Ethereum
MetaMask Deploys “Smart Transactions” to Fight Ethereum Leadership
MetaMaskthe leading crypto wallet Ethereum, is unveiling a new feature this week called Smart Transactions, aimed at mitigating the impact of maximum extractable value on users.
Smart Transactions, an optional feature, allows users to submit transactions to a “virtual memory pool” before they are officially recorded on the blockchain. Developed by ConsenSys, the company behind MetaMask, this virtual memory pool defends against certain MEV strategies by simulating transactions behind the scenes to ensure lower fees for users.
MEV represents additional profits that blockchain operators can extract by manipulating transactions before they are processed, similar to traditional financial markets. MEV significantly influences the functionality of Ethereum, inflating costs, slowing transaction speeds, and sometimes causing transactions to fail.
Jason Linehan, Director of ConsenSys’ Special Mechanisms Group, highlighted the prevalence of wasted funds due to MEV-related issues, highlighting the urgent need for solutions to improve the user experience.
MetaMask’s virtual memory pool initiative mirrors private memory pools, which improve transaction privacy and protect against MEV. This is the first step in an ambitious roadmap for the platform, aimed at revolutionizing MetaMask’s transaction routing methods on Ethereum.
Linehan clarified that MetaMask’s virtual memory pool is distinct from conventional private memory pools and is essential to address Ethereum’s substantial hidden expenses.
Smart transactions work by leveraging Ethereum’s existing infrastructure, with MetaMask’s virtual memory pool financially penalizing builders and researchers if they deviate from stated transaction prices. Linehan noted that the majority of current Ethereum operators have already opted into MetaMask’s virtual memory program.
In addition to ensuring better prices for users, smart transactions simplify tracking transactions in MetaMask, eliminating the need for users to navigate external block explorer websites.
Linehan described smart transactions as a fundamental step toward MetaMask’s broader goals, envisioning future developments such as intent-based architectures.
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