Consensys Revolutionizes Crypto Safety with MetaMask’s Smart Transactions

  coinedition.com 22 h

As reported by Wu Blockchain, a crypto news reporter, the blockchain firm Consensys has introduced Smart Transactions. This innovative technology, set to roll out globally as an optional feature on MetaMask, aims to address pressing issues such as transaction success rates, gas costs, and protection against MEV attacks.

Consensys announced the launch of Smart Transactions, which will be launched as an optional feature to Metamask users worldwide. Users’ transactions can remain private until they are confirmed on the chain, which means that robots cannot preempt transactions.…

— Wu Blockchain (@WuBlockchain) May 15, 2024

Smart Transactions leverage advanced technology to ensure users’ transactions remain private until confirmed on the chain, effectively thwarting preemptive actions by bots. According to EigenPhi estimates, MEV attacks cost Ethereum users a sum of up to 124,000 ETH in 2023 alone, highlighting the urgency for solutions like Smart Transactions.

One of Smart Transactions’ standout features is its ability to significantly enhance transaction success rates. During beta testing, it boasted an impressive 99.5% success rate, surpassing industry benchmarks and promising a smoother transaction experience for MetaMask users worldwide.

Moreover, Smart Transactions offer tangible benefits in terms of reduced gas costs and protection against MEV attacks such as frontrunning and sandwiching. By pre-simulating transactions using MetaMask’s just-in-time simulation service, users can enjoy lower gas fees and avoid costly surprises associated with failed transactions.

Gal Eldar, Executive Director of Product at MetaMask, emphasized the importance of addressing the complexities and challenges inherent in submitting transactions to a distributed network. The introduction of Smart Transactions represents a proactive step towards mitigating issues like frontrunning attacks and overpayments for block space, ultimately enhancing user experience and financial security.

Moving ahead, MetaMask plans to introduce further enhancements to the transaction lifecycle. These ongoing optimizations aim to increase transaction rates, lower gas costs, and ensure the value of trades for Smart Transactions users.

Consensys, renowned for its contributions to the blockchain and web3 ecosystem since 2014, continues to drive innovation through its product suite, which includes MetaMask, Infura, Linea, Diligence, and Phosphor.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source