Earning $6.3 million in three months, how did the MEV robot do it?
Original compilation: Luffy, Foresight News
Original compilation: Luffy, Foresight News
How did the MEV robot at the Ethereum address Jaredfromsubway.eth earn $6.3 million in three months?
DeFi enthusiasts and traders, are you still struggling to understand the complex trading strategies of Jaredfromsubway.eth? Let us take the "sandwich" strategy made by Jared as an example to show you how he achieved huge returns step by step. We will use the transaction visualization tool EigenTx toAnalyze all token movements。
To better understand Jared's strategy for launching a sandwich attack, let's start with the characters involved in this series of transactions. For clarity, we set the direction of the token flow chart as TB (Top to Bottom). Click here to learn more about the EigenTx visualization tool.
relevant address
From address in FrontRun transaction and BackRun transaction: an EOA (Externally Owned Account) account, in this case Jared's wallet address: 0x ae 2 Fc 483527 B 8 EF 99 EB 5 D 9 B 44875 F 005 ba 1 FaE 13 .
FrontRun transaction and To address in BackRun: The contract is Jared's sandwich robot with address 0x 6 b 75 d 8 AF 000000 e 20 B 7 a 7 DDf 000 Ba 900 b 4009 A 80 .
Victim address in victim 1 transaction: 0x 831 F 77 bB 13 a 31 c 5 a 908 c 723 f 8 ddfc 9193 aFA 1 B 05
Victim address in victim 2 transaction: 0x 723 B 53 EFC 9 B 5 e 76 fA 9 Ddff 2 ed 14 Fbe 57 2D 21 2C 7 a
DeFi protocols involved
The To in the attack transaction points to Uniswap V2 Router 02, and the Uniswap V2 transaction router routes the user's order to the matching liquidity pool.
Uniswap V2 (red) in Front Run, Victim 1 trade and Back Run: 0x b 9 B 824 fDa 6 c 0 C 1 AFE 105 d 89 2c 24 ca 21264 c 77 f 0 a (Click to view its MEV profile), a liquidity pool for trading WETH and MPEPE on Uniswap V2.
Uniswap V2 (orange) in Front Run, Victim 2 trades and Back Run: 0x 7054 b 0 F 980 a 7 EB 5 B 3 a 6 B 3446 F 3 c 947 D 80162775 C (Click to view its MEV profile), a liquidity pool for trading WETH and MONG on Uniswap V2.
Tokens involved
WETH: WETH is an ERC 20 token on Ethereum, representing 1 ETH.
MPEPE: MicroPepe, a meme token.
MONG : MONGCoin，MongMobmeme tokens.
Operation mode
FrontRun Transactions
Transaction Hash: 0x e 99 b 5 e 1 d 1 b 21954 e 6 e 4 b 14 f 60 fb 71 acc 24913 fa 0716 2c 941 c 9 e 81 dc 622 fd 798 a
Jared found 2 victims' transaction intents in the public mempool: "WETH to MPEPE" and "MONG to WETH" and sent 0.000000000249 ETH to activate his sandwich MEV bot. (step 0)
Then, the sandwich robot 🤖 exchanged 1.0716 WETH for 25, 365, 613.9691 MPEPE in Uniswap V2 (red) to increase the price of MPEPE to WETH. (step 1-2)
Subsequently, the sandwich robot 🤖 exchanged 2, 249, 955, 454, 717.2007 MONG for 1.7520 WETH on Uniswap V2 (orange), raising the price of WETH to MONG. (step 3-4)
After these actions (steps 0-4), Jared affects the price in the transaction pool:
WETH vs MPEPE: 1: 23, 671, 083.10;
MONG to WETH: 1: 1, 284, 237, 554, 553.29
Victim 1 deal
Transaction Hash: 0x 694 feff 41 ce 0 f 1 e 8 d 4 f 419 c 92 fdd 1 b 0 d 60 ba 654 a 423 fafa 7 a 465 ee 1 bc 05958 a 0
Victim 1 wanted to exchange WETH for MPEPE, and he sent 0.73 ETH to Uniswap V2 Router 02. (step 0)
Uniswap V2 Router 02 automatically sends 0.73 ETH to the WrapETH contract and receives 0.73 WETH. (step 1-2)
Uniswap V2 Router 02 routes 0.73 ETH to the Uniswap V2 pool for the WETH/MPEPE trading pair. (step 3)
The Uniswap V2 pool of the WETH/MPEPE transaction pair sends the exchanged 15, 814, 746.647432 MPEPE to victim 1. (step 4)
After the attacker pre-empted the transaction, the exchange price of "WETH to MPEPE" in the Uniswap V2 pool shifted. Then, in the victim's transaction, the victim's price of "WETH to MPEPE" in Uniswap V2 (red) became 1: 21, 664, 036.50, making the victim get less MPEPE than he deserved. (step 3-4)
Victim 2 deal
Transaction Hash: 0x 0379 b 81 ca 359 ba 70 a 6012 aedf 8705 f 250 ef 053 b 7867747 d 1 e 8 bc 81 fcfd 2c 5 e 84
Victim 2 wants to exchange MONG for WETH. They sent 290, 168, 170, 608.08 MONG to the MONG/WETH trading pool in Uniswap V2. (step 0)
Uniswap V2 sends 0.2139 ETH to Uniswap V2 Router 02. (step 1 )
Uniswap V2 Router 02 automatically sends 0.2139 WETH to the WrapETH contract and receives 0.2139 ETH. (step 2-3)
Uniswap V2 Router 02 routed 0.2139 ETH, and the victim received 0.2139 WETH. (step 4)
After the attacker pre-empted the transaction, the price of "MONG to WETH" in the Uniswap V2 pool shifted. The victim's price of "MONG to WETH" in Uniswap V2 (orange) becomes 1: 1, 356, 752, 936, 244.01, resulting in the victim getting less WETH than he deserved. (step 3-4)
BackRun Transaction
Transaction Hash: 0x fbc 01671 de 8 ee 2695 b 6 f 2d 2 a 7 e 4 dae 9580 ed 30 f 7 b 3 fdf 064 fab 57 3d a 0 e 9 a 55 ae
Jared sends 0.000000000252 ETH to activate his sandwich MEV robot again. (step 0)
The token contract/issuer burned 1,268,280.6975 MPEPE as a fee. (step 1 )
Then, the sandwich robot 🤖 exchanged 24, 097, 333.2516 MPEPE for 1.0864 WETH in Uniswap V2 (red) at a ratio of 1: 22, 180, 358.871977. (step 2-3)
After that, the sandwich robot 🤖 exchanged 1.7407 WETH for 2, 250, 140, 344, 809.7380 MONG in Uniswap V2 (orange) at a ratio of 1: 1, 292, 646, 668, 607.8054. (step 4-5)
To sum up, the attacker 🤖 earned a total of 0.03 WETH and 184, 890, 092.53 MONG. The total revenue from all transactions was $49.59, minus the gas fee of $44.35, the attacker made a total of $5.24.
