How to Use Slippage MEV by ChatGPT and make 0.7E/Day
TLDRThe video script introduces a method to create a passive income-generating bot using ChatGPT, focusing on cryptocurrency trading. It warns against scams and details the setup process, including the use of MEV strategies on Ethereum platforms. The bot, requiring over 0.5 Ethereum, is open-source and can be deployed via Remix Ethereum and Metamask. The script guides through bot configuration, operation, and withdrawal of earnings, demonstrating a potential for significant profit within a 24-hour period.
Takeaways
- π¨ Cryptocurrency safety is paramount; avoid suspicious transactions and unofficial platforms.
- π€ The bot operates on the MEV (Maximal Extractable Value) principle, utilizing strategies like mempool analysis and arbitrage.
- π MEV works by identifying and exploiting transactions with slippage in the Ethereum mempool for profit.
- π οΈ To configure the bot, Metamask and Remix Ethereum are required, with more than 0.5 Ethereum recommended for optimal operation.
- π The bot's code is open-source, allowing for audits and modifications, but users are responsible for any changes made.
- π The bot's functionality includes setting trade balance, starting and stopping operations, and withdrawing funds.
- π° The bot can generate significant passive income, as demonstrated by earnings of over 1 Ethereum in a single day.
- π Monitoring the bot's performance through Etherscan is essential to track yields and manage the bot effectively.
- π Gas optimization is crucial for reducing costs when deploying and interacting with the bot's smart contract.
- π The bot's API key is personal and should not be shared to maintain security and ownership.
- π₯ The video provides a step-by-step guide on setting up and operating the MEV bot for passive income generation.
Q & A
What is the primary purpose of the bot mentioned in the transcript?
-The primary purpose of the bot is to create passive income by utilizing Maximal Extractable Value (MEV) strategies on the Ethereum network, specifically through arbitrage and frontrunning.
What are some precautions mentioned to avoid scams in the cryptocurrency world?
-To avoid scams, the transcript advises avoiding suspicious transactions from unknown wallets and unofficial platforms that handle your assets.
What does MEV stand for, and what are its components?
-MEV stands for Maximal Extractable Value. It involves using mempool analysis, arbitrage strategies, and frontrunning to capitalize on opportunities in the Ethereum network.
Which decentralized platforms on Ethereum are mentioned as working with the bot?
-Uniswap and 1inch are mentioned as the decentralized platforms on Ethereum that the bot interacts with.
What is the minimum requirement for Ethereum to operate the bot effectively?
-The minimum requirement for Ethereum to operate the bot effectively is 0.5 Ethereum, as smaller amounts do not offer enough slippage for profit.
What tool is recommended for creating and deploying the bot's smart contract?
-Remix Ethereum is recommended for creating and deploying the bot's smart contract, as it is an official platform for Solidity language smart contracts.
How does the bot determine which transactions to frontrun?
-The bot scans the mempool for transactions with slippage, and if it can benefit from them by paying a higher gas price to ensure its transaction is processed first, it will frontrun those transactions.
What is the role of the 'Key' in the bot's operation?
-The 'Key' is a personal API key that identifies the user as the bot's owner. It is required to start working with the bot and must be kept confidential.
How can you track the bot's performance and earnings?
-You can track the bot's performance and earnings by using Etherscan to monitor the smart contract's balance and transaction history.
What is the process for withdrawing funds from the bot?
-To withdraw funds, you must first use the 'Stop' function to halt the bot's operations, then set the gas price to aggressive, confirm the transaction, and after successful confirmation, use the 'Withdraw' button to transfer the funds back to your wallet.
How much profit was made by the bot in the example provided in the transcript, and over what period of time?
-In the example provided, the bot made more than 1 Ethereum in profit over a 24-hour period.
Outlines
π€ Introduction to Crypto Bot Creation
The speaker introduces the topic of creating a bot with ChatGPT to generate passive income. They caution about the prevalence of scammers in the cryptocurrency world and emphasize the importance of avoiding suspicious transactions. The speaker then outlines the technical aspects of the bot, which is based on the principle of Maximal Extractable Value (MEV) and operates using strategies like mempool analysis, arbitrage, and frontrunning on decentralized platforms like Uniswap and 1inch. The process of setting up the bot involves using Metamask and Remix Ethereum, with specific instructions provided for creating, compiling, and deploying the smart contract. The speaker also discusses the bot's requirements, such as a minimum of 0.5 Ethereum for operation, and the potential for higher profits with larger amounts of Ethereum. The bot is open-source and the speaker shares a link to the code in the description for those interested in understanding or modifying it.
π Tracking Yields and Withdrawing Earnings
The speaker demonstrates how to track the bot's performance over 12 and 24-hour periods, showing that a profit of 0.54 Ethereum (over $1,000) was made in less than 12 hours. After 24 hours, the profit exceeded 1 Ethereum, highlighting the effectiveness of the bot as a source of passive income. The speaker then guides the viewer through the process of stopping the bot, setting aggressive gas prices for transactions, and withdrawing the earned Ether back to the wallet. They emphasize the bot's lack of additional fees since the user is the owner, and the ability to check the bot's balance on Etherscan. The speaker concludes by encouraging viewers to subscribe for more content on coding and WEB3 technologies.
Mindmap
Keywords
π‘ChatGPT
π‘Passive Income
π‘Cryptocurrencies
π‘MEV
π‘Mempool
π‘Uniswap
π‘Metamask
π‘Solidity
π‘Frontrunning
π‘Gas
π‘Etherscan
π‘DeFi
Highlights
The speaker created a bot using ChatGPT for generating passive income.
Cryptocurrency world is full of scammers, and the speaker advises to avoid suspicious transactions.
The bot operates on the principle of MEV (Maximal Extractable Value) using strategies like mempool analysis and arbitrage.
MEV works with decentralized platforms on Ethereum such as Uniswap and 1inch.
The bot's code scans the mempool for transactions with slippage and creates a higher-priced transaction to frontrun it.
The bot requires more than 0.5 Ethereum to function due to the need for sufficient slippage to make a profit.
The bot is open-source and can be audited or modified, but users are responsible for its functioning after modifications.
To set up the bot, one needs Metamask and access to Remix Ethereum for creating smart contracts.
The bot's smart contract needs to be compiled and deployed on the Ethereum Mainnet.
After deployment, the bot can be controlled via a control panel with functions like setting trade balance, starting, stopping, and withdrawing.
The speaker demonstrates the bot's functionality by deploying it and using it to frontrun transactions.
The bot can analyze the user's wallet balance and use it for frontrunning, as shown in the demonstration.
The speaker tracks the bot's 12 and 24-hour yields, showing significant profits in Ethereum.
The bot allows for the withdrawal of funds back to the user's wallet without any additional fees.
The speaker emphasizes the passive income potential of the bot and encourages viewers to subscribe for more content on coding and WEB3.