Ethereum
Consensys revolutionizes crypto with Smart Transactions!
4:16 p.m. ▪ 3 min reading ▪ by Fénelon L.
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 ability 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 MEV (Maximal Extractable Value) attacks such as trading front-running and sandwich.
According to analysis According to EigenPhi, these forms of MEV cost Ethereum users a staggering 124,000 ETH, or over $350 million, in 2023 alone. With Smart Transactions, user transactions remain confidential until to their on-chain confirmation, which makes it impossible for them to be exploited by malicious robots.
Additionally, users enjoy higher success rates and discount gas fees thanks to the presimulation of each Smart Transaction via MetaMask’s just-in-time simulation service. Real-time transaction status is also directly displayed in the MetaMask wallet, providing increased visibility and peace of mind.
These enhancements leverage new memory pool virtualization technology developed by Special Mechanisms Group, the advanced research division of Consensys. The whole package provides users with more privacy, control and visibility over their crypto transactions.
Concrete benefits for users
In beta testing, Smart Transactions achieved a 99.5% success rate, significantly higher than industry standards. Users save money by avoiding costly preliminary operations and failed transactions. They can also track real-time transaction status directly in MetaMask.
Jason Linehan, director of SMG, highlights the importance for users to better manage their transactions sent to the blockchain. In 2023 alone, more than 52,000 ETH ($153 million) was wasted on failed trades, while sophisticated bots took advantage of trades after they were submitted.
Gal Eldar, executive director of product at MetaMask, recognizes the complexity and frustration associated with submitting transactions on a distributed network. Smart Transactions aims to address these issues head on.
In summary, with the launch of Smart Transactions, Consensys takes a major step forward in its quest for a more efficient and user-friendly system. Ethereum ecosystem. By offering MetaMask users safer, cheaper and more transparent transactions, this innovation could mark a turning point in the mass adoption of cryptos. It remains to be seen how its gradual deployment will take place and its impact on the market in the coming days.
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Fenelon L.
Passionate about Bitcoin, I like to explore the intricacies of blockchain and cryptos and I share my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.