MetaMask Smart Transactions: Boosting Success Rates, Lowering Costs

Key Points:

• Consensys introduces Smart Transactions for MetaMask.
• The feature combats MEV attacks and ensures transaction privacy.
• MetaMask plans future transaction enhancements.

MetaMask Smart Transactions, a new feature, increases transaction success rates and reduces gas costs. It also protects against MEV attacks and plans future enhancements.

Consensys has announced an innovative feature, Smart Transactions, for MetaMask users globally. This new technology aims to enhance transaction experiences by increasing success rates, reducing gas costs.

Introduction of Smart Transactions in MetaMask

The feature also protects users from harmful Maximal Extractable Value (MEV) attacks such as frontrunning and sandwiching. MEV attacks were estimated to have cost Ethereum users approximately 124,000 ETH or over $350 million in 2023 alone.

Smart Transactions ensures users’ transactions remain private until confirmed on chain, preventing bots from frontrunning them. Every Smart Transaction undergoes pre-simulation using MetaMask’s simulation service, allowing real-time transaction status display within the MetaMask wallet.

The Role of MetaMask Smart Transactions in Preventing MEV Attacks

During its beta testing, Smart Transactions achieved a 99.5% transaction success rate, above the industry average. It also enables users to better predict gas costs, prevent costly frontrunning, and eliminate failed transactions, thereby reducing costs and avoiding surprises.

Jason Linehan, Director of SMG, emphasized that Smart Transactions allow users to better manage their transactions sent to the blockchain network, enhancing their user experience.

In 2023, over 52,000 ETH was wasted on failed transactions, worth over $153 million. Successful transactions were often subjected to frontrunning by sophisticated bots.

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Future Enhancements for MetaMask’s Transaction Lifecycle

Gal Eldar, Executive Director of Product at MetaMask, acknowledged the complexity of submitting transactions to a distributed network and the potential for significant financial leakage. He stated that it was clear that they could improve and directly address these challenges.

In the future, MetaMask plans to introduce more enhancements to the transaction lifecycle through Smart Transactions to further increase success rates, lower gas costs, and retain the value of trades for users.