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Robert Miller Profile picture
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31 Jul, 4 tweets, 1 min read
New MEV bot violence thread being written now 🔥
Writing this as quick as I can but I gotta figure this one out first. It's a hard one.
Looks like tomorrow or Monday I’ll put something out. Taking awhile to understand and express in a way that makes sense and I’ve got stuff to do today. Sorry folks.
Surprise! Got it over the line today.

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More from @bertcmiller

Robert Miller Profile picture
31 Jul
Fatal flaws in a bot, a sort of on-chain virus, a trojan horse token, and arbitrage gone wrong

Join me in looking at the latest MEV bot exploit in this thread 👇🏻
The victim today tried to arbitrage the CHUM token (!) for ~0.01 ETH in profit, but in the process had 30 WETH transferred out of their wallet.

They only interacted with Uniswap v2 pools, how did this happen!?
Searchers optimize their contracts to the extreme to do very specific things very efficiently.

However, occasionally they have a need to do random things & add in functions that can be used for to execute basically any arbitrary transaction in a contract

Read 19 tweets
Robert Miller Profile picture
7 Jul
All 8 transactions here - including some from unexpected places - are a part of one sandwich!

A thread on the increasingly complex sandwich bots we're seeing
A normal 🥪 bot looks like this

🥪 frontruns a user, buying the asset they intend to and increasing the price. The user gets less tokens now.

The user's buy is then included, pushing the price up more

🥪 sells after the user's tx at the higher price, thus capturing profit
🥪 bots will watch the mempool for users trading with high slippage that they can frontrun. Until recently 🥪 bots would only do this with one trade, and with the Uniswap v2 or Sushiswap router.

But they've leveled up.
Read 13 tweets
Robert Miller Profile picture
7 Jul
🟥MEV negative externalities🟥
This Polygon bot has been active since June 29th & has sent ~2m transactions, failing *almost* all the time

These failures cost close to nothing but bloat the state, while the few successes pay for the failures many times over Image
Success transaction:
polygonscan.com/tx/0xfc3d1b688…

One of the many failures: polygonscan.com/tx/0x989a72bce…
The tricky thing for this bot is it needs to land right behind another user's tx to succeed

Since it can't express those ordering preferences and because the costs of a transaction are so low, it chooses to spam the network with transactions and hope one lands in the right place
Read 6 tweets
Robert Miller Profile picture
24 Jun
It's a golden age for searchers. Late enough that Flashbots and DeFi exists, but not so late that massive institutions are competing for MEV.
Even still the barrier to entry for the top strategies is getting higher very quickly. It's probably a few months of work to catch up to the best backrunning arb bots now.
It is funny to think about the early days of Flashbots when there was literally 1 market maker, 1 ESD bot, and 2 arb bots sending bundles. Unbelievably good opportunity to make money back then.
Read 4 tweets
Robert Miller Profile picture
22 Jun
Sorry everyone, long overdue, but its time for a new MEV thread

Today we look at the Flashbots auction and the searchers that were able to game it using a super clever exploit in how we priced and merged bundles

Let's go 👇🏻🧵
For our journey today you will need a deep knowledge of Flashbots bundles

Bundles are groups of transactions executed in the order they are provided. Either the entire bundle is executed, or none of it is

That allows users to express transaction preferences very granularly
For some time we could only support a single bundle per block, but recently Flashbots introduced the ability to merge independent bundles!

Here's a thread on that release
Read 17 tweets
Robert Miller Profile picture
9 Jun
A thread of all my MEV related threads in chronologic order 👇🏻
The Sandwich Baiting Wars
The first Uncle Bandit pulling off a multi-block heist and launching a new category of MEV strategies
Read 8 tweets

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