MEV bot has become the largest consumer of Ethereum gas

Over the past 24 hours, the operator of the jaredfromsubway.eth MEV bot has spent more than 215 ETH (~$830,200) to pay for gas in Ethereum.

Data: Etherscan.

The amount amounted to almost 1.6% of the total, which made him the largest payer of commissions on the network.

Since February 2023, the bot has spent a total of 77,115 ETH on gas, or $176.7 million based on the price of the cryptocurrency at the time of transactions.

The software operator in the account description in X claims that it brings in "hundreds of ETH daily" due to sandwich attacks. 

https://forklog.com/cryptorium/chto-takoe-mev-v-ethereum-i-kak-on-izmenitsya-posle-perehoda-na-pos

The bot is aimed mainly at traders with meme coins. For example, one user noted that recently the script "cruelly mocked" the merchants of one of the coins issued on behalf of TV star Caitlyn Jenner.   

Jaredfromsubway.eth is absolutely brutalizing everyone swapping Caitlyn Jenner's token lmao pic.twitter.com/LbtALm81pU

— Pop Punk (@PopPunkOnChain) May 30, 2024

In order to profit from sandwich attacks, the bot must place two of its transactions immediately before and after the transaction it is targeting. To achieve this, you have to pay extra to the creators of the blocks for priority.

Recall that Ethereum co-founder Vitalik Buterin attributed MEV to the three main threats to network decentralization, along with liquid staking and the cost of launching a full node.

The EU regulator called the technology a prime example of market abuse.