Web3 Developer Platform Alchemy Releases Transaction Simulation Product

Alchemy, a web3 developer platform firm, released a new “Transaction Simulation” product designed to make initiating and sending crypto transactions more user-friendly.

Users are often susceptible to scams because of a lack of understanding on where they are sending transactions. Chainalysis, a blockchain analysis firm, recently released a report that blockchain users in 2022 lost nearly $5 billion to scams. Alchemy says its simulation kit aims to build a sort of safety mechanism that lets users ensure their transaction data is correct and that the transaction is going to the right place.

Developers will have “the tools to incorporate simulation in their products,” Bastien Moyroud, a product engineer at Alchemy, told CoinDesk. Moyroud added that the goal is “to empower users to have more visibility in terms of what's happening.”

The new product features three new APIs – “Asset Changes,” “Execution Simulation” and “Bundle Simulation.” They’re available on the Ethereum, Polygon and Arbitrum blockchains. (The first two APIs are available already, and the third will go live next week).

Read more: Alchemy Supports Another Ethereum Scaling Solution. This Time It’s Optimism