Polygon TimesPolygon Times
  • Home
  • News
  • AMA’s
  • Calendar
  • Learn
  • Videos
  • Advertising
  • Contact Us
  • Disclaimers
    • Careers
    • About PolygonTimes
    • Privacy Policy
    • CCPA
    • DMCA
    • Terms of Use
Thursday, February 2
Latest
  • QuickSwap Integrates with Gamma to Enable Active V3 Liquidity Management
  • Earn Crypto While the Market is Depressed (Reap the Rewards Later!)
  • Polygon Announces Partnership with Luxury Car Company Mercedes Benz
  • Polygon Staking in Bitfinex with $189 Million Worth of MATIC
  • SPYRIT AMA Recap
  • Polygon is Partnering with Opera Browser to bring Web3 to the Masses
  • New Dapp: Bulk Send Matic Tokens with PolygonSender
  • APR vs. APY: Linear & Exponential Interest
  • Popping the Hood on Emissions
  • $CRYSTL Vaults
Twitter YouTube RSS
Polygon Times Polygon Times
Switch to BSCTimes
  • Home
  • News
  • AMA’s
  • Calendar
  • Learn
  • Videos
  • Get In Touch
    • About PolygonTimes
    • Advertising
    • Contact Us
    • Careers
    • Disclaimers
      • Terms of Use
      • CCPA
      • Privacy Policy
      • DMCA
      • Cookie Policy
Polygon TimesPolygon Times
Polygon News

Arbitrage Bot’s Spam Assault On Polygon Network Generated $6,800 Daily

VictorBy VictorOctober 21, 20212 Mins Read
Arbitrage spam bot
Share
Facebook Twitter LinkedIn Pinterest Email Reddit

According to Flipside Crypto, the Polygon Network was subjected to a spam assault after a well-built arbitrage bot converted 14 ETH to 218.5 ETH in less than four months. With the spam costs deducted, the average profit per day was $6,800. Attacks on the Polygon Network started in early May, and by June, daily transaction volume had risen to 8 million. The Ethereum network’s highest transaction volume was 1.2 million over the same period.

According to data from the Polygon forum, to make matters worse, despite spamming every block with “meaningless transactions,” the attacker only paid 0.02 MATIC for the privilege and spent around $1,000 for the whole day. Flipside Crypto experts conducted a study and found two contracts, which were recognized as arbitrage bots that carry out thousands of daily trades on different decentralized exchanges (DEX carried that approximately 30% of the network’s transactions out).

To prevent spam and enhance network health, the Polygon team decided to raise the transaction minimum fee from 1 gwei to 30 gwei. This choice was successful in achieving what it set out to do. According to data from Delphi Digital, the rise in average transaction prices has occurred at the same time as a sharp decline in the number of transactions conducted each day. Now it costs $30,000 to spam the network for a day.

Spam transactions have decreased from 2 million per day to 500,000 per day, a 75 % reduction. Still, they account for 16.7% of daily transactions, according to network statistics. For the bots, this equates to an additional $5,000 a day in gas expenses in keeping the scheme going.

$6800 Daily Arbitrage Bot Spam Crypto Cryptocurrency ETH Ethereum Matic Polygon Polygon Network

Related Posts

News

Polygon Announces Partnership with Luxury Car Company Mercedes Benz

July 29, 2022By Crypto Times Network
Read More
News

Polygon Staking in Bitfinex with $189 Million Worth of MATIC

February 24, 2022By Crypto Times Network
Read More
AMA

SPYRIT AMA Recap

January 20, 2022By Crypto Times Network
Read More

Comments are closed.

en English
af Afrikaanssq Shqipam አማርኛar العربيةhy Հայերենaz Azərbaycan dilibe Беларуская моваbn বাংলাbg Българскиca Catalàzh-CN 简体中文zh-TW 繁體中文hr Hrvatskics Čeština‎da Dansknl Nederlandsen Englishtl Filipinofi Suomifr Françaiska ქართულიde Deutschel Ελληνικάgu ગુજરાતીiw עִבְרִיתhi हिन्दीhu Magyaris Íslenskaig Igboid Bahasa Indonesiaga Gaeligeit Italianoja 日本語kn ಕನ್ನಡko 한국어ku كوردی‎lo ພາສາລາວla Latinlv Latviešu valodalt Lietuvių kalbalb Lëtzebuergeschms Bahasa Melayuml മലയാളംmr मराठीmn Монголmy ဗမာစာne नेपालीno Norsk bokmålps پښتوfa فارسیpl Polskipt Portuguêspa ਪੰਜਾਬੀro Românăru Русскийsm Samoansr Српски језикsd سنڌيsl Slovenščinaso Afsoomaalies Españolsu Basa Sundasw Kiswahilisv Svenskata தமிழ்te తెలుగుth ไทยtr Türkçeuk Українськаur اردوuz O‘zbekchavi Tiếng Việtcy Cymraegyi יידישyo Yorùbázu Zulu
Polygon Times
  • About PolygonTimes
  • Advertising
  • Press Kit
  • Disclaimers
  • CCPA
  • DMCA
  • Privacy Policy
  • Terms of Use
  • Contact Us
© Polygon Times 2023

Type above and press Enter to search. Press Esc to cancel.