Aug 31, 2022
DeFi Daily Digest 2022–08–31: Vitalik’s Speech for things worth building. A16Z’s Podcast on PoS.
Tether and $FRAX are under scrutiny. And more discussions are brought forward about MEV before the Merge.
AND, come and vote for the most Awesome Tx you like!!
Stablecoin
- Stablecoin Issuer Tether Dismisses Wall Street Journal’s Claim of Inadequate Reserves
- Decoding the Supply & Demand: $FRAX Flywheel
MEV
- Founder of @crocswap: there’s essentially no way to make the economics of an on-chain order book sustainable
- The Tie: MEV: An Intro to Value Extraction
Bridges
DEX
L1
- 📺 Vitalik — Ideas for things worth building @ETH MEXICO
- He discusses the future of Ethereum scaling, ZK apps, the Ethereum identity ecosystem, and much more - 🎙’web3 with a16z’ covering key topics around Proof-of-Stake (PoS) blockchains:
- Differences btw PoW, improving both; consensus approaches, Sybil resistance; & much more on designs (& debates).
Here’s the MEV Briefing Made for You.
We have highlighted key takeaways about yesterday’s MEV and frontrunning in our MEV Daily Report on Ethereum and BNB Chain, and Sandwich MEV Report.
A token millionaire with $1.8M was grabbed $32,226 by 6 🥪 in a day, becoming the biggest victim of the day.
Five of all the six 🥪 have taken place in less than 15min when the 😢 tried to swap 100 $WETH for $BONE.
The largest 🥪 attacking this guy has brought the 😈 $8,419 in profit, becoming the top 🥪 of the day.
In the front-run trading of the 🥪, the 😈 employed over $3.8M assets to launch the attack. The 😈 swapped 3.79M $DAI for $USDT in a DODO LP (0x305), thus raising the $USDT/$DAI price in the LP 0x305.
The 😈 also paid the miner 🔨 13.3 $WETH to ensure the tx was recorded.
The 😢 was trying to swap some $USDT for $WETH, and part of the exchange was completed in the DODO LP 0x305. Thus, the 😢 got less $DAI to swap for $WETH than it could when the $USDT/$DAI price was higher.
Overall, 🥪 attacks yesterday were more profitable. They experienced an increase of over 20% in profits though there’s only a small change in their trading volume.
This arb who made over $3,871 from $1,593 was also profitable, using ($WETH, $SRLTY, $SAITAMA), and became the top 2 transaction of the day.
Another #arbitrage on #BNBChain has created more than the one above on #Ethereum:
#MEV 🤖 made $5,778 from only 43 cents, creating a 13437x ROI!!!
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