MEV and Slippage: How to Generate 3ETHs

0xKembeks
6 Apr 202407:55

TLDRThe video introduces a bot created with ChatGPT to generate passive income in the world of cryptocurrencies. It emphasizes the importance of avoiding scams and securing assets. The bot operates on the MEV principle, using strategies like arbitrage and frontrunning on decentralized platforms. The process involves setting up a Metamask wallet, deploying the bot on Remix Ethereum, and configuring it to use Ethereum for frontrunning. The bot's control panel allows for managing the trade balance, starting and stopping operations, and withdrawing funds. The video demonstrates a successful deployment and yields over 1.5 Ethereum in a day, highlighting its potential as a source of passive income.

Takeaways

  • 🚨 Beware of scams in the world of cryptocurrencies and avoid suspicious transactions for asset safety.
  • πŸ€– The video introduces a bot created with ChatGPT for generating passive income through cryptocurrency transactions.
  • πŸ’° The bot operates on the principle of MEV (Maximal Extractable Value) using strategies like mempool analysis, arbitrage, and frontrunning on decentralized platforms like Uniswap and 1inch.
  • πŸ“ˆ Transactions with slippage are monitored by the bot, which can create a higher-priced transaction to be processed first, profiting from the price difference.
  • πŸ”— Metamask is required for the bot's operation, and the link to install it is provided in the video description.
  • πŸ”§ Remix Ethereum is used for creating and deploying the smart contract, with a link to the platform also provided in the description.
  • πŸ“‹ The video provides a step-by-step guide on how to set up the bot, including compiling, deploying, and interacting with it through Remix.
  • πŸ’± A minimum of 1 Ethereum is required for the bot to function effectively, with larger amounts potentially yielding higher profits.
  • πŸ”„ The bot is open-source and can be audited or modified, but users are responsible for any changes they make.
  • πŸ“Š The video demonstrates the bot's performance by showing profits made over a 24-hour period, highlighting its potential as a source of passive income.
  • πŸ› οΈ The control panel of the bot offers functions like setting trade balance, starting and stopping the bot, and withdrawing funds.

Q & A

  • What is the primary purpose of the bot mentioned in the video?

    -The primary purpose of the bot is to generate passive income through the use of MEV (Maximal Extractable Value) strategies on decentralized platforms like Uniswap and 1inch.

  • What does MEV stand for and what are its components?

    -MEV stands for Maximal Extractable Value. It involves the use of mempool analysis, arbitrage strategies, and frontrunning to capitalize on transactions in the Ethereum network.

  • What is the recommended amount of Ethereum to use with the bot for optimal profit?

    -The bot recommends using more than 1 Ethereum, as smaller amounts do not offer enough slippage to make a significant profit.

  • How can one deploy the bot as a smart contract?

    -To deploy the bot, one needs to use Remix Ethereum with Metamask, compile the bot's code, and then deploy it to the Ethereum Mainnet using the 'Deploy' button in the 'Deploy and Run transactions' tab.

  • What is the role of the 'Injected Provider - Metamask' in the deployment process?

    -The 'Injected Provider - Metamask' is used to connect the user's Ethereum wallet to Remix Ethereum, allowing the deployment of the smart contract and the management of the bot's transactions.

  • What are the key functions of the bot's control panel?

    -The control panel allows the user to set the trade balance, start and stop the bot, withdraw funds, and manage the bot's API key.

  • How much profit can be expected from using the bot for a full day?

    -The video demonstrates that more than 1.5 Ethereum can be earned in a day, which is equivalent to over $2,000 at the time of the video.

  • What is the significance of the bot being open-source?

    -The open-source nature of the bot allows for audits, modifications, and ensures transparency. However, the user is responsible for the functioning of any modified versions of the bot.

  • How can one track the bot's performance and yields?

    -One can track the bot's performance and yields by monitoring the bot's balance and transaction history on Etherscan, as well as by observing the changes in the Ethereum balance in the user's wallet.

  • What precautions should be taken to ensure the safety of assets when using the bot?

    -To ensure asset safety, one should avoid suspicious transactions and unofficial platforms, and only use trusted decentralized platforms and wallets when interacting with the bot.

  • How does the bot handle additional fees during withdrawals?

    -The bot does not have any additional fees, as the user is the sole owner of the bot. All transactions are directly managed through the user's Ethereum wallet.

Outlines

00:00

πŸ€– Introduction to the Crypto Bot and MEV

The speaker introduces the audience to a bot created with ChatGPT designed to generate passive income by navigating the world of cryptocurrencies. They caution against scams and emphasize the importance of asset safety. The bot operates on the principle of Maximal Extractable Value (MEV), using strategies like mempool analysis, arbitrage, and frontrunning on decentralized platforms like Uniswap and 1inch within the Ethereum network. The speaker explains that the bot requires more than 1 Ethereum to function effectively due to slippage considerations and provides a step-by-step guide on how to set up and deploy the bot using Metamask and Remix Ethereum, including compiling and deploying the smart contract.

05:07

πŸš€ Starting and Monitoring the Bot's Performance

The speaker demonstrates how to start the bot by inputting a personal API key and specifying the amount of Ethereum to be used for frontrunning trades. They show the process of connecting to the Ethereum chain and confirm the transaction on Etherscan. The speaker then tracks the bot's performance over a 12-hour and 24-hour period, highlighting the significant returns generated. After confirming the successful earnings, they guide the audience on how to stop the bot's operations, withdraw the funds back to their wallet, and 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

πŸ’‘MEV

MEV stands for Maximal Extractable Value, a concept in the world of cryptocurrencies that refers to the potential profit that can be extracted from the Ethereum network by utilizing strategies like arbitrage and frontrunning. In the context of the video, MEV is central to the operation of the bot created with ChatGPT, which aims to generate passive income by capitalizing on these strategies. The bot scans the mempool for transactions with slippage, then creates a transaction with a higher gas price to ensure it gets processed first, capturing the difference between the gas cost and the slippage as profit.

πŸ’‘Slippage

Slippage is the difference in price between the time a trade is initiated and when it is executed, which can occur in situations where the market moves quickly. In the context of the video, slippage is a key element that the bot takes advantage of. When a transaction is created with slippage, it provides an opportunity for the bot to intervene, execute the transaction at a higher price, and profit from the difference. This is a crucial aspect of the bot's strategy for generating passive income.

πŸ’‘ChatGPT

ChatGPT is an AI language model developed by OpenAI, known for its ability to generate human-like text based on the prompts given to it. In the video, ChatGPT is used to create a bot that helps in generating passive income by interacting with the Ethereum network. The bot is programmed to scan the mempool and execute transactions that can yield profit, leveraging the capabilities of ChatGPT to automate and optimize the process.

πŸ’‘Metamask

Metamask is a digital wallet that allows users to interact with the Ethereum blockchain and manage their digital assets. In the video, Metamask is used as a tool to store and connect the required Ethereum for the bot to operate. It is essential for deploying and running the bot, as it enables the transfer of funds and the management of the smart contract where the bot's operations are recorded.

πŸ’‘Remix Ethereum

Remix Ethereum is an open-source platform that allows developers to write, compile, and deploy smart contracts on the Ethereum blockchain using the Solidity programming language. In the video, Remix Ethereum serves as the environment where the bot's code is written and compiled before being deployed. It provides the necessary tools for creating and managing the smart contract that the bot operates from.

πŸ’‘Frontrunning

Frontrunning is a strategy used in financial markets, including cryptocurrency, where a trader or bot anticipates a large transaction and executes their own transaction ahead of it to profit from the price movement caused by the anticipated trade. In the video, frontrunning is one of the strategies employed by the bot, allowing it to create transactions with higher gas prices to ensure they are processed before others, capturing profit from the slippage.

πŸ’‘Gas Price

In the context of Ethereum and other blockchain networks, gas price refers to the amount of Ether (ETH) that must be paid for a transaction to be processed by a miner. The higher the gas price, the faster the transaction is likely to be processed. In the video, the bot uses a higher gas price to ensure that its transaction is processed before others in the mempool, which is crucial for its strategy of capturing profit from slippage.

πŸ’‘Smart Contract

A smart contract is a self-executing contract with the terms of the agreement directly written into code. On the Ethereum blockchain, smart contracts are used to automate processes and can be trusted to execute without any intermediary. In the video, the bot operates from a smart contract, which is deployed using Remix Ethereum and Metamask. This smart contract holds the Ethereum that the bot uses for frontrunning transactions and manages the operations like starting, stopping, and withdrawing funds.

πŸ’‘Passive Income

Passive income refers to earnings that are generated with little to no continuous effort after an initial setup. In the context of the video, the bot's purpose is to create a source of passive income by automating the process of capturing profit from Ethereum transactions through strategies like MEV, slippage, and frontrunning. The bot's operations are designed to require minimal oversight, allowing the user to earn income passively.

πŸ’‘Etherscan

Etherscan is a blockchain explorer for the Ethereum network that allows users to view and track transactions, smart contracts, and addresses. In the video, Etherscan is used to monitor the deployment of the bot's smart contract, check the transaction history, and verify the balance of the bot's Ethereum holdings.

πŸ’‘Solidity

Solidity is a programming language specifically designed for writing smart contracts on the Ethereum blockchain. It is a contract-oriented, high-level language that compiles to Ethereum Virtual Machine (EVM) bytecode. In the video, the bot's code is written in Solidity, which is then compiled and deployed on the Ethereum network using Remix Ethereum.

Highlights

Creating a bot with ChatGPT for passive income and ease of life.

The importance of avoiding scams and suspicious transactions in cryptocurrency.

The principle of MEV (Maximal Extractable Value) and its role in the bot's operation.

Utilizing strategies like mempool analysis, arbitrage, and frontrunning in the bot's code.

Compatibility of the bot with decentralized platforms on Ethereum like Uniswap and 1inch.

How the bot benefits from transactions with slippage in the mempool.

The requirement of using more than 1 Ethereum for the bot to function effectively.

Open-source nature of the bot, allowing for audits and modifications.

The process of deploying the bot on Remix Ethereum and using Metamask for wallet connection.

Instructions for compiling, deploying, and running the bot's smart contract.

Control panel functions like setting trade balance, starting, stopping, and withdrawing funds.

Tracking 12 and 24-hour yields for the bot's performance.

Achieving a profit of 0.89 Ethereum in less than 12 hours.

Making more than 1.5 Ethereum in a day as passive income.

Withdrawing funds from the smart contract back to the wallet without additional fees.

The potential of the bot as a source of passive income in the WEB3 space.

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