1/9 The Chickens Are Clucking, and the Cows Are Mooing With Delight! Why? Because these CoWs are much hard to become the recipe of sandwiches. Our research shows that 🥪 MEV's impact on #CoWSwap is One Magnitude Lower Than on Any Other DEX.docs.google.com/document/d/1lu…
2/9 🥪 frequency: in 2022, 1.9K 🥪 attacked CoW Swap's 239K trades, meaning sandwich MEV only accounted for about 0.8% of all the transactions on CoW Swap.
3/9 🥪 revenue: Sandwich attacks extracted $0.13 million from CoW Swap solvers. Compared to CoW Swap's total fee revenue of $8.55 million, sandwich attacks only accounted for around 1.5%. Through CoW Swap, the % of attacks is one magnitude lower than #Uniswap.
4/9 In 2022, CoW Swap executed approximately 282K trades through Uniswap, 1.3K of which suffered 🥪 attacks in Uniswap pools. The percentage of attacks is 0.047%. In contrast, Uniswap had 39.6M trades in 2022, with attacks on 0.5M. The rate of trades attacked is 1.26%.
5/9 🥪 Impact on 3 aggregators:
🥪 impacted around 2.7% of all txs through #1inch, attacked volume at 3.2%. Matcha suffered 1.9% on all trades, w/t attacked volume at 6%. Only 0.7% of trades and volume were attacked through CowSwap, the least exploited among the 3 aggregators.
6/9 🥪 Volume: $0.12B in vol was affected by 🥪, which accounts for 0.79% of Cow Swap's total vol, w/t orders mostly ranging between $1K-$10K. In addition, the volume of CoW Swap batched value attacked was only 0.78% of the total, also one magnitude lower than other DEXs.
7/9 🥪 details on Solvers: After the Merge, the daily number of solvers attacked increased. We identified 27 solvers under attack in 2022 based on our data. They are ranked based on the number of attacks they have experienced and the total volume attacked.
8/9 🥪 details on Exploited Protocols: There have been a total of 8 protocols that attackers have targeted. Uniswap v2 and v3 have been the most frequently attacked protocols, as they have a higher total trade volume from CoW Swap than other protocols.
9/9 The figures and charts above are just drops in the pool of the whole report. To read the full report including data shown below, visit: docs.google.com/document/d/1lu…
HAPPY DIGESTING!! 🐮🤠
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Discover Q1 2023's most astounding MEV windfalls at our event "Mastering MEV: Unraveling the DeFi Mystery of Latency and its Impact" at #Consensus2023! Follow us to learn how the USDC Depeg created incredible MEV opportunities 🚀
According to our tracking data, the USDC depegging in Q1 2023 led to a massive MEV revenue peak. Arbitrage contributed $40M, sandwich MEV extracted $46M, and liquidation took $2M from the market. 📈
MEV searchers generated over $89M in Q1 revenue, but a large portion (78.9%) was paid by sandwich attackers to builders for successful front-run/back-run transactions. Arbitrageurs and liquidators paid over half of their revenue to builders and validators. 💰
This is an in-depth 🧵thread🧵 of the Euler Attack. We not only cover what happened during the attack, but also give our analysis on the beneficiaries and losers, whales affected, and addressed with net large flows👇
Ethereum-based noncustodial lending protocol Euler Finance faced a flash loan attack on March 13. The attacker stole millions in $DAI, $USDC, $WETH, $stETH, and $wstETH.
The exploiters' addresses transferred $740.28 million to the Euler contract, while the Euler contract transferred $944.75 million to the exploiters' addresses. As a result, the exploiters gained $204.46 million from Euler Finance, aligning closely with third-party data.
2022 is a memorable year for DeFi. Terra Luna, 3AC, Celsius, FTX... Despite all these downfalls, MEV still contributed $328B, half the total DEX volume of $666B on Ethereum. This wonderful Twitter Space reflects on the past year and looks to the future. eigenphi.substack.com/p/highlights-f…
👉Metrics @christine_dkim: it may vary and rely more on analyzing smart contract activity and understanding how markets are moving. It's crucial to note that MEV is multifaceted, and one's interest may heavily depend on their focus.
We were excited to work with @DefiLlama to protect traders with timely notifications and alerts to probable MEV attacks. Find out more in our "Weekly Highlights" eigenphi.substack.com/p/weekly-highl…
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On March 23rd, EigenPhi joined by MEV experts, had fruitful discussions on the topic of MEV in 2022. Questions were asked. Opinions were shared. Discover more and stay tuned for for the highlights
🧵Analysis & Thoughts: User's $2M Loss in USDC De-Pegging Crisis Raises Questions About KyberNetwork's Responsibility.
1/6 In the wake of the recent #USDC de-pegging crisis, a user named CHIA reportedly lost $2 million while converting 3Crv to USDT through @KyberSwap. While @KyberNetwork issued a lengthy statement on Twitter absolving themselves of any blame, an analysis of the situation suggests… twitter.com/i/web/status/1…
2/6 The root of the issue seems to lie in Kyber Network's inability to enforce the user's 0.5% slippage limit and revert the trade accordingly. CHIA has stated in the Kyber Network Telegram group that they had set the slippage to 0.5%, and the input data of the transaction… twitter.com/i/web/status/1…
If you want to track the footprint of the exploiter of a risk event, browsing Etherscan can be exhausting sometimes. Now, our Related Transaction feature can be a lifesaver.
Has the exploiter done something else fishy in the same block? 👇
What other txs the same "from" EOA involves himself with? 👇