Two MEV trading bots made considerable returns today, targeting large stablecoin trades, as pointed out by Robert Miller, product lead at Flashbots.
MEV — which stands for maximum extractable value — is the term given to when value is extracted through the reordering and censoring of blocks. Typically those incentivizing the miners (or validators) are arbitrageur traders paying miners with high fees. The goal is often to frontrun a specified transaction in order to take advantage of an opportunity.
In these cases, the trading bots were used to exploit changes in price after large stablecoin trades. The bots also paid considerable sums to miners in order to make sure their transactions went through at the opportune moments.
The first trade
The first bot targeted a $24 million stablecoin swap. It took advantage of the arbitrage opportunity that arose from the massive stablecoin trade to trade between ether and the stablecoins in question.
Data from Etherscan shows a trade was
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