Consensys revolutionizes crypto with Smart Transactions on MetaMask

Consensys, leader of the Ethereum ecosystem, has just announced the launch of Smart Transactions, a new optional feature on MetaMask that promises users safer, faster and cheaper transactions. This major innovation aims to resolve recurring problems encountered by crypto users.

A new era for Ethereum transactions

MetaMask users now have the option to enable Smart Transactions, a revolutionary feature offered by Consensys.

Available as an option to users worldwide, this solution aims to optimize user experience by improving transaction success rates, reducing gas fees, and protecting against Maximum Extractable Value (MEV) attacks such as front -running and sandwich trading.

According to analyzes from EigenPhi, these forms of MEV cost Ethereum users an astronomical sum of 124,000 ETH, or more than $350 million, in 2023 alone. With Smart Transactions, user transactions remain confidential until their on-chain confirmation, making it impossible for malicious bots to exploit them.

Additionally, users benefit from higher success rates and reduced gas costs by pre-simulating each Smart Transaction via MetaMask's Just-In-Time Simulation Service. Real-time transaction status is also displayed directly in the MetaMask wallet, providing increased visibility and peace of mind.

These enhancements leverage new mempool virtualization technology developed by Special Mechanisms Group, the advanced research division of Consensys. The whole thing offers users more privacy, control and visibility over their crypto transactions.

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Concrete benefits for users

During beta testing, Smart Transactions achieved a success rate of 99.5%, significantly higher than industry standards. Users pay less by avoiding costly frontrunning and failed transactions. They can also monitor the status of transactions in real time directly in MetaMask.

Jason Linehan, director of SMG, highlights the importance for users to better manage their transactions sent on the blockchain. In 2023 alone, more than 52,000 ETH ($153 million) was wasted on failed trades, while sophisticated bots profit from trades after they are submitted.

Gal Eldar, executive director of product at MetaMask, recognizes the complexity and frustration of submitting transactions on a distributed network. Smart Transactions aims to address these issues head on.

In short, with the launch of Smart Transactions, Consensys takes a major step in its quest for a more efficient and user-friendly Ethereum ecosystem. By offering MetaMask users more secure, economical and transparent transactions, this innovation could well mark a turning point in the mass adoption of cryptos. It remains to follow its gradual deployment and its impact on the market in the coming days.

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