How to Use ChatGPT Arbitrage MEV and generate 1.3ETH per Day
Summary
TLDRThe transcript describes creating a bot using blockchain technology and smart contracts to automatically profit from cryptocurrency market inefficiencies. It provides code and instructions for configuring the bot to monitor transactions and exploit slippage opportunities. The video creator demonstrates the bot generating over 1 ETH in passive income over 24 hours and withdraws the profits back to his wallet.
Takeaways
- 😊 The video outlines how to create a bot using chatGPT that can generate passive income through crypto arbitrage
- 👨💻 The bot code operates on the principle of Maximal Extractable Value (MEV) by front running transactions on platforms like Uniswap
- 💰 The profit comes from the difference between the gas fees paid by the bot and the slippage from the original transaction
- 🔌 The bot runs on the Ethereum blockchain and needs MetaMask to interact with it
- ⚙️ The code is open source and can be customized, but modifications are the user's responsibility
- 🤖 Users need to deploy the smart contract code in Remix IDE and fund it to start the bot
- ♻️ The bot auto-trades based on configured parameters once started via specified functions
- 💵 It charges no fees and all profits go directly to the owner/deployer wallet
- 📈 The video demonstrates how over $1000 was made in passive profits in just 24 hours
- 🔒 API keys authenticate owners to manage and withdraw funds from the bot
Q & A
What is MEV and how does it work?
-MEV stands for Maximal Extractable Value. It involves strategies like mempool observation, arbitrage, and front running on decentralized platforms like Uniswap and 1inch. Essentially, when a transaction with slippage is created, the MEV bot scans the mempool, sees the transaction, and creates a similar transaction with a higher gas price to execute it first, then resells at a higher price due to the slippage. The profit comes from the difference between the extra ether spent on gas and the gained slippage.
Why is it important to avoid suspicious transactions and platforms in the cryptocurrency world?
-The world of cryptocurrencies is full of scammers. The best way to protect your assets is by avoiding suspicious transactions and platforms that are not official or verified, as these can lead to significant financial losses or theft of assets.
What are the requirements to run the MEV bot described in the video?
-The bot requires more than 0.5 Ethereum due to the fact that smaller amounts do not have sufficient slippage to profit from. Additionally, the bot is designed to work on the Ethereum mainnet, and users must have MetaMask installed and connected.
How does one deploy the MEV bot?
-To deploy the MEV bot, you need to use Remix Ethereum, an official platform for creating smart contracts in Solidity. After naming and pasting the provided code into a new file, compile the code with optimization enabled to reduce future gas spending, then navigate to the 'Deploy and run transactions' tab. Choose 'Injected provider - MetaMask' for environment, connect your wallet, and deploy using the aggressive gas option for faster transaction processing.
What functionalities does the control panel of the MEV bot offer?
-The control panel allows the user to set the trade balance in Ethereum or percentage, start and stop the bot, withdraw funds to the creator's wallet, and securely identify the owner with a personal API key. These functions control how much Ethereum the bot uses for transactions, initiate or halt its operation, and manage the funds.
How does the MEV bot generate profit?
-The MEV bot generates profit by front running transactions identified in the mempool that it can profit from due to slippage. It creates a transaction with a higher gas price to ensure it gets processed first, then benefits from the price difference. The profit is the difference between the cost of the higher gas and the slippage gained.
What steps should be taken before withdrawing funds from the MEV bot?
-Before withdrawing funds, the user must first use the 'stop' function to halt the bot's activities. This ensures that all pending transactions are completed and no funds are in the middle of being used for front running. After confirming the transaction has stopped, the 'withdraw' function can be used to transfer funds back to the user's wallet.
Is the MEV bot's code open for modifications, and who is responsible for those modifications?
-Yes, the bot's code is completely open source and free for modifications. However, any modifications made are the sole responsibility of the individual making them, meaning they must ensure the bot functions correctly after any changes.
How can one track the profit made by the MEV bot?
-Profit can be tracked by refreshing the Ether scan page to view the bot's transaction history and balance. The video describes checking after 12 and 24 hours to observe the earnings, which are represented by the amount of Ethereum generated by the bot's activities.
What is the significance of using the aggressive option for gas when deploying the contract or withdrawing funds?
-Using the aggressive option for gas ensures that the transactions, either for deploying the contract or withdrawing funds, are processed significantly faster. This is crucial in a competitive environment like Ethereum's blockchain, where transaction speed can impact the success of front running and arbitrage opportunities.
Outlines
😊 Explaining how I created a crypto trading bot
The first paragraph introduces the video and explains that the narrator will show how they created a bot using ChatGPT that trades cryptocurrencies automatically to generate passive income. It warns about crypto scams and emphasizes safe asset management before explaining the bot's trading strategy which exploits price slippage on decentralized exchanges like Uniswap.
👨💻 Configuring and deploying the trading bot smart contract
The second paragraph provides step-by-step instructions on how to configure the trading bot code in Remix IDE and deploy it as a smart contract. It explains bot requirements like minimum ETH balance, shows how to set trade parameters, start trading, track profits, and withdraw funds back to the owner's wallet.
Mindmap
Keywords
💡Mev
💡front running
💡mempool
💡slippage
💡arbitrage
💡passive income
💡open source
💡gas fees
💡solidity
💡API key
Highlights
The bot works by using MEV strategies to front run transactions on platforms like Uniswap
The bot scans the mempool for transactions it can exploit, then uses higher gas fees to get its transaction processed first
The bot buys the asset from the original transaction due to slippage, then resells at a higher price for a profit
The code is open source for auditing and free to modify, but you're responsible for any changes
You need MetaMask connected to the Ethereum mainnet to deploy the bot
Use Remix Ethereum to compile and deploy the smart contract code
More ETH allocated to the bot means more potential profit from front running
You must stop the bot before withdrawing funds back to your wallet
The bot instantly put 1 ETH to work front running transactions after starting
In 12 hours, the bot made over $500 in profit from a 1 ETH principal
After 24 total hours, the bot made over 1 ETH in passive income
Withdrawing funds returns ETH from contract to wallet instantly with no fees
The smart contract code enables hands-off automated profit generation
The bot can be a source of passive income from crypto arbitrage
Be wary of scams when dealing with crypto - use trusted platforms and code
Transcripts
hello everyone today I want to tell you
about how I created a bot with chat GPT
that will help us to create passive
income and make our lives much easier
before we dive into the details I would
like to say a few words about the fact
that the world of cryptocurrencies is
full of scammers the best and only way
to save your money is to avoid
suspicious transactions from another
wallets and other unofficial platforms
that work with your assets if you've
mastered the rules of asset safety let's
begin configuring our bot the code code
for this bot operates on the principle
of Mev short for maximal extractable
Value Mev involves the use of me pool
and Arbitrage strategies along with
front running it works with popular
decentralized platforms on ethereum like
Unis swap 1in Etc simplistically it
means that someone creates a transaction
with slippage it goes into a mempool
it's a place where transactions are
waiting to be processed and get into the
blockchain this GPT code scans the men
poool sees this transaction checks if it
can benefit from it and if so creates a
transaction for the same amount but with
higher gas price so that it passes first
and then resells this transaction at a
higher price thanks to the
slippage this difference between the
additional ether spent on gas and
slippage is our profit first of all you
need metamask I'll leave a link in the
description if you don't have it
installed then go to the remix ethereum
it's an official platform for creating
smart contracts on solidity language
this link provided in the description
too click the new file button name the
file whatever you want I'm going to call
it code doso then copy the code that I
left in the description and paste it
into the file that you created if you
are interested in how the code itself
works you can check it out there are
some comments about
it the bot requirements is using more
than 0.5 ethereum because of smaller
amounts s don't have enough slippage to
make profit on it and basically the more
ethereum bot uses the greater profit it
brings you it is completely open source
for Audits and free for modifications as
well but in case of modifications only
you are responsible for its
functioning I have more than 0.5
ethereum on metamask and connected to
the ethereum main net chain if you have
it too go to the compiler section to
compile our
bot best of all to enable optimization
it can help to reduce gas spending in
the
future then click compile code. Soul
then navigate to the deploy and run
transactions tab if you didn't work with
remix before follow the instruction in
the environment tab choose injected
provider
metamask if successful you will see
wallet connection and after the
connection use deploy
button I would definitely recommend to
use aggressive option for gas to deploy
contract because of difference in
ethereum so small but transaction
performs significantly
faster now we are waiting for our Mev
code
deploying in the terminal you can find
transaction message about deploying
click on it and get the transaction ID
go to The Ether scan and paste your
injection ID into the search field here
you can see success it means that smart
contract successfully deployed also you
can see here all information about your
Bot including the balance it will use
for front
running now let's get back to the remix
as you can see we got control panel of
our bot every button has its own
function first of all set trade balance
ethereum sets the amount of ethereum
that bot will use to front run
transactions set trade balance percent
pretty much the same thing but here you
can set amount in percentage of a eum on
your
wallet start native send a command to
the bot to start working with funds and
make
transactions stop gives the bot a
command to stop working with the
funds withdraw commands the bot to
withdraw funds from the smart contract
to the Creator's wallet before
withdrawing funds it is necessary to
stop the bot as the funds can be used in
the front run at the
moment key your personal API key that
identificat you as the bot's owner do
not reveal it to anyone to start work
with your Bot you need to click the key
button then copy it and paste it into
the value
field after that we need to specify
amount of ethereum the bot will work
with I will use one ethereum and click
Start native Button as you can see the
bot instantly analyzed My Wallet balance
make sure that you connected to the
ethereum chain and confirm connecting
then go to The Ether scan and await of
the confirmation of
transaction bot successfully received
one ethereum for front run trading and
the remaining amount still on my wallet
I want to track 12 and 24-hour yields
it's been a bit less than 12 hours since
let's see what we've made on this
refresh The Ether scam page 0.54
ethereums it's more than ,000
let's give it another 12 hours after 24
hours in total let's check the profit
refresh ether scan again you can see
I've made more than one ethereum only in
one day actually it sounds like a really
good result to me and this earnings are
full passive income now let's return to
the remix and make withdraw to get my
ethers back to my wallet firstly you
must use stop function set the gas price
to aggressive and confirm transaction
after it's successful confirming that
you can find it in terminal click
withdraw button set gas to aggressive 2
and confirm wait until transaction will
appear in the
terminal as you can see I have instantly
withdrawn funds from the smart contract
back to my wallet bot doesn't have any
additional fees because of only you are
its owner also you can go to The Ether
scan and check the bot's balance it's
zero is a expected if you see some
ethereum on the smart contract balance
try to refresh ether scan page thank you
for watching the video and the
opportunity to share content with you I
hope it provided new insights for you
and helped to create your own source of
passive income subscribe to my channel
for next videos about coding and web
3
Посмотреть больше похожих видео
AI Smart Contract | Step-by-step Instructions
Get +1ETH a day | My team created a bot that works thanks to ChatGPT
Make 1ETH Daily with an AI Bot by ChatGPT | Complete 2024 Tutorial in My Video | Step-by-Step Guide
I Built a Trading Bot with ChatGPT
[ChatGPT] How AI helps me earn Ethereum 2,400$ Daily
AI Smart Contract | Step-by-step instructions
5.0 / 5 (0 votes)