Ethereum Is A Dark Forest? The Bots And The Fees


According to Dan Robison, "Ethereum Is A Dark Forest", infact there are bots waiting to take your funds locked in DeFi. In the Ethereum network there are bots specialized in anticipating and copying pending transactions.
These robots are a legacy of automated trading. This space is known as a mempool and hosts thousands of vulnerable smart contracts and transactions. Most of us don't know what they are, but DeFi programmers are able to detect them and take advantage of them thanks to automated bots. These (arbitrage) bots monitor smart contracts found on the Ethereum network to locate pending transactions, with the ultimate goal of stealing money locked in transactions.
It appears Dan Robinson was browsing a Uniswap Discord channel when he found a message that caught his eye: it was a person who needed to retrieve Uniswap tokens worth around $ 12,000. These tokens were accidentally blocked because they were sent to Uniswap's liquidity token base contract.
Robinson initially thought the money could not be recovered, but soon realized that anyone could claim it. It would be sufficient to run a Uniswap function called "burn" for the smart contract to detect duplicate tokens and return their value to whoever performed the burn function.
In another article, Daian talked about how "Arbitrage Bots" or "High Frequency Trading Bots" migrated from Wallstreet to the Ethereum blockchain to exploit the inefficiencies of DEX (Decentralized Exchange).

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One particular species of these bots, called "Generalized Frontrunners", scans the Ethereum mempool for blocked transactions that can be copied, modified to include the attacker's address, and propagated to the network for a much higher fee. In this way, miners prioritize them, over legitimate transactions. Robinson regards this situation as a time bomb, with funds stuck in the Ethereum mempool for more than 8 hours undetected. If you use the burn function, the arbitration bots are warned that the pending transaction exists.
DeFi smart contracts are clearly one of the favorite territories of hackers. Accidental or intentional vulnerabilities in smart contracts allow hackers to carry out theft as in the case of DeFi Opyn. Few DeFi are reliable and Uniswap is not one of them.
Uniswap is a very controversial DeFi. The absence of filters allowed to fill the platform with tokens that have no support, as recently reported by CriptoNoticias. Uniswap itself is a smart contract and this allows many people to fall into scams when using smart contracts that do not meet the requirements to be executed properly.

 

 

 

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