Help Dapp Users Avoid Costly Mistakes with Transaction Simulations

DeFi users and traders lost billions in the past few years due to scams, breaches, and user mistakes. This has caused users to become more anxious and uncertain when sending transactions.  

So, how can dapps boost user trust and help them prevent fraud or costly transaction failures?  

The answer lies in providing a risk-free environment where users can simulate transactions and preview outcomes before sending them. Tenderly’s Transaction Simulation API is the spearhead technology that makes it easy to expose this functionality to end-users through the dapp’s UI. And then some. 

Empower users to send only successful transactions 

Failed transactions cost users real money. Transaction Simulator allows you to create a playground where users can test-run transactions in a risk-free environment. Once they’re happy with the outcome of the simulation, they can sign the transaction. This level of predictability can also help your users save money on gas and transaction fees.  

Make transaction sending a less stressful experience 

Sending transactions often makes users anxious and uncertain if the transaction will go through. Simulations can help your users build confidence and calm their nerves by giving them visibility into how the transaction will behave beforehand.  

Human-readable simulation results also make it easier for users to understand why their transactions fail. By providing this information to users, you empower them to avoid a “fingers-cross” approach to sending transactions.  

Maximize transparency in multisig operations 

Multisig stakeholders often lack visibility into how chained transactions will behave before giving a thumbs up to execute. The more transactions involved, the harder it is to keep tabs on every single one.  

Simulations make it possible for stakeholders to do a preflight of all the transactions before signing off. This not only gives them visibility but also increases the certainty that executions will happen as expected.  

Lower barriers to entry for newcomers 

DeFi might seem intimidating for newcomers because of the fear of losing money. However, by offering users the ability to simulate transactions before committing real assets, you can help alleviate these concerns and build trust. Simulations can serve as a tool for reassuring users that they can trust your platform with their digital assets.  

Additionally, new users can find it overwhelming to have to commit to sending transactions right away. Simulations can help you create a more beginner-friendly experience and ease them into your platform. 

Easily integrable into all dapps, wallets, and protocols 

Tenderly processes 50+ million simulations a month, powering simulations for some of the biggest players, including Uniswap, Safe, and Instadapp. Through Tenderly’s feature-rich Simulation API, simulations can be exposed to the end user, used in internal testing, or for quality assurance. 

Simulations are also tightly integrated into Tenderly’s production node Web3 Gateway. This makes it possible to both simulate and send transactions through a single RPC URL.  

Start simulating with Tenderly 

Get started with Tenderly Transaction Simulator for free via the Dashboard or Simulation API by creating an account. And flip the script on safety in Web3 and help your users build trust and confidence in your dapp.  

This post is commissioned by Tenderly and does not serve as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon as a basis for investment, tax, legal or other advice. You should conduct your own research and consult independent counsel and advisors on the matters discussed within this post. Past performance of any asset is not indicative of future results.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.