MEV Bot Sets Profit Record Targeting Ethena (ENA) Transactions
A trading bot named "jaredfromsubway" has earned nearly $300,000 on April 3rd, marking its highest profit since September 2023.
MEV Bot Sets Profit Record Targeting Ethena (ENA) Transactions
On-chain data compiled by analyst Dune @kevinzzz reveals that the bot "jaredfromsubway" executed MEV (Miner Extractable Value) strategies, specifically sandwich attacks, on Ethena's newly launched ENA token, which went live on April 2nd.
"jaredfromsubway" has reportedly traded ENA worth $14.8 million since the token's launch, netting close to $300,000 in profits.
The bot first gained notoriety last year by targeting memecoin PEPE transactions. According to NFT SeaLaunch, it made over $1.7 million in profit within about seven days during PEPE's peak trading period.
Overall, "jaredfromsubway" has amassed $3.6 million in profits since it began operations in February 2023, as per data from Dexscreener.
While the exact profit from ENA transactions is unclear, as the bot often targets multiple tokens simultaneously, OreoMev from Eden Network estimates that "jaredfromsubway" could be making about 5-10% of its PEPE earnings from ENA.
The Ethena craze shows no signs of cooling down, suggesting that the bot's profits may continue to climb.
MEV bots exploit slippage—the difference between the expected and actual transaction price—by sandwiching two transactions around a user's trade. The first transaction sells just before the user's order, and the second buys back at a lower price, profiting from the price difference.
MEV is considered a significant issue on blockchains, especially Ethereum. Several projects like Flashbot and UMA have been developed to address this problem.
