MetaMask Launching ‘Smart Transaction’ Feature This Week

Joshua Ramos
How to Add a Network to MetaMask
Source: Binance Academy

The most popular cryptocurrency wallet available, MetaMask, has announced the impending launch of its new Smart Transaction feature, which will arrive this week. Moreover, the arrival is set to be the first of a host of transformative updates as a part of the Ethereum wallet’s new roadmap.

The new feature was implemented to aid users in sidestepping the consequences of maximal extractable value (MEV). The new feature will ultimately work to get users lower fees as it protects against MEV strategies, according to the company behind the wallet’s creation, Consensys.

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MetaMask Set to Launch New Smart Transaction Feature

There is no denying that a good crypto wallet is extremely important for digital asset investors. Indeed, these wallets are vital in terms of their security and ease of use for market participants. Conversely, since its release in 2016, MetaMask has been an industry leader.

Now, the wallet is taking steps to continue to give users the best option. Specifically, MetaMask announced that it is launching its ‘Smart Transaction’ feature this week. Moreover, it is the first in what is a highly anticipated roadmap from the Ethereum wallet.

The new feature is an option, that allows the submission of transactions to a ‘virtual mempool.’ Indeed, users will be able to submit this before those transactions are cemented on-chain, which will help protect users from MEV strategies. Overall, this leads to lower fees for the users in question.

What is MEV?

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MEV is a tactic that is sometimes used by blockchain operators in order to increase their profit from users. This works through either previewing or re-ordering transactions before they get written on a network. It is similar to front-running orders in traditional finance and is looked down upon by many in the sector.

These practices all have a negative influence on Ethereum as a network. It increases prices and causes congestion, slowing down transaction speeds. Speaking to Coindesk, Consensys Director of Special Mechanisms Jason Linehan said that “$400 million every year” is being wasted on these MEV practices.

Yet, MetaMask is now unveiling its solutions to the growing problem. Compared to a private mempool, it is a way to ensure the privacy of a transaction as well as orchestrate its protection from MEV.

Although there are some centralization concerns, Consensys disagrees with this sentiment. Specifically, they believe that the MetaMask solution could be an important step in addressing Ethereum’s large issue of hidden costs. Smart Transaction for MetaMask is set to be an exciting first step in their efforts.