By
Godfrey Benjamin
April 29th, 2024
MEV Protection coincides with an upgrade to Trust Wallet’s Swaps feature, which now allows seamless exchanges with over 1 million token pairs across multiple networks and providers.
Trust Wallet, a leading crypto wallet and Web3 gateway with over 80 million users, has made an advancement by introducing Miner Extractable Value (MEV) Protection. This new feature ensures the security and fairness of crypto transactions. The implementation of this solution is a direct response to user complaints about technical issues and hacking incidents, showing the wallet’s commitment to improving the overall crypto experience for its large user base.
MEV Protection coincides with an upgrade to Trust Wallet’s Swaps feature, which now allows seamless exchanges with over 1 million token pairs across multiple networks and providers. This dual advancement showcases its dedication to facilitating secure swaps in the Web3 ecosystem.
Understanding MEV and Its Impact
Miner Extractable Value is a concept in the blockchain industry that refers to the potential profit miners, validators, and other participants can gain by manipulating the order, censorship, or insertion of transactions within a block. These attacks exploit this vulnerability, enabling malicious actors to manipulate transaction orders for personal gain. They result in increased slippage, less favorable execution prices, and an unfair trading experience for regular users.
MEV Protection: A Comprehensive Solution
The introduction of MEV Protection is aimed at countering this attack. The security measure safeguards users’ swaps from front-running and sandwich attacks, which are common tactics used by bad actors in the crypto space. Front-running involves exploiting knowledge of a pending transaction to execute a similar transaction before it, thereby manipulating the market price. Sandwich attacks, on the other hand, require trapping a legitimate transaction between two malicious ones to profit from price slippage.
The MEV protocol ensures that users receive fair market prices for their swaps, protecting them from the risk of paying more or receiving less than the prevailing market rate. This feature benefits both experienced traders and those new to crypto, creating a safer and more secure environment for all swap participants.
Easy Access to MEV Protection
Accessing this new feature is a simple process. Users can select the swap option from the bottom menu, click on the settings button in the top right corner, and enable the MEV protection features. This will also make it available on all devices connected to the account, ensuring a seamless and secure trading experience and automatically opting users in for an additional layer of security from the beginning. This approach further showcases its commitment to transparency and providing a user-focused Web3 experience.
In addition, the crypto wallet further places a strong emphasis on user education and empowerment, ensuring that its community is well-informed about the security measures that it has put in place. The introduction of this new development has received praise from the Trust Wallet community.
“That’s awesome! Congratulations on adding MEV Protection. Now we can swap with peace of mind. Great move, Trust Wallet!” stated X user RichQuack with over 340,000 followers.