An arbitrage bot made an interesting transaction.
Borrowing $200 million on Ethereum, the bot made a profit of just $3.24 after a series of complex transactions.
The arbitrage bot spotted by Arkham Intelligence has borrowed $200 million in DAI stablecoin sine from MakerDAO through the “DssFlash” contract. This contract has a debt ceiling of $500 million and this amount can be borrowed from DAI with zero fees.
Arkham chief operating officer Zachary Lerangis said such boots don’t care if the snow is low and can handle any action that could result in profit.
After the bot received the loan, it used it to deposit money on the decentralized lending platform AAVE. He borrowed $2300 worth of WETH, which he then used to purchase Threshold Netwok tokens on Curve.
After the arbitrage cycle was completed, the Threshold Netwok token was sold on the Balancer exchange. After these transactions, the bot made a profit of $ 33. Net profit fell to $3.24 after deducting transaction costs.
He thinks the bot’s inability to take advantage of having access to $200 million in credit in DAI may be related to liquidity limitations.
*Arbitrage is a method of making profit by taking advantage of price differences on different platforms.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!