Violet Vallaya
MetaMask, the leading Ethereum wallet, has introduced a new feature known as Smart Transactions. This feature aims to address transaction inefficiencies and mitigate the negative impact of maximal extractable value (MEV) on the Ethereum network.
The current state of Ethereum transactions presents challenges, such as high failure rates, resulting in wasted gas fees, and MEV, where bots exploit transactions for profit, amounting to significant losses for users annually.
Smart Transactions offers several benefits:
- Pre-Simulation: Before submission to the blockchain, MetaMask simulates transactions using a 30-millisecond Just-In-Time simulation service, enhancing success rates and predictability.
- MEV Protection: The feature protects users from harmful MEV strategies, enhancing asset security and reducing financial risks.
- Reduced Reversions: Smart Transactions prevent transactions from failing on the chain, saving time and gas fees.
- Gas Optimization: It automatically groups related transactions, optimizing gas costs for increased value during trading and transacting.
During beta testing, Smart Transactions achieved an impressive 99.5% transaction success rate, surpassing industry benchmarks. It offers improved gas fee prediction, curbing costly frontrunning and ensuring smoother transactions. Users can monitor pending transactions via an intuitive dashboard within MetaMask, eliminating the need for third-party websites or block explorers.
To activate Smart Transactions, users need to:
- Update MetaMask to the latest version.
- Navigate to MetaMask settings.
- Enable the Smart Transactions feature.
Given the important role wallets play in addressing transaction challenges, this feature marks a significant stride towards a more efficient, secure, and predictable Ethereum ecosystem.
