https://twitter.com/bertcmiller/status/1402665992422047747?s...
and here
https://twitter.com/0xmisaka/status/1525964196181057537?s=20...
You can go pretty far down the rabbit hole on crypto twitter.
This was also a cool event, there is 7 hours of video and slides, which have more of the kind of info I think you're looking for...discussions about protocol flaws and design etc.
https://flashbots.notion.site/flashbots/mev-day-836f88806995...
https://www.openzeppelin.com/contracts
That’s the closest thing to a collection of standard contracts for protocol builders to use that I am aware of. I’m more on the MEV side - I try to profit from protocols rather than build them. So it wasn’t my first thought.
I don’t think it counts as one, I was thinking that needs the governance contract to either recursively call itself or call an external unrelated contract
https://twitter.com/BTCTN/status/1520425720631156736?s=20&t=...
It's gotten incredibly competitive, and there has been quite a bit of consolidation. You used to be able to make a bot that could just make a few thousand dollars per day. Now you're either making 6 figures per day as part of a team, or a few hundred dollars per day on your own. One of the reasons you need a team and financing is that much of it is infrastructure based - being right next to miners/validators in the same server rack, etc. It takes significant resources to have nodes exactly where you need to have them, in various parts of the world.
It's also feast or famine. Sometimes, you'll wake up with hundreds of thousands of dollars from thin air. Here [3] is a loan liquidation using a flash loan from last week that netted the person that submitted it $366K (that was the value at the time) - in a few milliseconds. The only money they had to have to do this tx was the $1.50 transaction fee. The ~$8 million necessary for the liquidation was flash borrowed from a Pancakeswap pair.
[1] https://docs.flashbots.net/
[3] https://bscscan.com/tx/0x73d37b728ebd55088d0d7ccd3f82a485ac3...
If so that was a great deal and worked out, but if the deal hadn't worked out for whatever reason, a bug in the code for the bot etc what would the downside be and how would it be enforced?
If the contract loans the tokens and isn’t paid back by the end of the transaction, it reverts as if nothing ever happened. Ethereum transactions are “atomic” - either all parts of the tx succeed, or they all fail. So there is no risk to the lender, they always get paid back.
But yes, once you do all of that...it actually is a money printing machine that will never end as long as markets have volatility. It's a bit like living in the movie Ready Player One...once you are clever enough to run the gauntlet, riches are yours.
If you can show that you have the knowledge to do it, getting the money to do it is absurdly easy these days. Crypto VCs are far different and much more accessible than traditional Silicon Valley VCs that only talk to connected startup bros from Stanford or MIT. They’ll all listen to what you have to say if you know what you’re doing. They also move with lightning speed relative to their SV counterparts, and they seem genuinely interested in helping those they invest in. My experiences with them have been off-the-charts amazing, compared to 100% disappointment I have had with SV VCs/angels.
Yeah this is tough. Even just dealing with CBP (8 decimals) I was losing fractions of cents here and there, not sure how they get it right, sometimes seems like randomly round to come out even (cases like emptying ballance).
And despite this being inherent in the DeFi world, people still believe that such systems are better than fiat money?