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Consensys is revolutionizing crypto with Smart Transactions on MetaMask

Wed 15 May 2024 ▪ 3 min of reading ▪ by Fenelon L.
Altcoins

Consensys, leader in the Ethereum ecosystem, has just announced the launch of Smart Transactions, a new optional feature on MetaMask that promises users safer, faster, and cheaper transactions. This major innovation aims to solve recurring issues faced by crypto users.

Nouvelle implementation crypto sur Ethereum

A New Era for Ethereum Transactions

MetaMask users now have the option to enable Smart Transactions, a revolutionary feature offered by Consensys

Available as an option for users worldwide, this solution aims to optimize the user experience by improving transaction success rates, reducing gas fees, and protecting against MEV (Maximal Extractable Value) attacks such as front-running and sandwich trading.

According to the analysis by EigenPhi, these forms of MEV have cost Ethereum users the astronomical sum of 124,000 ETH, or more than 350 million dollars, in the year 2023 alone. With Smart Transactions, users’ transactions remain confidential until their on-chain confirmation, making it impossible for malicious bots to exploit them.

Furthermore, users benefit from higher success rates and reduced gas costs thanks to the presimulation of each Smart Transaction via MetaMask’s just-in-time simulation service. The real-time status of the transaction is also directly displayed in the MetaMask wallet, offering increased visibility and peace of mind.

These improvements build on a new mempool virtualization technology developed by Special Mechanisms Group, Consensys’ advanced research division. The whole package offers users more privacy, control, and visibility over their crypto transactions.

Concrete Benefits for Users

In beta tests, Smart Transactions achieved a success rate of 99.5%, significantly higher than industry standards. Users save money by avoiding costly frontrunnings and failed transactions. They can also track the status of transactions in real-time directly in MetaMask.

Jason Linehan, director of SMG, emphasizes the importance for users to better manage their transactions sent to the blockchain. In 2023 alone, more than 52,000 ETH (153 million dollars) were wasted in failed transactions, while sophisticated bots profited from transactions after their submission.

Gal Eldar, executive director of products at MetaMask, acknowledges the complexity and frustration associated with submitting transactions on a distributed network. Smart Transactions aims to address these issues head-on.

In summary, with the launch of Smart Transactions, Consensys is taking a major step in its quest for a more efficient and user-friendly Ethereum ecosystem. By offering MetaMask users safer, cheaper, and more transparent transactions, this innovation could mark a turning point in the mass adoption of cryptos. It remains to be seen how its gradual deployment and impact on the market will unfold in the coming days.

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Fenelon L. avatar
Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.