Toasted, spread, served, and ready — Sandwiched.wtf
Alchemist is pleased to announce the launch of Sandwiched.wtf!
With the DeFi space exploding and the MEV crisis in full swing, it has never been more relevant to have a convenient way to spot whether or not you’ve been subject to front-running and sandwiched trade attacks. Sandwiched.wtf delivers exactly that; Classy, polished, and digitally tasty, Sandwiched.wtf serves a delectable menu of information for the aspiring Alchemists in our community.
So what is the MEV crisis?
When making a swap/transaction on the block-chain there is a slight delay between the timing of the transaction information being broadcast to the network and when it is actually processed, or ‘mined’ into a block. During this delay, there is a period of time where the transaction information is typically visible to everyone. This is called the ‘mempool’ and serves as part of the basis for public transactions. Unfortunately, this poses an inherent risk, “Front-runners”- monitoring the mempool can use this information to perform arbitrage trades to maximize their own profits at your expense.
Since June 2020, MEV has cost users on the Ethereum network on the scale of $500 million and climbing
‘Miner Extractable Value’ or ‘Maximum extractable valued’(MEV) refers to the value in terms of profit that can be gained by front-running transactions and efforts to manipulate the process order of transactions on the blockchain. Since June 2020, MEV has cost users on the Ethereum network on the scale of 500 million and climbing. Currently, MEV exploits like sandwiching transactions and front-running is most often carried out by non-mining actors.
Have you been ‘Sandwiched’?
A ‘Sandwiched’ trade is an example of how various actors formulate trades that negatively impact the price in relation to your own position. What this entails is the ‘front-running’ actor using bots to monitor for a transaction.
When you go to make a swap, your information is typically published to the public mempool, with that information, the actor then runs a transaction in ‘front’ of your own, but at a price that drives the price up for your own trade. They then immediately followup after your own transaction has been processed, with another transaction, this alters the price again and puts their transactions in line to profit at your expense.
This quick reordering in the transaction layers is what is referred to as a sandwich attack and utilizes the slippage in price to extract value from the user; Your transaction ends up sandwiched between the two transactions and then there’s nothing you can do about it.
Most of the time, users aren’t even aware that they have been sandwiched, subject to front-running, or otherwise, so tend to have no idea how much financial damage this process is causing to their portfolio.
Sandwiched.wtf and mistX.io
Cue Sandwiched.wtf, similar to fees.wtf, Sandwiched.wtf provides a savvy interface for reviewing, analysing and highlighting your sandwiched transactions. This helps to highlight to the problem that the MEV crisis is causing for the Ethereum network and allows users to identify if they themselves have been subject to a sandwiched transactions or front-running on their trades in the past.
Most of the time, users aren’t even aware that they have been sandwiched, subject to front-running, or otherwise, so tend to have no idea how much financial damage this process is causing to their portfolio.
Tell your friends, show them your delicious sandwiches on Sandwiched.wtf, and help us to promote awareness about the MEV crisis and how mistX addresses this issue.
Enjoy! And remember, stop getting sandwiched, use mistX.io to trade with protections against frontrunning and sandwiched transactions enabled by our implementation of Flashbots.
