[ChatGPT] How AI helps me earn Ethereum 2,400$ Daily

JacksonWEB3

11 Jul 202407:24

Summary

TLDRIn this tutorial, Jackson introduces a beginner-friendly method to generate passive income using decentralized exchanges like Uniswap. He guides viewers through setting up a frontrunner bot with Metamask and Remix, deploying a smart contract to monitor the mempool for profitable trades. The bot operates by buying tokens at a set price and selling them for a profit, minus gas fees. Jackson demonstrates funding the contract, starting the bot, and eventually withdrawing earnings, showcasing a 40% increase in his deposit within a day.

Takeaways

😀 Jackson introduces a tutorial on generating passive income through decentralized exchanges like Uniswap.
📈 The method is suitable for beginners and does not require prior expertise in cryptocurrency trading.
💰 Jack, an example user, wants to swap $1,000 in ethers for UNI tokens, with a current price of $10 per token.
🔄 Due to price fluctuations, Uniswap requires setting a slippage percentage to complete transactions.
🛒 By setting a 10% slippage, Jack is willing to pay up to $11 per UNI token, resulting in approximately 90 tokens for $1,000.
🤖 The bot detects transactions, purchases tokens, and raises the price, allowing it to buy higher and sell for a profit.
🔗 Users need Metamask installed and linked to the Ethereum mainnet to interact with the bot.
📝 Remix is an online tool for creating and deploying smart contracts in Solidity, used to write the bot contract.
🔧 The bot contract includes functions for starting, stopping, and withdrawing funds, as well as identifying the owner and contract symbol.
💼 Funding the contract with ethers is necessary to participate in liquidity pools and snipe transactions for profit.
📊 The bot's performance is variable, with earnings fluctuating but generally earning over 2 Ethereum per week.
📲 For support and questions, viewers can reach out via Telegram, with a link provided in the video description.

Q & A

What is the main topic of Jackson's tutorial?
-The main topic of Jackson's tutorial is generating passive income through decentralized exchanges like Uniswap using a frontrunner bot.
What is the prerequisite for using the method Jackson discusses?
-The prerequisite is having Metamask installed and linked to the Ethereum mainnet, as well as some understanding of basic blockchain transactions.
What is the purpose of setting a slippage percentage in Uniswap transactions?
-The slippage percentage is set to define the maximum price increase you are willing to accept for a trade to be completed, protecting against potential price fluctuations.
How does the frontrunner bot operate in the context of the tutorial?
-The frontrunner bot detects transactions, purchases tokens at the current price, and then sells them to take advantage of the increased price due to the slippage set by the trader.
What is the role of Remix in this tutorial?
-Remix is an online tool used for creating, deploying, compiling, and executing smart contracts written in Solidity, which is where the frontrunner bot contract is developed.
Why is it important to check the addresses on EtherScan?
-It is important to verify the addresses on EtherScan to ensure they belong to the correct tokens, such as Wrapped Ether in this case, to avoid deploying the bot to the wrong contract addresses.
What does Solidity version 0.6.6 signify in the context of the tutorial?
-Solidity version 0.6.6 is the specific version of the Solidity language used to write the frontrunner bot contract, which needs to match during the compilation process in Remix.
What is the purpose of funding the contract with ethers?
-Funding the contract with ethers is necessary to provide liquidity for the bot to monitor and snipe transactions in the mempool.
How does the bot generate profit?
-The bot generates profit by front running transactions, buying tokens at a lower price and selling them at a higher price due to slippage, and keeping the difference minus gas fees.
What is the significance of the 'start' and 'withdraw' buttons in the contract?
-The 'start' button initiates the bot to monitor the mempool for transactions, while the 'withdraw' button stops the bot and transfers funds back to the user's wallet.
How does the bot's performance vary over time?
-The bot's performance can vary week to week, with profits fluctuating based on market conditions and the amount of ethers funded in the contract.
What is the final step for the user to retrieve their earnings from the bot?
-The final step is to press the 'withdraw' button, which will trigger a transaction to return the initial ethers plus earnings to the user's wallet.