The team behind the non-custodial wallet MetaMask is testing a “transaction routing” technology that could revolutionize value transfer on the Ethereum network, reports CoinDesk.
The publication learned about the new solution from the app’s developers. Without disclosing further details, the information was confirmed by the parent company ConsenSys.
The technology relies on the concept of “intents,” which is gaining popularity in the blockchain community. Its essence lies in changing the paradigm of user interaction with the network. Instead of specifying exact actions for applications (such as “sell X tokens for Y at price Z”), users will simply state their goal and desired outcome — for example, “get the best price for my coins.”
The technology is being developed by the infrastructure project Special Mechanisms Group (SMG), which ConsenSys acquired in 2023.
The solution is already used in the Smart Swaps option implemented in MetaMask. This feature allows users to simply ask the app to sell tokens at the most favorable price.
It is anticipated that when Smart Swaps is fully transitioned to the new architecture under the “intents” implementation, the wallet will use a system of third-party blockchain operators. These operators will act like exchange aggregators to find the best deal options, but without restrictions on the types of platforms chosen.
ConsenSys stated that in the coming months, they will expand routing beyond Smart Swaps to integrate other types of transactions. The option is also expected to be made available for independent use.
Currently, protocols focused on implementing this concept, such as Anoma, Uniswap X, SUAVE, and CoW Swap, use something akin to a “private mempool.” Such solutions are designed to protect against the effects of MEV bot attacks. This specialized software extracts benefits for operators from user operations through various strategies.
The community sees certain risks in this approach, such as the potential for transaction censorship by major players like MetaMask.
ConsenSys representatives explained that their mechanism is intentionally designed to “shift power” from block-proposing validators (for earning fees and extracting MEV) to transaction senders.
SMG CEO Jason Linehan commented that their approach to the technology differs from existing ones, not offering a “centralized solution or vertical integration.”
The developer did not disclose details of the mechanism but confirmed it will include a kind of “auction-based optimization method.” According to Linehan, SMG does not use a “private mempool.”
Each network participant, such as a block proposer, creator, or MEV opportunity seeker, will have their role, he added.
Linehan suggested that what SMG is developing will be open source.
In April 2023, more than 30 Ethereum projects joined forces to launch the MEV Blocker tool, designed to protect users from frontrunning and “sandwich attacks” within MEV.