MEV bots earn $476,000 by targeting large stablecoin swaps (by OsatoNomayo)
One bot earned 13 ETH while another secured 146 ETH.MEV — which stands for maximum extractable value — is the term given to when value is extracted through the reordering and censoring of blocks. Typically those incentivizing the miners are arbitrageur traders paying miners with high fees. The goal is often to frontrun a specified transaction in order to take advantage of an opportunity.
In these cases, the trading bots were used to exploit changes in price after large stablecoin trades. The bots also paid considerable sums to miners in order to make sure their transactions went through at the opportune moments.The first bot targeted a $24 million stablecoin swap. It took advantage of the arbitrage opportunity that arose from the massive stablecoin trade to trade between ether and the stablecoins in question.at 7:57 AM UTC on Thursday, at block 14447742, by a trader swapping 24.
However, it paid most of the winnings to block producer Ethermine, ending up with a net profit of 10 ETH .a 164 ETH arbitrage opportunity. As was the case in the previous situation, the process involved swaps between the same trading pairs. Of the 164 ETH scooped from the arbitrage opportunity, the bot only had to pay a 16.44 ETH bribe to F2Pool, the mining pool responsible for inserting its transaction in the appropriate block. This means this particular bot earned about 147 ETH profit.
© 2022 The Block Crypto, Inc. 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.
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