seen from United States
seen from United Kingdom
seen from United Kingdom
seen from Türkiye
seen from United States
seen from Netherlands
seen from United States
seen from United States
seen from Yemen
seen from United States
seen from United Kingdom
seen from Spain
seen from Germany
seen from Türkiye
seen from United States
seen from Spain
seen from Spain
seen from United States
seen from United States
seen from United States
Trump adversary running for Senate borrows his filibuster playbook
NEWYou can now listen to Fox News articles! One of President Donald Trump’s top Democratic foes running for the Senate is taking a page from his and conservatives’ playbook in their pitch to reform the filibuster. Democratic Maine Gov. Janet Mills, who is running to unseat longtime Sen. Susan Collins, R-Maine, released her policy platform in recent days. Among several pitches to voters is a call…
Student “Borrows” RM7.55 from Mosque Donation Box After 3 Days Without Food
A handwritten note from a Malaysian student has gone viral after they admitted to “borrowing” RM7.55 from a mosque donation box to buy food. The student explained they had not eaten for three days and promised to repay the money soon, asking for prayers to stay strong. Student “Borrows” from Mosque Donation The note, shared widely on Facebook, touched many netizens who expressed sympathy and…
navi
NAVI Protocol is modular Defi infra that offers Leading Lending + LSDeFi on #Sui.
navx - my fav coin or 2025
Join to DeFi!
MEV Bot Borrows $12M, Nets Only $20 in Sandwich Attack
According to Arkham Intelligence’s report on September 5, an MEV bot borrowed nearly $12 million in Wrapped Ether for a sandwich attack but only made $20 in profit. An MEV (Maximum Extractable Value) bot recently obtained a $12 million flash loan, but it only generated a meager $20 profit from a sandwich attack, which is scarcely sufficient to purchase a sandwich. The bot borrowed nearly $11.97…
EL PERFUME DE LA GENERACIÓN BEAT SE LLAMA JUNKY 💪 JARDINS DÉCRIVAINS
Crypto bot borrows $200m for a $3 profit
Crypto bot borrows $200m for a $3 profit
(adsbygoogle = window.adsbygoogle || []).push();
Share
Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied
In the throes of a bear market, a crypto trading bot wagered $200 million to pocket a $3.24 profit.
A high-stakes play for such a low return might leave you scratching your head, but in the labyrinthine world of cryptocurrencies, there’s a method to the madness.
Blockchain analysis firm Arkham Intelligence recently shed light on a transaction orchestrated by a crypto arbitrage bot, an autonomous software program designed to profit from price differences between markets.
The bot borrowed a staggering $200 million from decentralized finance (DeFi) protocol MakerDAO to make a series of complex trades, only to gain a $3.24 profit.
This morning, $200M worth of DAI was minted and burned by MakerDAO in the same block.
It was part of an arbitrage transaction with a net profit of… $3?
Why did this happen – and what does this mean?
Details below 👇 pic.twitter.com/wWLZeC8All
— Arkham (@ArkhamIntel) June 14, 2023
But why? Let’s simmer down and break down the bot’s modus operandi.
The million-dollar move
The bot’s move begins with MakerDAO’s “DssFlash” contract. This contract allows uncollateralized borrowing of any amount of DAI (a stablecoin pegged to the USD), up to a limit of $500 million, as long as the loans are repaid within the same block.
In fact, this bot is only constrained by the actual debt ceiling set by MakerDAO, which currently stands at $500M DAI.
This means that any user can borrow and return up to $500M DAI, as long as they perform the two actions in the same block. pic.twitter.com/IO3vZnyDTd
— Arkham (@ArkhamIntel) June 14, 2023
The bot seized this opportunity to borrow 200 million DAI, which was then supplied to the aave DAI market.
After the bot received the loan, it borrowed 1.349 wrapped ether (WETH), a token equivalent to ether (ETH), but compatible with the ERC-20 protocol.
The bot then used this borrowed WETH to purchase threshold network (T) tokens on the Curve Finance exchange. The T tokens were then sold on the liquidity protocol, Balancer.
In this case, the 200M DAI was borrowed from MakerDAO, supplied to the AAVE DAI Market, and $2.35K in WETH was borrowed against this.
The WETH was used to buy Threshold Network (T) on Curve and sell it on Balancer, making a total profit of 0.019 ETH ($33) pic.twitter.com/D3ubgBB5pg
— Arkham (@ArkhamIntel) June 14, 2023
After all these transactions, the bot’s profit stood at 0.019 ETH, valued at around $33 at the time.
However, subtracting the transaction fees of roughly $28.76 and an additional $1 sent to the block builder, the bot’s profit dwindled to a mere $3.24.
However, transaction fees for this arbitrage cost $28.76, and additionally $1 was sent to the block builder.
This makes the bot’s revenue a grand total of: $3.24.
Check out this entity on Arkham, using the link below:https://t.co/R4QdyRLJut
— Arkham (@ArkhamIntel) June 14, 2023
Revisiting the community
Opinions emerged from the crypto community, painting a picture of bemusement and admiration.
A user on Twitter expressed their view of the current market downturn with a pithy comment: “bear market so bad someone arbitrage $200m for $3 profit “.
Got to respect the grind
— Googly (👀,🫡) (@0xG00gly) June 14, 2023
Meanwhile, another user nodded to the unyielding grind of the bot, acknowledging the hard-fought profit, however small, with a simple salute: “got to respect the grind”.
bear market so bad someone arbitrage $200m for $3 profit 🤝
— Bad mfer (@apesmartchain) June 14, 2023
A brave new world
Whether you view it as an absurd stunt or a testament to the cutthroat competition of the crypto trading world, one thing is clear: in the fast-paced and complex universe of cryptocurrencies, even seemingly bizarre moves can have their own twisted logic.
Follow Us on Google News
(adsbygoogle = window.adsbygoogle || []).push(); #Crypto #bot #borrows #200m #profit
Ethereum News
