MetaMask Deploys Smart Transactions to Reduce Fees and Improve Privacy

A new feature called Smart Transactions has been deployed by ConsenSys, the company behind the popular Ethereum wallet MetaMask.

ConsenSys, an Ethereum solutions provider, announced on May 14 the launch of Smart Transactions, a new technology that will be available as an optional feature to all MetaMask users globally.

Smart Transactions attempts to improve transaction success rates, lower petrol costs, and protect customers from dangerous MEV (Maximum Extractable Value) threats such as frontrunning and sandwiching.

MetaMask users have long complained about high fees and spreads on token swaps and transactions within the wallet.

MetaMask Improvements

Smart Transactions let transactions remain private until approved on-chain, preventing bots from front-running them. Smart Transactions undergo “pre-simulation using metamask’s just-in-time simulation service,” which improves their success rates, according to the statement.

During beta testing, the new system achieved a transaction success rate of 99.5%, which was significantly higher than the industry average. ConsenSys stated that these new features take advantage of “new mempool virtualization technology” created by the business. Users may also track the status of pending transactions in real-time on a new dashboard within the wallet, eliminating the need to navigate to third-party block explorers.

According to Jason Linehan, Director of ConsenSys Special Mechanisms Group, “Smart Transactions let users automatically take better care of the transactions they sign, and what happens when they get sent to the blockchain network.”

According to the business, over 52,000 ETH were lost on botched transactions in 2023 alone. Gal Eldar, Executive Director of Products at MetaMask, described how difficult it is to submit transactions to a distributed network. “This complexity frequently leads to a user experience that is both frustrating and unpredictable.” It frequently results in significant cash leakage due to frontrunning assaults, costly on-chain reverts, and overpayments for block space.

MetaMask’s Recent History

In January, MetaMask added Validator Staking capability, allowing users to stake 32 ETH using ConsenSys custody services. The wallet costs a 10% commission on incentives, which is far lower than centralized exchanges like Coinbase.

Previously, the wallet encountered some troubles with Apple’s App Store. As reported in October, the number of phoney MetaMask apps had skyrocketed, and the original had vanished from the store. However, the problem was swiftly resolved, and the original MetaMask software has returned and continues to operate on both the Google Play Store and the Apple Software Store.

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