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Flashbots recently launched a public beta of Flashbots Projects focused on allowing developers and users to submit transactions on Flashbots very quickly. Note that Flashbots is an organization that works on mitigating the negative consequences of MEV extraction techniques used currently. Flashbots aims to develop a transparent and permissionless system for MEV extraction.
Anyone could submit the transactions on Flashbots, but with Flashbots Protect, it will now be easier for the developers and users to integrate. So, a much broader set of stakeholders can access the benefits of Flashbots Auctions including, priority in blocks, front-running protection and no cost for failed transactions.
Flashbots has launched two Protect products, i.e., Flashbots Protect API and Flashbots Protect RPC.
Developers can integrate the Protect API into their applications and enable the users to help to send their transactions to Flashbots Network.
When a user executes a transaction, it is sent to the Flashbots Protect instead of the public mempool. That transaction is smartly managed and monitored by the Flashbots network, and the updates are streamed to users' applications. Note that submission of a transaction can be cancelled anytime by the users.
Flashbots Protect API makes it a lot easier to integrate with Flashbots because it allows the users to specify the granular preferences regarding the transactions, including the exact block number. Now, this granularity can be very complex for the developers because transactions are required to send in a different way.
But, the Protect API can manage the complexity of transaction submission by formatting the transactions as bundles. It makes sure that the transactions won’t be failed by simulating them. It also checks the gas price and will not submit the transaction if the transaction is underprices compared to the base fees.
It is a simple tool that can be added to the wallet, and the transactions can be sent to Flashbots. Here, the transactions will directly be sent to the miners through Flashbots and not through public mempool.
The users also get other benefits, including priority in blocks and no cost for failed transactions.
Its working is pretty simple. When someone makes a transaction in his preferred wallet, the transaction is sent to Flashbots RPC. This is then validated and evaluated for front-running protection. After that, the transaction is sent to Flashbots Protect API for managing the submission of the transaction.
Note that Flashbots Protect RPC is the first product that uses the Flashbots Protect API.
The team is trying a lot to make Flashbots accessible to its users and developers. These two new products will certainly help the users and developers to send transactions on Flashbots easily.