Spam Attack On Polygon Via An Arbitrage Bot Made $6,800 Each Day - Exclusive.

Spam Attack On Polygon Via An Arbitrage Bot Made $6,800 Each Day - Exclusive.

2021-10-19 | Big Bob

Spam Attack On Polygon Via An Arbitrage Bot Made $6,800 Each Day - Exclusive.

By spamming the Polygon network for 120 days, an arbitrage bot managed to convert 14 ETH into 218.5 ETH. One of the big storylines of 2021 has been the rise of layer-two protocols, as the popularity of decentralized finance (DeFi) and nonfungible tokens (NFT) has driven transaction prices higher on the Ethereum (ETH) network, essentially pricing out many players. The Polygon network, originally known as MATIC, sprang to prominence earlier this year as one of the leading candidates in the hunt for an effective Ethereum layer-2 scaling solution, and the project's QuickSwap DeFi platform was one of the most popular Uniswap clones. Polygon was once extremely popular, but when new platforms like Arbitrum and Optimism arose, conversations about the platform faded, and some traders now refer to it as "slow." According to data from Flipside Crypto, the Polygon network's low-cost capabilities were harmed after a smartly constructed arbitrage bot managed to transform 14 Ether into 218.5 Ether in less than four months. The attack began in early May, according to statistics from Flipside Crypto, and pushed transactions on the Polygon network peaked at 8 million per day in June. The greatest number of transactions on the Ethereum network at the time was 1.2 million. Spam Attack On Polygon Via An Arbitrage Bot Made $6,800 Each Day - Exclusive. According to information obtained on a Polygon forum, the attacker has been boosting transaction volumes by up to 90% by flooding each block with "meaningless transactions" while only paying approximately 0.02 MATIC to spam the entire block and around $1,000 for a complete day. A further look into the network's transactions and addresses found that two contracts, which have been proven to be arbitrage bots that perform thousands of daily transactions to multiple decentralized exchanges, were responsible for roughly 30% of the network's transaction count (DEX). It's unclear why the spammer opted to fill each block when the bots were only making 2,000 to 4,000 transactions each day, but one possibility is that it was done to prevent anybody else from getting ahead of the trade.

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