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EigenPhi

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EigenPhi

By discovering the wisdom of DeFi, EigenPhi is here to unveil structures, uncover behaviours, and unmask associations.

EigenPhi

By discovering the wisdom of DeFi, EigenPhi is here to unveil structures, uncover behaviours, and unmask associations.

Most popular by EigenPhi

The Arbitrageur Who Beats Everyone Else in an Hour

It’s Time to Inspect the Sandwich Spillover on BSC Chain, the Paradise for Frontrunners.

MEV’s Impact on Uniswap

A Quick Tour of EigenPhi for Beginners - EigenPhi - Medium

How EigenPhi Identifies Arbitrage Transactions - EigenPhi - Medium

The Biggest Hidden Danger to Your Asset Swaps In the Turmoil of the Market

Most popular by EigenPhi

The Arbitrageur Who Beats Everyone Else in an Hour

It’s Time to Inspect the Sandwich Spillover on BSC Chain, the Paradise for Frontrunners.

MEV’s Impact on Uniswap

A Quick Tour of EigenPhi for Beginners - EigenPhi - Medium

How EigenPhi Identifies Arbitrage Transactions - EigenPhi - Medium

The Biggest Hidden Danger to Your Asset Swaps In the Turmoil of the Market

Another unicorn of web3 has shown itself this morning. The Block reported that Flashbots seeks up to $50 million at a billion-dollar valuation. It is definitely well-deserved due to its contribution to Ethereum. The existence and popularity of Flashbots Auction bring fierce competition to Sandwich searchers, thus crushing the profit of Sandwich chefs for a long time. Our data shows that, in the past 30 days, 82.5K sandwich MEVs created $845.5K profit out of a cost of $4.7M. The overall ROI is...

Another unicorn of web3 has shown itself this morning. The Block reported that Flashbots seeks up to $50 million at a billion-dollar valuation. It is definitely well-deserved due to its contribution to Ethereum. The existence and popularity of Flashbots Auction bring fierce competition to Sandwich searchers, thus crushing the profit of Sandwich chefs for a long time. Our data shows that, in the past 30 days, 82.5K sandwich MEVs created $845.5K profit out of a cost of $4.7M. The overall ROI is...

A Brand New Sandwich Bot That Could Empty LP’s Wallet

Photo by Michael Dziedzic on Unsplash Here’s a sandwich trade from a genius. In the eyes of MEV searchers, this brilliant new strategy conducts risk-free arbitrage against the change in AMM’s swapping slippage. But in the eyes of the LPs, this may be a new attack vector enough to raise the alarm. LPs should carefully set checkpoint thresholds to avoid losing against such kinds of sandwich bots. On November 4, 2022, EigenPhi detected a BRAND NEW type of sandwich transaction: a sandwich bot squ...

A Brand New Sandwich Bot That Could Empty LP’s Wallet

Photo by Michael Dziedzic on Unsplash Here’s a sandwich trade from a genius. In the eyes of MEV searchers, this brilliant new strategy conducts risk-free arbitrage against the change in AMM’s swapping slippage. But in the eyes of the LPs, this may be a new attack vector enough to raise the alarm. LPs should carefully set checkpoint thresholds to avoid losing against such kinds of sandwich bots. On November 4, 2022, EigenPhi detected a BRAND NEW type of sandwich transaction: a sandwich bot squ...

The Arbitrageur Who Beats Everyone Else in an Hour

AbstractAt block number 23545404 (Dec-02–2022 12:43:18 AM +UTC) on BSC, an attacker successfully packaged a transaction on-chain targeting the liquid staking protocol Ankr’s Deployer contract, in which the reward-bearing token aBNBc was suddenly minted at an amount of 10 trillion and transferred to the attacker’s address 0xf3a4. In subsequent transactions, the attackers minted another 50 trillion aBNBc and exchanged only a tiny percent of these printed tokens into blue-chip ones worth $5.656 ...

The Arbitrageur Who Beats Everyone Else in an Hour

AbstractAt block number 23545404 (Dec-02–2022 12:43:18 AM +UTC) on BSC, an attacker successfully packaged a transaction on-chain targeting the liquid staking protocol Ankr’s Deployer contract, in which the reward-bearing token aBNBc was suddenly minted at an amount of 10 trillion and transferred to the attacker’s address 0xf3a4. In subsequent transactions, the attackers minted another 50 trillion aBNBc and exchanged only a tiny percent of these printed tokens into blue-chip ones worth $5.656 ...

10M Revenue Drain in 5 Months: MEV impact on Curve

Curve is a DEX liquidity pool built on Ethereum and launched in 2020. It is also known for StableSwap, a feature dedicated to creating an ecosystem that allows users to exchange stablecoins with other DEX protocols with lower fees and slippage. After about two years of development, Curve can currently support three categories of exchange:Stablecoins: Curve has more than 20 USD-pegged stable currency pools, such as 3pool, Lusd+3Crv, UST, etc.Stable pegged assets: For example, Curve supports ET...

10M Revenue Drain in 5 Months: MEV impact on Curve

Curve is a DEX liquidity pool built on Ethereum and launched in 2020. It is also known for StableSwap, a feature dedicated to creating an ecosystem that allows users to exchange stablecoins with other DEX protocols with lower fees and slippage. After about two years of development, Curve can currently support three categories of exchange:Stablecoins: Curve has more than 20 USD-pegged stable currency pools, such as 3pool, Lusd+3Crv, UST, etc.Stable pegged assets: For example, Curve supports ET...

How AAVE’s $1.6 Million Bad Debt Was Created

We have presented you with the story of the $CRV short saga, of which we focused on the details of liquidation transactions and liquidators. This time, in the research report we will share with you, we’d like to put on the hat of financial researchers to dissect the event using a thorough analysis of token flows. In this way, we will reveal one of the emerging risks in DeFi — risk associated with liquidity budding from features of DeFi, i.e., flash loans. And we’d like to propose how to monit...

How AAVE’s $1.6 Million Bad Debt Was Created

We have presented you with the story of the $CRV short saga, of which we focused on the details of liquidation transactions and liquidators. This time, in the research report we will share with you, we’d like to put on the hat of financial researchers to dissect the event using a thorough analysis of token flows. In this way, we will reveal one of the emerging risks in DeFi — risk associated with liquidity budding from features of DeFi, i.e., flash loans. And we’d like to propose how to monit...

A Sanwich Cook Bot Always Targeting Whales Borrowed the Biggest Flash Loan of November: $153.9M

Ignorance is the parent of fear. — — Moby DickPhoto by Mackenzie Marco on Unsplash Suppose you are a whale who loves to trade vast amounts of assets via Uniswap, Curve, Dodo, and Balancer; you’d better take precautions from now on. Otherwise, you will fall prey to a sandwich front-running attacker lurking in the darkest corners of these trading venues and lynching uninformed whale traders. I.e., dubstepnerd.eth, the victim of this sandwich enabled by a $153.9M flash loan, the biggest one of N...

A Sanwich Cook Bot Always Targeting Whales Borrowed the Biggest Flash Loan of November: $153.9M

Ignorance is the parent of fear. — — Moby DickPhoto by Mackenzie Marco on Unsplash Suppose you are a whale who loves to trade vast amounts of assets via Uniswap, Curve, Dodo, and Balancer; you’d better take precautions from now on. Otherwise, you will fall prey to a sandwich front-running attacker lurking in the darkest corners of these trading venues and lynching uninformed whale traders. I.e., dubstepnerd.eth, the victim of this sandwich enabled by a $153.9M flash loan, the biggest one of N...

Cleaning Up of the Battlefield of Avi and Curve

Photo by Harry Gillen on UnsplashWhat HappenedOn November 22, a big whale (ponzishorter.eth) was found trying to short CRV. A large amount of CRV was borrowed from Aave and sold off. The price of CRV fell rapidly. But soon came the white knight. Michael Egorov, the founder of Curve added 20 million $CRV asset to avoid its price falling. After that, the battle ended with the debt of the shorter (@avi_eisen) who borrowed more than 92 million CRV in Aave being liquidated. Here are the lending pr...

Cleaning Up of the Battlefield of Avi and Curve

Photo by Harry Gillen on UnsplashWhat HappenedOn November 22, a big whale (ponzishorter.eth) was found trying to short CRV. A large amount of CRV was borrowed from Aave and sold off. The price of CRV fell rapidly. But soon came the white knight. Michael Egorov, the founder of Curve added 20 million $CRV asset to avoid its price falling. After that, the battle ended with the debt of the shorter (@avi_eisen) who borrowed more than 92 million CRV in Aave being liquidated. Here are the lending pr...

Farewell to the $1 Trillion Market During the Night of Liquidation

Photo by Alice Pasqual on UnsplashKey Takeaways:The market’s collapse is caused by the chain reaction of stETH depeg and Celsius’s user asset freezing.With $200B evaporated, people need better tools to identify the systematic risks hidden in DeFi.An investigative and interactive data platform backed by a consistent and coherent data model framework is essential for the public to scrutinize the potential peril in the market.For the first time in over a year, crypto’s global market cap dropped ...

Farewell to the $1 Trillion Market During the Night of Liquidation

Photo by Alice Pasqual on UnsplashKey Takeaways:The market’s collapse is caused by the chain reaction of stETH depeg and Celsius’s user asset freezing.With $200B evaporated, people need better tools to identify the systematic risks hidden in DeFi.An investigative and interactive data platform backed by a consistent and coherent data model framework is essential for the public to scrutinize the potential peril in the market.For the first time in over a year, crypto’s global market cap dropped ...

To Avoid Suffering Over $308M Loss, Start from Crossing the Data Gap

Photo by Zuza Gałczyńska on UnsplashKey Takeaways:● Flash Loan is the sharpest double-edged sword in the DeFi world. ● To suppress its ugly side, the public has to obtain a clear view of its transactions and connections with other DeFi businesses, which was harder to achieve because of the data gaps between protocols. ● EigenPhi’s Flash Loan module bridges the data gaps and reveals the behaviors of Flash Loan stakeholders.April 30, 2022, Saddle Finance, $11M. April 30, 2022, Fei Rari, $80M. A...

To Avoid Suffering Over $308M Loss, Start from Crossing the Data Gap

Photo by Zuza Gałczyńska on UnsplashKey Takeaways:● Flash Loan is the sharpest double-edged sword in the DeFi world. ● To suppress its ugly side, the public has to obtain a clear view of its transactions and connections with other DeFi businesses, which was harder to achieve because of the data gaps between protocols. ● EigenPhi’s Flash Loan module bridges the data gaps and reveals the behaviors of Flash Loan stakeholders.April 30, 2022, Saddle Finance, $11M. April 30, 2022, Fei Rari, $80M. A...

Why You Should Figure Out the Structures of Transactions on DeFi?

Photo by Kaleidico on UnsplashAccording to Bloomberg, the increase in crypto adoption globally in the past 12 months reached 881%, all of which can be traced back to the dawn of a new world of finance — DeFi, born in 2020. It’s fundamentally different from the traditional financial world, which is under intense regulation to guarantee the fidelity and authenticity of the data and the underlying assets. However, failing to do so by the incumbent institutions became the midwife of Bitcoin and, ...

Why You Should Figure Out the Structures of Transactions on DeFi?

Photo by Kaleidico on UnsplashAccording to Bloomberg, the increase in crypto adoption globally in the past 12 months reached 881%, all of which can be traced back to the dawn of a new world of finance — DeFi, born in 2020. It’s fundamentally different from the traditional financial world, which is under intense regulation to guarantee the fidelity and authenticity of the data and the underlying assets. However, failing to do so by the incumbent institutions became the midwife of Bitcoin and, ...

MEV’s Impact on Uniswap

MEV (Maximal Extractable Value) has already become a central topic in 2022, not very long since the original notion was proposed. MEV is also regarded as permissionless incentives in blockchains, extractable on a first-come basis. However, the attractive wealth opportunities in the dark forest are also hard-to-discover and require specialized capabilities. These facts raise concerns about public issues within Ethereum’s ecosystem, from the block congestion problem caused by Priority Gas Aucti...

MEV’s Impact on Uniswap

MEV (Maximal Extractable Value) has already become a central topic in 2022, not very long since the original notion was proposed. MEV is also regarded as permissionless incentives in blockchains, extractable on a first-come basis. However, the attractive wealth opportunities in the dark forest are also hard-to-discover and require specialized capabilities. These facts raise concerns about public issues within Ethereum’s ecosystem, from the block congestion problem caused by Priority Gas Aucti...

The Biggest Hidden Danger to Your Asset Swaps In the Turmoil of the Market

Photo by Thula Na on UnsplashEven in a bearish mood, the DeFi market still has been welcoming new yield farming protocols every day. With new protocols come new capitals; with new capitals derive new volatility. The following chart illustrates the last 7 days’ arbitrage performance expressed in trading profit.To everyday traders, the profit of arbitrages is not as substantial as trading volumes because we care less about how much money searchers made than how much money they targeted. Moreove...

The Biggest Hidden Danger to Your Asset Swaps In the Turmoil of the Market

Photo by Thula Na on UnsplashEven in a bearish mood, the DeFi market still has been welcoming new yield farming protocols every day. With new protocols come new capitals; with new capitals derive new volatility. The following chart illustrates the last 7 days’ arbitrage performance expressed in trading profit.To everyday traders, the profit of arbitrages is not as substantial as trading volumes because we care less about how much money searchers made than how much money they targeted. Moreove...

Wanna understand the front-running 🥪 MEV day by day? Introducing Sandwich Arbitrage Daily Report!

Photo by Campaign Creators on UnsplashSandwich arbitrages are the most cloaked, shady, and damaging MEV thing in the DeFi world. Sandwich arbitrages are effectively out of the public eye without constant monitoring and exposure. Take this victim transaction, for example. The trader had wanted to swap 2.115 million USDT for USDC. However, the attackers detected the deal and mobilized over $8.4 million worth of WETH and DAI for the Sandwich arbitrage. In the end, the attackers’ cost of the arbi...

Wanna understand the front-running 🥪 MEV day by day? Introducing Sandwich Arbitrage Daily Report!

Photo by Campaign Creators on UnsplashSandwich arbitrages are the most cloaked, shady, and damaging MEV thing in the DeFi world. Sandwich arbitrages are effectively out of the public eye without constant monitoring and exposure. Take this victim transaction, for example. The trader had wanted to swap 2.115 million USDT for USDC. However, the attackers detected the deal and mobilized over $8.4 million worth of WETH and DAI for the Sandwich arbitrage. In the end, the attackers’ cost of the arbi...

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