The End of Untrustworthy Ethereum Gas Prices? Metamask tests a new “trading line” technology
Metamask has begun testing new technology aimed at helping Ethereum users collaborate with third parties to improve the efficiency and affordability of their crypto transactions. If successful, the feature would give users more agency in how they conduct transactions, effectively changing the power shift between authenticators and users.
The “Transaction Routing” feature is being developed in conjunction with the Special Mechanisms Group (SMG), a subsidiary of the Agreement. Consensys, the parent company of MetaMask, confirmed the feature testing to CoinDesk. The development of the feature represents a change in the blockchain paradigm, resulting in more user-friendly and efficient transactions.
ETH transaction costs are high, and it doesn't make sense for small amounts. With better options, ETH is currently on the decline.
From “How” to “What”
As confirmed to CoinDesk by SMG director Jason Lenihan, the “transaction routing” being developed will be a new intent-centric protocol. These protocols focus on helping users achieve a specific goal when making transactions, rather than requiring them to specify how such transactions are performed.
This means users can determine whether they want to sell tokens at a better price, improve transaction efficiency, or reduce gas fees. Typically, users need to find the right “recipe” to produce such an effect.
“Transaction Line” makes this a thing of the past by involving third parties in the process to help achieve the desired results on behalf of the user. Such an approach has been explored by other parties, often back to Mempool (both private and public), but has failed to gain widespread acceptance.
What makes MetaMask's approach unique?
While many details are still unknown, Linehan said the Metamask approach will not be a “centralized solution” or “straightforward integration” like other integer-centric protocols. Instead, an approach similar to “bid-based optimization” allows the new feature to differentiate itself.
The feature is designed to be permissionless and has mechanisms to ensure that “developers, developers and testers” of all sizes can collaborate, Linehan said. The feature can also be open source, which plays a role in the way the project is licensed once it reaches that stage.
Some of the elements developed for this new routing technology already leverage MetaMask's “Smart Swaps” feature. As the technology continues to evolve, the capabilities of the feature will continue to expand.
MetaMask continues to expand beyond Ethereum.
In a move that reflects MetaMask's commitment to expanding its reach, the MetaMask Snaps plugin has now found its way into the Hedera ecosystem. MetaMask's 30 million users can use the Hedera Wallet Snap plugin to access Hedera applications that previously couldn't use MetaMask-based functionality.
The Snaps plugin was developed by Tuum Technologies to extend the functionality of MetaMask by allowing developers to create custom plugins. This means developers no longer need to rely on Hedera JSON-RPC Relay, simplifying the development process and making Hedera compatible with EVM-based applications.
The launch was classified as “significant” by Hbar Foundation CEO Shane Hygdon, who added that this was “a first step” and that “more features and functions” will be revealed in the future. By enabling developers to extend the functionality of MetaMask in this way, the HBAR Foundation.
ETH trading prices have to come down one way or another. Without them, there would be no market for small ETH transactions.
