Jaredfromsubway.eth, a pseudonymous crypto user, has made a jaw-dropping $40 million in just three months using an Ethereum bot. This bot leverages a technique called “sandwiching” on decentralised exchanges (DEXs) to maximise profits.
The bot’s success lies in its ability to front-run other traders, capitalising on price discrepancies in popular meme coins like Pepe Coin (PEPE). By executing trades at opportune moments, Jaredfromsubway.eth’s bot has amassed an impressive fortune.
MEV, short for Maximal Extractable Value, plays a significant role in these exploits. MEV bots have the power to reorder, insert, or censor transactions within Ethereum blocks, allowing them to extract maximum value from each trade.
According to EigenPhi, a decentralised finance (DeFi) market analysis platform, the bot raked in a whopping $40 million in profits. After deducting the blockchain fees, the net profit stands at an astounding $34 million!
The bot’s impact doesn’t stop at its profitability. With transactions from the bot accounting for over 60% of all Ethereum blocks, transaction fees on the network have skyrocketed. Last Saturday, the average fee paid reached an eye-popping $27!