Find the best transaction route
Web3 crypto wallet MetaMask is testing a new routing technology that allows users to specify a “desired outcome” for a transaction.
MetaMask is the most popular wallet on the Ethereum chain. Since last year, the Ethereum community has focused attention on creating transactions based on the concept of “intent” to reduce the burden on users. It has been suggested that this work could lead to fundamental changes in the way we interact with blockchain.
An intent is a specific goal that a user wants to achieve, and in intent-centric protocols, rather than explicitly specifying conditions for how a transaction should be performed, an intent is This takes the form of specifying what the desired outcome is.
For example, instead of specifying “Sell B token at price C on exchange A,” you would express “I want to sell the tokens I own at the highest price.”
The blockchain field is rapidly expanding, not only with the progress of Ethereum, but also with the proliferation of alternative blockchains and L2 networks, and the development of bridges and various interoperability solutions to connect them. Navigating is becoming increasingly difficult.
Arjun Bhuptani of interoperability protocol Connext points out that as the cryptocurrency market matures and more and more things can be done on blockchain, there are “infinitely many ways to execute a transaction at a given point in time.” There is.
Intent-based applications are being developed to reduce the burden on users and improve ease of use by providing optimal solutions.
connection: How to use the virtual currency wallet “MetaMask” that even beginners can understand
Metamask is an Ethereum-based virtual currency wallet that provides services as a mobile app and web browser extension, allowing you to manage virtual currency and send and receive money. It is also a standard wallet used in dApps (decentralized applications) such as DeFi (decentralized finance) and games.
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Introduced by MetaMask
According to a report by US media CoinDesk, the new technology is being developed by Special Mechanisms Group (SMG), a blockchain infrastructure company acquired last year by Web3 developer Consensys, which owns MetaMask.
An early version of SMG’s routing technology is already being used in MetaMask’s browser extension Smart Swaps, which helps users exchange tokens, Consensys said. SmartSwap is offered as an opt-in feature that reflects user intent.
With Smart Swap, users can simply request to sell their tokens at the highest price without specifying how to sell their tokens.
Once MetaMask fully transitions smart swaps to the new architecture, third-party routing apps will find the best route for a given swap and execute the necessary trades on your behalf.
Consensys says it plans to expand its routing capabilities beyond smart swaps to other trade types in the coming months. The company also plans to begin offering this feature to third parties who wish to use it.
Concerns about new technology
In addition to MetaMask, protocols that incorporate the concept of intent are already in operation, such as Uniswap X, CoW Swap, Anoma, and SUAVE, and are attracting attention as a growth area for blockchain.
However, while intent-based protocols offer various benefits to users, it has also been pointed out that there is a risk that problems may occur within the system. Paradigm, a major virtual currency VC company, has the following to say about the risks of concern:
Intents are an exciting new paradigm for transactions, but their widespread adoption may mean the acceleration of a larger trend of user activity shifting to alternative mempools (pools of waiting transactions). If improperly managed, this shift risks centralizing power and entrenching profit-seeking middlemen.
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— CoinPost (virtual currency media) (@coin_post) December 21, 2023