MEV Bot Yield Farming: Earning $2 Million in a Week
CryptoNewsTerminal Staff20 Aug, 2024
MEV Bot Yield Farming: Earning $2 Million in a Week
The Block reported, citing EigenLayer, that an individual under the pseudonym Jaredfromsubway.eth has been deploying a novel MEV bot to execute arbitrage and sandwich attacks, a trading technique that involves inserting transactions before and after a specific transaction in the mempool to profit. MEV refers to the practice by which miners, block builders, and validators insert or re-order transactions within a block to maximize their block reward. Jaredfromsubway.eth is reported to have executed over 85,000 transactions since the 14th, earning approximately 765 ETH (approximately $2 million). MEV has become a significant concern in the cryptocurrency industry, as it can lead to unfair advantages for miners and block builders and potentially harm the overall security and fairness of the network. Researchers are actively working on developing solutions to mitigate MEV, and the industry is eagerly awaiting the implementation of these solutions to address this issue. ```
