1/9 Riding the Wave of MEV Opportunities: In 2022, Arbitrage Dominates the Market, Promising Explosive Growth for Savvy Searchers! Let's See How It Happened!
2/9 Our results show that arbitrage opportunities were the most frequent, accounting for 68.3% of the market. Sandwich opportunities are around 30.6%.
3/9 Opportunities for liquidation are far smaller than the other 2 MEVs, for it was more likely to depend on intense market fluctuation rather than conventional arbitrage ones. But the liquidation, the 1% of total MEVs, gained 11% of the total revenue.
4/9 Rising and rising, MEVs were getting more and more, regardless of the price of $ETH. Arbitrage bots traded more frequently than sandwich and liquidation bots in most months.
5/9 $LUNA crash, $stETH depeg, #FTX collapse; these crisis meant big time for MEVs. The chart below shows the monthly revenue change of MEV types.
👉 June was liquidation and arbitrage's best month.
👉 November belonged to 🥪 chefs.
6/9 Wonder about the impact of #theMerge? Combine these 2 charts, you can tell that the frequency of Sandwich front-running was definitely getting higher, not the revenue under usual conditions. It's no doubt that the Merge has increased the cost of making 🥪.
7/9 Based on our research, in 2022, sandwich transactions had a higher cost-revenue ratio each month when compared to arbitrage transactions, with an average of 0.78 for sandwich transactions and 0.49 for arbitrage transactions.
8/9 About November's liquidation revenue spike, it's because of the CRV short-squeeze event. For more detail, read our In-depth Analysis of How AAVE's $1.6 Million Bad Debt Was Created: eigenphi.io/report/aave-ba…
9/9 Let's wrap up today's thread exploring the rising tide of MEV. Visit the full report for more insightful advice: eigenphi.io/report/MEV-Out…. And HAPPY WEEKEND EVERYONE!
Like our daily #MEV analysis? Go visit eigenphi.substack.com
and typefully.com/Eigenphi for more!
Follow @Eigenphi_alert for real-time MEV 🚨

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More from @EigenPhi

Feb 24
1/9 Rise to the Top: The Thrilling Journey of Best #MEV Bots - Exploring Lifespan, Profitability, and the Blood-Battling Secrets in the Quest for Financial Success!
This 🧵will give you an exclusive overview of MEV 🤖's performance in 2022, which you would never wanna miss:
2/9 MEV is a fierce battlefield, with over 2.7K MEV 🤖s vying for profits. The arbitrage 🤖 are dominating the market, accounting for over 80% of total players.
3/9 In the cutthroat world of MEV, only the strongest may survive. See, the most profitable arbitrage 🤖 0xbad generates the highest profits of over $9.2M. One grabs 12.3% of the total profits from arbitrages! 🚀🚀
Read 10 tweets
Dec 28, 2022
In case you don't remember, let's take you back to November's @avi_eisen vs. Curve battle.
After the battle, @avi_eisen
also left @AaveAave with a $1.6M bad debt.
open.substack.com/pub/eigenphi/p…
Read 5 tweets
Nov 8, 2022
EigenPhi's analysis report for @uniswapgrants Community Analytics (UGPCA)'s Bounty #19 is out! An in-depth look at #MEV's Impact on @Uniswap.
In the next few days, we will present the highlights in report for you.
See more info via eigenphi.io/report/mev-imp… Image
1/2 Do you know how much the #MEV has made from @Uniswap V3 since Jan 2022? Image
2/2 And arbitrage bots turned out to extract more values than other #MEV types (sandwich and JIT). Image
Read 5 tweets
Aug 18, 2022
1/11 Token front-running was common at Coinbase crypto exchange, and Hasu's deleted tweet suggested MakerDao suffered from EMO governance.DeFi Daily Digest 2022-08-18: More Front-Running on Coinbase, and MakerDao's $400M Bank Run.
eigenphi.substack.com/p/defi-daily-d…
2/11 Security

1️⃣ A New Study found suspicious trading like insider trading or front-running around 10% to 25% of new crypto listings coindesk.com/business/2022/….
3/11 Market

1️⃣ Coingecko has released a new ‘Tokenomics’ tab that will allow users to quickly see a protocol’s tokenomics .
Here is the tracker docs.google.com/spreadsheets/d….
Read 11 tweets
Aug 18, 2022
1/10 Yesterday must have been an awful day for rich token holders, as the top 3 victims of the day are all Token Millionaires. ImageImageImageImage
2/10 The Token Millionaire with $10M in holdings has suffered heavy loss in the last 7 days. It was squeezed for $399,46 in 16 🥪s while losing $18,789 in yesterday's 🥪.
eigenphi.io/ethereum/sandw… Image
3/10 This 🥪 was also the top tx of the day, bringing the 😈 over $5,632 in profits.
eigenphi.io/ethereum/tx/0x… Image
Read 10 tweets
Aug 18, 2022
1/6 Today let's work on a classic #arbitrage that @_bout3fiddy_ contributed to our #AwesomeTx bounty.

In this tx, the 🕵️‍♂️ earned over $252,578.9 while paying over 720 $ETH as miner tips, using 4 tokens ($WETH, $USDT, $USDC, $DAI) in 3 venues.

eigenphi.io/ethereum/tx/0x…
2/6 Here's how the searcher🕵️‍♂️ made this:
1) The 🕵️‍♂️ sent 4,700 $WETH from Balancer Vault to a Curve LP 0xd51a (Step 0,1 in the figure) and swapped the money for 6,075,210 $USDT (Step 2).
3/6
2) After receiving the $USDT, the 🕵️‍♂️ swapped only 6,074,603 $USDT for $USDC in another Curve LP 0xbebc (3,4), remaining 607 $USDT.

3) Then, 6,065,352 from 6,065,959 $USDC was swapped to 5,606 $WETH through Uniwap V2 (5,6), during which the searcher reserved 607 $USDC.
Read 6 tweets

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