MetaMask developers have implemented the Smart Transactions feature to protect against MEV bots and reduce costs

What’s new? ConsenSys has announced the launch of its new Smart Transactions technology, which is available to all users of its developed non-custodial Web 3.0 crypto wallet MetaMask worldwide as an additional feature. The innovation will improve transaction efficiency, reduce gas costs, and protect users from malicious attacks by MEV bots.

Material by Crowdfund Insider

What else is known? With Smart Transactions, user transactions will remain private until they are confirmed on-chain, preventing bots from sandwiching or outrunning real users’ trades (frontrunning).

Users will also be able to increase the percentage of successful transactions and reduce commission costs. Since the technology pre-simulates the transaction in a special service MetaMask, the status of the real transaction can be monitored in real-time within the wallet, without going to third-party services.

In this way, Smart Transactions can better predict gas costs, prevent costly bot attacks, and eliminate failed transactions.

ConsenSys notes that during beta testing, Smart Transactions delivered a 99,5% transaction success rate, well above industry indicators.

According to industry experts, users spent more than 52 000 ETH on failed transactions in 2023 alone, at current prices these assets are worth about $153 million. EigenPhi estimates that over the same period, MEV bot attacks have caused 124 000 ETH worth of damage to users, now worth over $350 million.

ConsenSys will continue to improve the implemented technology in the coming months, as these enhancements are critical in order “to realize the full potential of Ethereum and Web 3.0,” said Gal Eldar, executive director of product at MetaMask.

He added that sending transactions to a distributed ledger is complex and the outcome is often unpredictable and can involve financial losses due to frontrunner attacks, chargebacks, and overpayments for blockchain space. “It’s a reality many users, whether knowingly or not, have faced and reluctantly come to accept. Over time, it became increasingly clear that we could do better and tackle these problems head-on,” the senior executive added.

Earlier, ConsenSys faced claims from the US Securities and Exchange Commission (SEC). Officials sent the company a notice of preparation for filing a lawsuit related to violations of securities laws in the operation of MetaMask crypto exchange and staking services.