Arbitrage is a topic that crypto investors are familiar with, but doing it manually is quite difficult for many investors. For this reason, arbitrage transactions are usually done by bots and software. A developer, on the other hand, seems to have noticed the growth of Layer 2 oriented protocols and realized that they actually create arbitrage opportunities.
Bot Shock in Polygon Network!
Formerly known as MATIC polygon network also achieved serious success as L2 and got its own network. Going head-to-head with Ethereum’s L2 projects, MATIC actually created an arbitrage opportunity with this aspect.
According to information reported by Flipside Crypto, a bot has repeatedly targeted the Polygon network since the beginning of the process. It is reported that the bot, which has been operating since the beginning of May, has earned $ 6,800 daily, or approximately 63,000 TL. The bot processed up to 8 million transactions per day on the Polygon network, and it almost did it.
Looking at the data from the Polygon network, it is seen that the bot actually increased the transaction volume by 90% by filling the empty blocks. If this was done on the Ethereum network, millions of dollars of transaction fees would be required, while on MATIC, 1,000 dollars of transaction fees were enough to cover the daily cost.
Looking at the 120-day process, it is seen that the bot initially started with 14 ETH and ended with 218.5 ETH. This corresponds to an amount of over $813,000. The owner of the boat is unknown.