Arbitrage bot on Polygon (MATIC) makes 218 ETH (or $828,000) in profits ๐จ This article is 3 years old...
Arbitrage bot on Polygon (MATIC) makes 218 ETH (or $828,000) in profits
An arbitrage bot on Polygon has been able to make around $7000 in gain daily.
1 min read
Updated: Oct. 24, 2021 at 3:46 am UTC
Image by rawpixel.com
Per data analytics Flipside Crypto, an arbitrage bot has been able to turn 14 Ether into 218.5 Ether in less than four months.
Arbitrage bot made $6800 daily on Polygon
During this period, data on the Polygon network indicated that the attacker was inflating transaction volumes by as much as 90 percent with meaningless transactions, taking advantage of the low network fees to pay 0.02 MATIC to spam an entire transaction block, this translated to roughly $1000 per day.
A more cursory look at the addresses attached to these transactions revealed that almost 30 percent of all transactions on Polygon were coming from two arbitrage bots that were transacting daily on various decentralized exchanges.ย
It was revealed that the bots were able to turn 14 ETH into 218.5 ETH, which as of press time was worth over $800,000. This means the trader was able to register a daily profit of almost $7000.
Thus, the decision to increase Polygonโs gas fees recently by the team could be tied to the activities of the spammer who was able to successfully game the system.
While it would have cost around $1000 daily to spam the network previously, it would cost an average of $30,000 to do the same now as the gas fee is now 30 Gwei. According to available data, the increase in gas fees has led to a drastic reduction inย the number of transactions on Polygon.
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Latest Polygon Stories
Featured Story
Advertise Here
In this article
Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.