Alchemy Transact, the Smart Transaction Platform

Alchemy Transact, the Smart Transaction Platform

Author: Alchemy Team

Reviewed by Brady Werkheiser

Published on October 26, 20223 min read

To bring web3 to a billion people, we need to continue giving developers the tools to build experiences that create trust, joy and value for their customers. 

Today, we are thrilled to make progress towards that mission with Alchemy Transact, a suite of products built to make every step of the transaction lifecycle easier and more effective. Start building with these products today:

  • Reinforced Transactions: Speed and reliability with 7.9x faster transactions, 100% success rate

  • Private Transactions: Arbitrage and frontrunning protection until a transaction is mined on chain

  • Notify: Push notifications to stay up-to-date on all transaction activity

Why are we doubling down on transaction tooling? 

Transaction volume is huge today. In Q3’22, more than 4M daily transactions were sent on Ethereum and Polygon. Average transaction value was more than $2,800. 

Despite massive adoption, blockchain transactions remain fragile: 31% of transactions are dropped during peak network congestion. Failure states are unpredictable and opaque for users, creating frustrating, nerve-wracking experiences. 

The transaction lifecycle

The transaction lifecycle can be broken down into four sequential stages. 

  • Create: You decide to send a transaction at a specific gas price   

  • Simulate: You preview how your transaction will behave once it’s sent 

  • Send: You send your transaction to get executed on chain  

  • Monitor: You follow along to ensure your transaction is successful   

The four sequential stages of the transaction lifecycle
The four sequential stages of the transaction lifecycle

By addressing the most common issues at each stage of the transaction lifecycle, Alchemy Transact gives you the tools you need to transact confidently

Alchemy Transact addresses pain points at each phase of the transaction lifecycle.
Alchemy Transact addresses pain points at each phase of the transaction lifecycle.

The transaction lifecycle benefits: 

  • Create: Know what a transaction will cost ahead of time and get your transaction on-chain with the least possible gas

  • Simulate: Know how transactions will behave to avoid scams or costly mistakes

  • Send: Send transactions faster and more reliably, and protect transactions from arbitrage

  • Monitor: Get real-time notifications to know exactly when your transaction is executed 

More details on the benefits of Reinforced Transactions

We are thrilled to arm you with the entire suite of Alchemy Transact products. But today, we’re particularly excited about Reinforced Transactions. Here’s why. 

A lot can happen in between deciding to send a transaction and transaction execution, and unreliable transactions can mean missed opportunity or unforeseen risk. Three examples of potential outcomes:

  1. When the Bored Apes collection was minted in April, 2021, a failed transaction meant missing out on a life-changing investment (Apes today are valued at 424 ETH, or over $500k USD). 

  2. A failed transaction could mean losing out on significant MEV profit (the single largest MEV transaction of all time had a gross profit of $3,319,854.98).

  3. Unreliable transactions may create significant loss via slippage, the price difference between when you submit a transaction and when the transaction is confirmed on chain. You may send a swap for 100 ETH, thinking you will get 20k+ UNI in return; but if your transaction fails, you risk losing upwards of $3k between slippage and gas fees. 

With zero code changes, Reinforced Transactions ensures that your transaction will be successfully executed on chain fast, so that you can effectively optimize your upside while mitigating any downside risk. Instead of sending your transaction to a single, randomly selected validator, our system will ensure that your transaction is repeatedly re-propagated until it’s successfully mined. 

How do we know? 

To test the functionality of Reinforced Transactions, we load tested on Goerli, sending thousands of transactions with the Reinforcement feature both on and off. We found that Reinforced Transactions:  

  • Decrease the time to mine by 7.9x

  • Increase the success rate of transactions to 100% (compared to 68.6% without the feature)

“Alchemy Transact helps us remove significant bottlenecks between sending transactions from our platform and finalizing them on-chain. Having confidence that our transactions will be included in a block allow us to focus on more important problems and not have to worry about blockchain nodes.” - Ryan Laursen, Software Engineer, Stardust

How to get started 

Head to our docs to get started. Reinforced Transactions are available to all Growth and Enterprise teams, accessible via your app dashboard with zero code changes. Private Transactions and Notify are available to all Alchemy teams.

Sign up for an Alchemy account today.

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