- Through the prediction and optimization of gas prices, MetaMask’s Smart Transactions provide almost flawless success rates and cost efficiency.
- It improves user control and visibility by introducing an easy-to-use dashboard for real-time transaction monitoring within MetaMask.
Leader in the Ethereum wallet industry, MetaMask, announced the release of a revolutionary new feature called “Smart Transactions.”
This innovative product, created in partnership with Consensys’ Special Mechanisms Group, represents a major step forward in improving the security and effectiveness of blockchain transactions, in line with what ETHNews previously disclosed.
Failed transactions are costly and stressful. We want to make web3 as stress-free as possible.
🔊Introducing Smart Transactions: A new feature that protects you from harmful forms of MEV and greatly reduces costly on-chain failures🧵👇 pic.twitter.com/WlMafQbp58
— MetaMask 🦊🫰 (@MetaMask) May 6, 2024
Through the clever bundling of linked transactions, smart transactions seek to protect customers from the drawbacks of maximum extractable value (MEV), avoid transaction failures on the blockchain, and maximize gas fees.
With enthusiasm, Jason Linehan, Director of the Special Mechanisms Group, said:
“Smart Transactions let users automatically take better care of the transactions they sign, ensuring a superior and seamless experience when interacting with the blockchain network.”
How Smart Transactions Improve Security and EfficiencyÂ
With Smart Transactions, an innovative method for managing transactions on Ethereum’s Mainnet is introduced. Each transaction is pre-simulated using MetaMask’s state-of-the-art 30 millisecond Just-In-Time simulation service.
With the feature demonstrating an astounding 99.5% success rate throughout its beta testing phase—significantly surpassing industry benchmarks—this process guarantees the best possible success rates.
Wallets play a strategic role in addressing common user pain points, as Gal Eldar, Executive Product Director at MetaMask, stated:
“Our commitment through Smart Transactions is to tackle challenges actively, enhancing the wallet experience to make transactions not only easier and safer but also more predictable and efficient for everyone.”
Principal Advantages for Users
Smart Transaction users will have a number of observable advantages:
- High Success Rates: Almost flawless success rates greatly lessen the annoyance resulting from unsuccessful transactions.
- Cost-Effectiveness: More accurate estimation of gas prices and avoidance of expensive frontrunning result in more economical transactions.
- Enhanced Visibility: By removing the need to rely on outside websites or block explorers, users of MetaMask may track the current status of their transactions using an easy-to-use dashboard.
In the future, MetaMask intends to improve the Smart Transactions feature even more, with an emphasis on minimizing on-chain reverts and optimizing gas usage. The wallet will keep supporting both regular transactions and unique RPCs, giving users complete control over how they communicate with different blockchains.
An opt-in window will show up for users who have MetaMask Extension version 11.15 or later, or MetaMask Mobile App version 7.21 or later, enabling them to activate Smart Transactions.
It is an optional feature that is free of charge and supported by a distinctive auction system where reputable block builders bid for transaction inclusion.
Pending Smart Transactions are tracked directly within MetaMask, providing users with increased privacy and real-time status notifications.
They are kept secret to guard against sophisticated bots. Furthermore, there is no fee for enabling Smart Transactions because block builders get paid for the transaction chances through auctions.