2023-08-10 05:00:00
A bargain not to be missed. Networks blockchains are populated by bots with various activities. Whatever their function, the latter most of the time ensure market equilibrium. Obviously, these have a profit motive and can even prove to be very lucrative for their owner.
BTC and ETH at a discount
August 7, Peckshieldthe company specializing in blockchain security and analysis, has unveiled a major arbitration.
Publication de Peckshield – Source : Twitter.
Indeed, a user bought 9.19 BTC for $18,670 et 170 ETH pour 33 867$ on the blockchain Phantom. A price more than 10 times below the market, which would make most investors dream.
In total, the user invested $52,537 to buy the equivalent of $578,767 in BTC and ETH.
But then, how did he do it? In reality, it is probably not a user behind his computer. Indeed, with regard to the transactions, it is a safe bet that all the shares were made by a bot. More specifically, a bot d’arbitrage.
As a reminder, so-called arbitrage bots are tasked with detecting price differences for a given asset between two trading platforms. Thus, the bot will buy the asset on the platform where it is cheaper to resell it on the one where the price is higher.
It is in particular these bots that make it possible to have a certain homogeneity on the prices of a given asset through the different protocols of a blockchain.
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Quality refereeing
In this case, the bot made a lucrative arbitrage by leveraging the recent downfall of the Multichain bridge protocol. Thus, part of the assets issued by the Multichain protocol have derived from their benchmark value. For example, 1 WFTM is no longer equivalent to 1 FTM.
The bot was thus able to buy these assets wrapped at discounts, then transferred them to the Polygon blockchainprobably via the Evodefi bridge.
It is interesting to notice the evolution of these bots. Indeed, the latter were until recently still restricted to a single blockchain. Now, they have become more complex and can arbitrate between several blockchains.
In some cases, bots are not as lucrative. Recently, a user managed to trick a bot and resell it for 800 ETH of NFT, whose prices he had previously artificially inflated. An activity certainly potentially lucrative, but which is not without risks.
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