- ConsenSys, an Ethereum solutions provider, has announced the deployment of Smart Transactions, a new feature for all MetaMask users worldwide.
- Smart Transactions aim to improve transaction success rates, reduce gas costs, and protect users from harmful MEV (Maximal Extractable Value) attacks.
- MetaMask users have long complained about high fees and spreads on token swaps and transactions within the wallet.
ConsenSys rolls out Smart Transactions to MetaMask users, aiming to improve transaction success rates, reduce costs, and enhance user protection.
MetaMask Improvements
Smart Transactions allow transactions to remain private until confirmed on-chain, preventing bots from front-running them. They also improve success rates through “pre-simulation using MetaMask’s just-in-time simulation service.” During beta testing, the new system achieved a 99.5% transaction success rate, significantly higher than the industry benchmark. ConsenSys has developed new mempool virtualization technology to facilitate these enhancements.
Monitoring and Managing Transactions
Users can now monitor the real-time status of pending transactions directly within the wallet, eliminating the need to navigate to third-party block explorers. Jason Linehan, Director of ConsenSys Special Mechanisms Group, commented, “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 ConsenSys, more than 52,000 ETH was wasted on failed transactions in 2023 alone.
MetaMask’s Recent History
In January, MetaMask launched Validator Staking support, enabling users to stake 32 ETH via ConsenSys custody services. The wallet charges a 10% commission on rewards, which is significantly lower than centralized exchanges like Coinbase. Despite previous issues with Apple’s App Store, including an increase in fake MetaMask apps, the original app has returned and continues to operate on both Google Play Store and Apple’s App Store.
Conclusion
The introduction of Smart Transactions by ConsenSys is a significant step towards improving the user experience for MetaMask users. By enhancing transaction success rates, reducing costs, and providing better protection against MEV attacks, MetaMask is positioning itself as a more user-friendly and reliable platform for crypto transactions.
