and eliminate unforeseen expenses by better anticipating gas prices, avoiding expensive frontrunning, and removing failed transactions.

The ability of users to track the real-time status of their outstanding transactions on an easy-to-use dashboard inside MetaMask is one of Smart Transactions’ best features. With less need to visit unaffiliated websites or block explorers, users may see more clearly and feel more secure.

Bettering the User Experience

Director of the Special Mechanisms Group, Jason Linehan, stressed the effect of Smart Transactions on the user experience. He said:

“With smart transactions, users can automatically look after the transactions they sign and what happens to them once they are delivered to the blockchain network. There is no better approach to improving your user experience.”

By 2023, unsuccessful transactions would have cost over 52,000 ETH, or more over $153 million at current pricing. Furthermore, users lost financial value when clever bots forran successful transactions.

Through the mitigation of these problems, Smart Transactions offer MetaMask users a more dependable and affordable option.

Executive Director of Product at MetaMask, Gal Eldar outlined the impending improvements to the transaction lifecycle made possible by Smart Transactions.

“Transaction submission to a dispersed network is challenging. The user experience that arises from this complexity is frequently both unanticipated and frustrating. Many times, frontrunning assaults, expensive on-chain reverts, and overpayments for block space result in large financial leaks. Whether they realize it or not, a lot of consumers have encountered and grudgingly accepted this truth. It was becoming more and more evident with time that we could do better and address these issues directly,” he stated.

Raw Transaction and Custom RPC support

Also, MetaMask will keep supporting custom RPCs and raw transactions for developers and consumers who would rather have more options when connecting to a blockchain. The full potential of Ethereum and web3 cannot be realized without these improvements.

On the other hand, an earlier ETHNews article highlighted the SEC’s investigation of Ethereum ETFs, which resulted in a lawsuit against Consensys.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628