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Jaredfromsubway. eth earns over 30 Ethereum in a few hours. He earned over $950,000 on April 17 - 2
The address traded over $648 Million in volume from April 30th to May 3rd. ETH gas fees have also seen a surge due to these bots.
Cryptocurrencies are a volatile marketplace, and every day crazier and crazier things happen. Many people think you need to be early or have inside information to make money in crypto. It is far from the truth as there are countless examples of it and one of them is Jaredfromsubway. eth. Before moving into how he makes so much money let’s see a little about the MEV Bots. Maximum Extractable Value(MEV) has its roots in Bitcoin mining. It was used to analyze the transactions and stack them above one another to extract the maximum value. In the PoS world, MEV is used to manipulate things like validator selection, sandwich attacks, network fees, and many more. Now Before jumping to how Jared makes money let’s see a chart
It is the chart of cumulative profits from the MEV till SEP 2022. Jaredfromsubway. eth uses bots for sandwich attacks on Uniswap. Meanwhile, the gas price has also observed a strong surge in the past 30 days and is currently near 30 GWEI. He has been one of the highest spenders on gas fees in the last couple of days. It would be interesting to see how much more can he extract from the DEX.
How Does He(Jaredfromsubway) Do It?
Jared uses high-frequency MEV bots to earn from the DEX. Now it sounds complicated but let me simplify. He monitors transactions on the blockchain and looks for large buy or sell transactions. He then submits another transaction with higher gas fees front-running the target transaction. It pushes the value of the asset and then submits the lower transaction value below the victim. He then profits from the price difference between the two. In the last three months, he has paid $10.3 Million in gas fees in Ethereum. The top 5 tokens that are victims of the attack as per Sealaunch. xyz are GENSELR, NARUTO,PAPA, PEPE and PLEB.
He targets mainly the meme coins with a high slippage tolerance. He mainly targets tokens from Uniswap and profits from them.
Summary
There is an ongoing debate in the ETH community as to whether the mev bots are good or not. It surely affects the gas fees of the transactions and the victims loose money in it. Meanwhile, Jaredfromsubway.eth has been turning the heads around from his sandwich attacks and has earned a lot of money.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/05/06/how-to-earn-1-million-a-day-from-cryptocurrencies/