04 Feb Metamask: What is the transaction lifecycle?
Understanding the Metamask Transaction Lifecycle: A Step-by-Step Guide
Metamask is a popular web wallet and decentralized application (dApp) platform that allows users to interact with various Ethereum-compatible applications without having to worry about the complexities of transaction verification. However, when sending funds from one address to another using Metamask, multiple transactions take place in the background, which can be daunting for new users. In this article, we analyze the Metamask transaction lifecycle and explain what happens at each stage.
Step 1: Transaction Creation
When you click “Send” in your MetaMask wallet, a new transaction is created to send funds from address A to address B. Here’s what happens:
- The transaction is initiated by your MetaMask application, which sends a request for a new transaction to the Ethereum network (Ethereum.org).
- The EVM (Ethereum Virtual Machine) creates a new transaction and generates a unique identifier called a “transaction ID”.
- A transaction structure is created, including sender address, recipient address, gas limit, gas price, and other relevant information.
Step 2: Calculating the gas price
Before sending the transaction, MetaMask calculates the optimal gas price for your transaction, taking into account factors such as:
- The complexity of the transaction (e.g. using complex contract functions or calling external libraries)
- The number of gas units required to execute the transaction
- Estimated gas prices on the Ethereum network
MetaMask uses a smart contract called “gasPriceEstimator” to estimate the optimal gas price. This contract takes into account several factors, including:
- User’s MetaMask balance (to ensure sufficient funds for the transaction)
- Sender and recipient addresses (to minimize gas costs)
- The structure and complexity of the transaction
Step 3: Pay Gas
Once the gas price is estimated, MetaMask requests a gas payment from your MetaMask account. This involves:
- Sending a request to the Ethereum network to pay the gas amount
- Using the gas prices calculated by “gasPriceEstimator” as the basis for payment
Step 4: Confirm transaction
Once the gas fee is paid, the transaction is verified and executed on the Ethereum network:
- The EVM checks the structure of the transaction and ensures that it follows the predetermined rules
- The transaction is sent to the network for validation and confirmation
- If the transaction passes validation, it is added to the blockchain and a “block” is created.
Step 5: Create Blocks
When multiple transactions are combined into a single block, they are grouped together and created as a new block. This process is called “block merge.”
Step 6: Complete Transaction
Once a block is created, it is submitted to the Ethereum network for verification and settlement:
- The EVM checks the contents of the block and makes sure everything is correct
- The transaction is re-verified on the network (if applicable)
- Once verified, the block is added to the blockchain
Step 7: Confirmation
The final step in the Metamask transaction lifecycle is confirmation. Here you will find:
- If the sender has sufficient funds, a “confirmation message” is sent back to MetaMask indicating that the transaction was processed successfully.
- The transaction is marked as completed and added to the blockchain
In short, when you send 1 ETH from address A to address B using Metamask, multiple transactions take place in the background. From creating the initial transaction request to verification and settlement on the blockchain, each step plays a crucial role in the successful execution of your transaction.
Note that this is a simplified explanation of the Metamask transaction lifecycle.
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