- Revenue of the software owner exceeded $40 million
- But at the same time, he paid $34 million for gas
- So far this is the most productive MEV bot
- His transactions are found in 60% of all blocks in the Ethereum network
In April, fees in the Ethereum ecosystem began to skyrocket. This is largely due to the activity of “sandwich bots”, which are attracted by speculative markets, such as PEPE.
At the same time, we first mentioned “jaredfromsubway”. The owner of this bot spent $1.33 million on sandwich attacks on low-liquid positions. Considering such costs, it is quite natural to assume that the user’s income exceeds this value. But you’d be surprised how much.
By mid-April, 60% of all Ethereum blocks contained transactions involving this MEV bot. According to the analytical portal EigenPhionly from April 17 to April 23, the owner of the software received more than $ 2 million in profit.
At the same time, before that, from the end of February to mid-April, the net profit of “jaredfromsubway” amounted to only $460,000. The jump in profitability of the bot was caused by hysteria in the alt-coin segment.
This can be seen on the chart:
In total, the bot initiated 238,000 attacks. The user’s revenue was $40.65 million, gas expenses were $34.35 million, and net profit was $6.3 million. These are data as of May 8.
And this is how the ratio of the total amount of gas fees and the commission paid off by “jaredfromsubway” looks like:
As you can see, the peak falls on the beginning of May. So far, this is the highest performing MEV bot in the ecosystem.
Why is it called that?
Who exactly is behind the jaredfromsubway project is unknown. The name of the bot was “in honor” of the former employee of the fast food chain Subway Jared Scott Fogle. In 2015, he received 15 years in prison for distributing child pornography.
Fogle gained popularity after losing 111 kilograms in less than 2 years. At the same time, he regularly visited Subway, which played into the hands of the company’s brand.