1/10 ๐Ÿ„ Alert! ๐Ÿ„
Our research shows ๐Ÿฅช MEVโ€™s impact on @CoWSwap is one magnitude lower than on any other DEX.
Itโ€™s time to Moo-ve your attention to this report and milk all the buttery details!๐Ÿฅ›
drive.google.com/drive/u/1/foldโ€ฆ
2/10 In the report, ๐Ÿง we cover revenue๐Ÿ’ฐ, frequency ๐Ÿ“Š, and volume of all the sandwich MEVs attacking @CoWSwap. On top of these, we also compare ๐Ÿฅช's impact on different aggregators, DEXs & protocols. And we list all the top CoW Swap solvers under attack and many juicy data๐Ÿ‘‡ Image
3/10 #Uniswap and @CoWSwap, which protocol is more resistant to ๐Ÿฅชattacks? In terms of ๐Ÿฅช revenue for 2022, it's $0.13M from CoW Swap solvers. Compared to total fee revenue: $8.55M, sandwich attacks only accounted for 1.5%, one magnitude lower than #Uniswap. Image
4/10 In 2022, CoW Swap executed approximately 282K trades through Uniswap, 1.3K of which suffered ๐Ÿฅช 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%. Image
5/10 How about aggregators? ๐Ÿฅช impacted around 2.7% of all txs through #1inch, attacked volume at 3.2%. @matchaxyz 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. ImageImage
6/10 Volume of ๐Ÿฅช: $0.12B in vol was affected by ๐Ÿฅช, 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. ImageImage
7/10 Sandwich MEV frequency: in 2022, 1.9K ๐Ÿฅช attacked CoW Swap's 239K trades, meaning sandwich MEV only accounted for about 0.8% of all the transactions on CoW Swap. Image
8/10 Wen @CoWSwap got sandwiched, it's actually their solvers suffering. After the Merge, the daily # of solvers attacked โฌ†๏ธ. 27 solvers under attack in 2022 based on our data. They are ranked based on the # of attacks they have experienced and the total volume attacked. Image
9/10 @CoWSwap matches orders among all protocols. There have been a total of 8 protocols that attackers have targeted via ๐Ÿฎ. 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. ImageImage
10/10 ๐Ÿค  All righty! If you wanna churn out all the cream๐Ÿงด, donโ€™t be ๐Ÿ„ staring at a new gate. Take the bull by the horns and read the research on @CoWSwap. Itโ€™ll be udderly informative, buttery, and beef-tonguely tender and juicy! ๐Ÿ‘…drive.google.com/drive/u/1/foldโ€ฆ
Like our daily #MEV analysis? Go visit eigenphi.substack.com
and typefully.com/Eigenphi for more!
Follow @EigenPhi_Alert for real-time MEV ๐Ÿšจ

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More from @EigenPhi

May 10, 2023
1/14 ๐Ÿค‘ $32.5M, that's searchers' revenue of #MEV on #Ethereum in Jan and Feb of 2023. In the same MEV supply chain, builders' income reached $67.21M, out of which validators took the most: $62.58M. This research shows you how the value flows thru the whole stream.
2/14 ๐Ÿ“Š Here is the big picture illustrating the benefits flow for different parties, specifically builders and validators under the current PBS scheme. One liner: MEV Accounts for 51.6% of Builders' Revenue, and Validators Stand as Top Beneficiaries.
Let's dive deeper. ๐Ÿ•ต๏ธโ€โ™€๏ธ Image
3/14 โšก๏ธDuring the 2 months, EigenPhi identified 975,290 txs involving MEV payments. Our algorithm classified 64% of these transactions as originating from three types of MEV, which generated a profit of $7.3 million collectively and contributed $18.9 million toward MEV payments. Image
Read 14 tweets
May 8, 2023
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 ๐Ÿฅช MEV's impact on
#CoWSwap is One Magnitude Lower Than on Any Other DEX.docs.google.com/document/d/1luโ€ฆ
2/9 ๐Ÿฅช frequency: in 2022, 1.9K ๐Ÿฅช attacked CoW Swap's 239K trades, meaning sandwich MEV only accounted for about 0.8% of all the transactions on CoW Swap. Image
3/9 ๐Ÿฅช 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. Image
Read 9 tweets
Apr 24, 2023
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 ๐Ÿš€

๐ŸŽŸ๏ธ Claim your ticket: eventbrite.com/e/mev-past-futโ€ฆ
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. ๐Ÿ“ˆ
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. ๐Ÿ’ฐ
Read 5 tweets
Apr 1, 2023
This is an in-depth ๐Ÿงตthread๐Ÿงต 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 flows๐Ÿ‘‡
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.
Read 10 tweets
Mar 30, 2023
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-fโ€ฆ Image
All the insights below are from these fantastic guests:
โญ๏ธ @christine_dkim, VP, Research at @galaxyhq
โญ๏ธ @sui414, Danning, Lead Data Scientist at @0xProject
โญ๏ธ @_bout3fiddy_, Core Contributor of @CurveFinance
โญ๏ธ @_prestwich, James Prestwich, Founder/CTO of @nomadxyz_
โญ๏ธโ€ฆ twitter.com/i/web/status/1โ€ฆ
๐Ÿ‘‰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.
Read 13 tweets
Mar 30, 2023
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-highlโ€ฆ
Arbitrum $ARB Airdrop went LIVE on March 23rd with price volatility in the market. EigenPhi can make TX tracking easy by visualizing $ARB transactions with our EigenTX Chrome Extension(bit.ly/3RnUOUp).
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 Image
Read 4 tweets

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