MetaMask, a popular Ethereum crypto wallet, is introducing a new feature called Smart Transactions to help users deal with the impact of maximal extractable value. This optional feature allows users to submit transactions to a virtual mempool before they are officially recorded on the blockchain. Developed by ConsenSys, the virtual mempool defends against certain MEV strategies by simulating transactions behind the scenes, helping users secure lower fees.
MEV, or maximal extractable value, refers to the additional profit that blockchain operators can extract by manipulating transactions before they are processed. This can lead to higher costs, slower transaction speeds, and even failed transactions on the Ethereum network. Jason Linehan, from ConsenSys, emphasized the need for solutions to address these issues and improve user experience.
MetaMask’s virtual mempool initiative is designed to enhance transaction privacy and protect against MEV. This is just the beginning of MetaMask’s plans to revolutionize transaction routing methods on Ethereum. The virtual mempool operates by penalizing builders and searchers who deviate from quoted transaction prices, ensuring fair pricing for users.
In addition to providing better prices for users, Smart Transactions also simplify transaction tracking within MetaMask, eliminating the need to visit external block explorer websites. Linehan sees Smart Transactions as a foundational step towards MetaMask’s future goals, including intent-based architectures.
Overall, MetaMask’s Smart Transactions feature aims to address the challenges posed by MEV on the Ethereum network and improve the user experience for its customers.