I just created MEV bot with ChatGPT and earned avalanche of cash on fees

Feytann
5 Feb 202406:51

TLDRThe video script outlines a guide on creating a passive income-generating bot using ChatGPT, which operates on the Maximal Extractable Value (MEV) principle. It involves strategies like mempool analysis and frontrunning on Ethereum decentralized platforms. The bot requires a minimum of 0.5 Ethereum and offers an open-source code for modifications. The tutorial walks through the setup process using Metamask, Remix Ethereum, and deploying the smart contract. It demonstrates how to manage the bot's operations, including starting and stopping trades, and withdrawing profits, highlighting the potential for significant earnings within a day.

Takeaways

  • 🚨 Beware of scammers in the cryptocurrency world; avoid suspicious transactions and unofficial platforms.
  • 💡 The bot operates on the principle of MEV (Maximal Extractable Value) using strategies like mempool analysis, arbitrage, and frontrunning.
  • 📈 MEV works with popular decentralized platforms on Ethereum, such as Uniswap and 1inch.
  • 🔧 To configure the bot, you need Metamask and access to Remix Ethereum for creating smart contracts in Solidity language.
  • 💰 The bot requires more than 0.5 Ethereum to function effectively, as smaller amounts don't offer enough slippage for profit.
  • 🔄 The bot's profit comes from the difference between the additional ether spent on gas and the slippage when reselling transactions.
  • 🔗 The bot is open-source, allowing for audits and modifications, but users are responsible for its functioning after modifications.
  • 🛠️ To deploy the bot, compile the code in Remix, connect Metamask to the Ethereum Mainnet, and use the 'Deploy' button.
  • 📊 The bot's control panel in Remix allows you to set trade balance, start and stop operations, and withdraw funds.
  • 💹 The script provides an example of earning over 1 Ethereum in a day through the bot's passive income capabilities.
  • 🔙 To withdraw earnings, stop the bot, and use the 'Withdraw' function; the bot doesn't charge additional fees as you are the owner.

Q & A

  • What is the primary purpose of the bot mentioned in the transcript?

    -The primary purpose of the bot is to create passive income by utilizing Maximal Extractable Value (MEV) strategies in the cryptocurrency space, specifically on Ethereum-based decentralized platforms.

  • What are some precautions mentioned to avoid scams in the cryptocurrency world?

    -To avoid scams, the transcript advises avoiding suspicious transactions from unknown wallets and unofficial platforms that handle your assets.

  • What does MEV stand for, and what are its components?

    -MEV stands for Maximal Extractable Value, and it involves the use of mempool analysis, arbitrage strategies, and frontrunning to capitalize on opportunities in cryptocurrency transactions.

  • Which platforms does the bot operate on?

    -The bot operates on popular decentralized platforms on Ethereum, such as Uniswap and 1inch.

  • What is required to start configuring the bot?

    -To start configuring the bot, you need to have Metamask installed and connected to the Ethereum Mainnet Chain.

  • How does the bot work with transactions in the mempool?

    -The bot scans the mempool for transactions with slippage, creates a new transaction with the same amount but a higher gas price to ensure it gets processed first, and then resells the transaction at a higher price to profit from the slippage.

  • What is the minimum amount of Ethereum required for the bot to function effectively?

    -The minimum amount of Ethereum required for the bot to function effectively is 0.5 Ethereum, as smaller amounts do not offer enough slippage for profit.

  • How can you deploy the bot as a smart contract?

    -To deploy the bot, you need to use Remix Ethereum, a platform for creating smart contracts in Solidity language. You compile the bot's code and then deploy it using the 'Deploy' button, connected to your Metamask wallet.

  • What are the key functions of the bot's control panel?

    -The key functions of the bot's control panel include 'Set trade Balance Ethereum', 'Set Trade Balance PERCENT', 'Start Native', 'Stop', 'Withdraw', and 'Key' for setting the bot's operation parameters and managing its activities.

  • How can you track the bot's performance and earnings?

    -You can track the bot's performance and earnings by monitoring the Ethereum balance used for frontrunning on Etherscan and observing changes in the balance over time.

  • What is the process for withdrawing funds from the bot?

    -To withdraw funds, you must first use the 'Stop' function to halt the bot's operations, then set an aggressive gas price and confirm the transaction. Once the transaction is confirmed, you can use the 'Withdraw' button to transfer the funds back to your wallet.

  • How much profit can be made in a day with the bot, according to the transcript?

    -According to the transcript, more than 1 Ethereum can be made in a single day, which at the time of the transcript was worth over $1,000.

Outlines

00:00

🤖 Introduction to Crypto Bot Creation

The speaker introduces the topic of creating a bot with ChatGPT to generate passive income. They caution about the prevalence of scammers in the cryptocurrency world and emphasize the importance of avoiding suspicious transactions. The speaker then outlines the technical aspects of the bot, which operates on the principle of Maximal Extractable Value (MEV), using strategies like mempool analysis, arbitrage, and frontrunning on decentralized platforms like Uniswap and 1inch. The process of setting up the bot involves using Metamask and Remix Ethereum, with specific instructions provided for creating and deploying the smart contract. The speaker notes that the bot requires more than 0.5 Ethereum to function effectively and is open-source for modifications and audits.

05:09

📈 Tracking Bot Performance and Profitability

The speaker demonstrates the performance of the bot by tracking its 12 and 24-hour yields. They show that within less than 12 hours, the bot has made a profit of 0.54 Ethereum, equivalent to over $1,000. After 24 hours, the profit increases to more than 1 Ethereum. The speaker then guides the audience on how to withdraw the earnings from the bot, emphasizing the need to stop the bot before withdrawal and the absence of additional fees since the user is the sole owner. The speaker concludes by encouraging viewers to subscribe for more content on coding and WEB3 technologies.

Mindmap

Keywords

💡passive income

Passive income refers to earnings that are generated with minimal effort and maintenance over time. In the context of the video, it is the primary goal of creating the bot, which is designed to earn money automatically through cryptocurrency transactions without the need for constant supervision or active work.

💡ChatGPT

ChatGPT is an AI language model developed by OpenAI, known for its ability to generate human-like text based on the prompts given to it. In the video, the creator mentions building a bot with ChatGPT, indicating the use of AI technology in the development of the cryptocurrency trading bot.

💡cryptocurrencies

Cryptocurrencies are digital or virtual currencies that use cryptography for security and operate on decentralized networks, such as blockchain technology. In the video, the focus is on using a bot to trade cryptocurrencies, specifically on the Ethereum network, to generate profit.

💡MEV

MEV stands for Maximal Extractable Value, a term used in the cryptocurrency space to describe the potential profit that can be extracted from the Ethereum network's transaction mempool. It involves strategies like arbitrage and frontrunning, which the video's bot utilizes to make profits.

💡mempool

A mempool is a collection of all unconfirmed transactions that are waiting to be confirmed and added to a blockchain's transaction history. In the video, the bot scans the Ethereum mempool to find transactions it can potentially profit from by frontrunning.

💡arbitrage

Arbitrage is the practice of taking advantage of price differences between two or more markets to make a profit. In the context of the video, the bot uses arbitrage strategies to profit from discrepancies in cryptocurrency prices on different decentralized platforms.

💡Frontrunning

Frontrunning is a practice where a trader or bot anticipates a large transaction and executes similar transactions ahead of it to profit from price changes that the original transaction might cause. In the video, the bot frontruns transactions by submitting its own with a higher gas price to be processed first.

💡Metamask

Metamask is a digital wallet that allows users to interact with the Ethereum blockchain and manage their cryptocurrency assets. In the video, Metamask is used to store the Ethereum needed for the bot to operate and to deploy the bot's smart contract.

💡Remix Ethereum

Remix Ethereum is an open-source platform that allows developers to write, compile, and deploy smart contracts on the Ethereum blockchain using the Solidity programming language. In the video, Remix is used to create and deploy the bot's smart contract.

💡gas price

In the context of Ethereum, gas price refers to the amount of Ether (ETH) that must be paid for a transaction or smart contract execution. The higher the gas price, the faster the transaction is processed. The video's bot uses this mechanism to frontrun other transactions by offering a higher gas price.

💡Etherscan

Etherscan is a blockchain explorer for the Ethereum network that allows users to view transaction details, smart contract information, and wallet balances. In the video, Etherscan is used to track the deployment of the bot's smart contract and to monitor its balance and transactions.

💡solid-contract

A smart contract is a self-executing contract with the terms of the agreement directly written into code. On the Ethereum blockchain, these contracts are called 'solidity contracts' and are written in the Solidity programming language. In the video, the bot's functionality is encapsulated within a smart contract that is deployed on the Ethereum network.

Highlights

Creating a bot with ChatGPT for generating passive income

The importance of avoiding scams in the cryptocurrency world

The bot operates on the principle of MEV (Maximal Extractable Value)

Utilizing strategies like mempool analysis, arbitrage, and frontrunning

Working with decentralized platforms on Ethereum such as Uniswap and 1inch

The process of scanning the mempool for transactions with slippage

Creating a transaction with a higher gas price to outbid others

Profiting from the difference between gas spent and slippage

Requirements for using the bot include more than 0.5 Ethereum

The bot is open-source for audits and modifications

Instructions for setting up the bot using Metamask and Remix Ethereum

Compiling and deploying the bot on the Ethereum Mainnet

Using the control panel for managing the bot's operations

Tracking 12 and 24-hour yields for the bot's performance

Making over 1 Ethereum in a day as passive income

Withdrawing funds from the bot back to the wallet without additional fees

The video provides insights on creating a personal source of passive income