HomeCryptoMetaMask Introduces Smart Transactions to Save Gas Fees — How?

MetaMask Introduces Smart Transactions to Save Gas Fees — How?

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Deployed last week on Ethereum, Smart Transactions introduced several features allowing users of the MetaMask wallet to save transaction fees. What are these new features?

MetaMask launches a series of new features under the name Smart Transactions

Last week, the famous Web3 wallet MetaMask introduced a new feature allowing you to reduce gas costs: Smart Transactions.

In fact, it is rather a set of novelties acting on several levers to allow the user to save ETH. Among the most notable points, Smart Transactions allows protection against bots seeking to capitalize on the Maximum Extractable Value (MEV).

👉 What is Maximum Extractable Value (MEV)?

Furthermore, the portfolio now brings together several associated transactions in order to benefit from economies of scale on gas costswhile the prediction of said fees has been improved.

Jason Linehan, director of the Special Mechanisms Group at Consensys, commented on this new development:

“Smart Transactions automatically allows users to better pay attention to the transactions they sign and what happens when they are sent to the blockchain network. There is no better way to improve your user experience. »

The genesis of these developments lies in the observation that 15% of transactions would be canceled on Ethereum, leading to 47,000 ETH spent unnecessarily in transaction fees each year. In addition to this, MEV bots would manage to mine 124,000 ETH per year through arbitrage strategies.

👉 To go further — How to install and use the MetaMask wallet?

For the moment, these features have only been deployed on Ethereum, and the first tests have reportedly demonstrated a transaction success rate of 99.5%. Furthermore, Consensys promises to add additional new features over the monthswhich will be a continuation of these developments.

Ledger: the best solution to protect your cryptocurrencies

Source : MetaMask

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