MetaMask implements smart transactions to reduce fees and improve privacy

On May 14, Ethereum solutions provider ConsenSys announced the deployment of Smart Transactions, a new technology that will be rolled out to all MetaMask users globally as an optional feature.

Smart Transactions aims to provide better transaction success rates, reduce gas costs and protect users from harmful Maximum Extractable Value (MEV) attacks such as frontrunning and sandwiching.

MetaMask users have long lamented the high fees and spreads of token exchanges and in-wallet transactions.

MetaMask improvements

Smart transactions allow transactions to remain private until they are confirmed on-chain, meaning bots cannot execute them. Their success rates are also improved because smart transactions undergo “pre-simulation using MetaMask’s just-in-time simulation service,” he said.

During beta testing, the new system delivered a 99.5% transaction success rate, well above the industry benchmark, he added. ConsenSys noted that these new improvements take advantage of “new mempool virtualization technology” that the company has developed.

Additionally, users can monitor the real-time status of pending transactions in a new dashboard directly within the wallet without navigating to third-party block browsers.

ConsenSys Special Mechanisms Group Director Jason Linehan commented: “Smart transactions allow users to automatically take better care of the transactions they sign and what happens when they are sent to the blockchain network.”

According to the company, more than 52,000 ETH were wasted in failed transactions in 2023 alone. MetaMask’s chief product officer, Gal Eldar, explained that sending transactions to a distributed network is difficult.

“This complexity often results in a frustrating and unpredictable user experience. In many cases, it can lead to significant financial leakage due to frontline attacks, costly on-chain rollbacks and overpayments for block space “.

Recent history of MetaMask

In January, MetaMask launched Validator Staking support that allows users to stake 32 ETH using ConsenSys escrow services. The wallet charges a 10% commission on rewards, which is much lower than centralized exchanges like Coinbase.

Previously, the wallet had some issues with Apple’s App Store. As reported in October, the number of fake MetaMask apps had increased and the original one disappeared from the store. However, the issue was fixed relatively quickly and the real MetaMask app is back and has continued to work on both the Google Play Store and Apple’s App Store.

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