#What is MetaMask's Transaction Shield?
MetaMask has recently launched Transaction Shield, a premium opt-in security upgrade aimed at enhancing wallet safety. This service offers transaction loss protection along with 24/7 priority support. By subscribing, users can protect their transactions deemed safe by MetaMask's advanced security systems, which include automated contract evaluations and simulations.
#How Does Transaction Shield Work?
When you sign up for Transaction Shield, you receive coverage for losses up to $10,000 each month. This coverage applies to various approved actions across multiple blockchain networks, including Ethereum, Arbitrum, and Polygon. Some of the supported activities include DeFi swaps, lending operations, minting and selling NFTs on verified marketplaces, as well as claiming verified airdrops. It's important to note that this service does not account for losses stemming from compromised wallets, fluctuations in the market, or exploits within protocols.
#What Are the Costs of Subscription?
The subscription fee for Transaction Shield is set at $9.99 per month or $99 if billed annually. Users can take advantage of a 14-day free trial and a $20 discount for annual memberships. Currently, coverage is available for the MetaMask Extension, with plans for mobile support in the future.
#How Do Users File Claims?
In the event that a transaction loss occurs, users must file claims within 21 days. Typically, most reimbursements are processed within 15 business days and payouts are made in mUSD at the prevailing market rate. With this feature, MetaMask provides an additional layer of confidence for users navigating the world of cryptocurrency and blockchain transactions.