Consensys, the blockchain firm known for its contributions to the blockchain and web3 ecosystem, is revolutionizing crypto safety with the introduction of Smart Transactions on MetaMask. This groundbreaking technology aims to address critical issues such as transaction success rates, gas costs, and protection against MEV attacks.
Smart Transactions leverage advanced technology to ensure the privacy of users’ transactions until they are confirmed on the chain, effectively preventing preemptive actions by bots. This is a significant development considering that MEV attacks cost Ethereum users up to 124,000 ETH in 2023 alone. With Smart Transactions, MetaMask users can enjoy a smoother and more secure transaction experience.
One of the standout features of Smart Transactions is its ability to enhance transaction success rates. During beta testing, it achieved an impressive success rate of 99.5%, surpassing industry standards and promising improved transaction reliability.
In addition to higher success rates, Smart Transactions also offer tangible benefits such as reduced gas costs and protection against MEV attacks like frontrunning and sandwiching. By pre-simulating transactions using MetaMask’s just-in-time simulation service, users can optimize gas fees and avoid the costly surprises associated with failed transactions.
Gal Eldar, the Executive Director of Product at MetaMask, emphasized the importance of addressing the complexities and challenges involved in submitting transactions to a distributed network. The introduction of Smart Transactions represents a proactive step towards enhancing user experience and financial security by mitigating issues like frontrunning attacks and overpayments for block space.
Looking ahead, MetaMask plans to continue optimizing the transaction lifecycle with further enhancements. These ongoing efforts aim to increase transaction rates, lower gas costs, and ensure maximum value for Smart Transactions users.
With its track record of driving innovation in the blockchain space since 2014, Consensys remains at the forefront of the industry. Its product suite, which includes MetaMask, Infura, Linea, Diligence, and Phosphor, continues to contribute to the advancement of the blockchain and web3 ecosystem.
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