MetaMask launches smart trading feature to reduce user MEV losses
MetaMask announced the launch of an anti-MEV transaction submission feature - Smart Transactions, which reduces user losses from MEV and increases the likelihood of transaction success by submitting user transactions to a trusted builder network auction.
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Blockchain Interaction Experience is Poor
According to statistics from the MetaMask team, about 15% of transactions submitted to the blockchain by users each year fail, with users spending approximately 47,000 ETH on these invalid transactions. Meanwhile, MEV arbitrage robots have obtained over 120,000 ETH, equivalent to about 400 million USD, from successful transactions.
Both the high rate of transaction failures and the losses due to MEV have significantly impacted the overall user experience of blockchain interaction.
MetaMask Introduces Smart Transaction Feature
The MetaMask team, in collaboration with Consensys' research department, Special Mechanisms Group, has designed a smart transaction feature to reduce the chances of MEV arbitrage and improve transaction success rates for all transactions submitted through MetaMask by allowing trusted block producers to construct blocks.
After users sign and submit transactions to the blockchain, they can auction the transactions to a trusted network of blockchain builders instead of throwing them into the public mempool. Through a bidding mechanism, users can conduct transactions in a way that maximizes their own interests.
According to the team, using MetaMask's smart transaction feature can increase the transaction success rate to 99.5%.
The smart transaction feature on MetaMask is now live on the Ethereum network but is initially disabled. Users who wish to try it can enable it in the wallet settings page, and there are currently no additional fees for using this feature.
Recommended Reading: What are the Solutions for Ethereum's MEV Problem Beyond the Protocol Layer?
Reason for Recommendation: This article provides a more comprehensive explanation of the current industry's mainstream methods of reducing the impact of MEV, helping readers understand the specific category in which MetaMask's smart transactions address the issue.