Record-Breaking MEV Profits Amid Curve Finance Attack

The aftermath of the Curve Finance attack continues, but another aspect of the event has led to record profits for MEV (Miner-Extractable Value) operators.

Record-Breaking MEV Profits Amid Curve Finance Attack

The most notable news today is the repeated attacks on liquidity pools on Curve Finance, which have impacted many major DeFi protocols.

While many projects have lost funds, MEV operators have seen a record profit day.

Specifically, block rewards for MEV hit their highest level since The Merge last year, estimated at around 6,000 ETH, equivalent to $11.1 million.

"Today has produced some of the largest MEV reward blocks in Ethereum’s history.Slot 6,992,273: 584 ETHSlot 6,993,342: 345 ETHSlot 6,992,050: 247 ETHSlot 6,993,346: 51 ETH" — eric.eth (@econoar) July 30, 2023

The highest MEV rewards were recorded as follows:

• Block 6,992,273: 584 ETH
• Block 6,993,342: 345 ETH
• Block 6,992,050: 247 ETH
• Block 6,993,346: 51 ETH

The average payment fee for MEV was only about 0.06 ETH or $111 per block.

The Curve attack provided a unique opportunity for MEV operators to front-run and compete with hackers and security experts to secure profits. However, not all MEV operators are on the side of the attackers.

The community recognized an MEV operator with the ENS identifier c0ffeebabe.eth, who returned 2,879 ETH (approximately $5.4 million) to Curve Finance.

c0ffeebabe.eth front-ran the hackers attacking the CRV/ETH pool and returned the funds to the protocol instead of keeping them. This act was praised by the community.

Conclusion

The Curve Finance attack has not only caused significant disruptions and losses but has also highlighted the profitability of MEV operations in the DeFi space. The actions of individuals like c0ffeebabe.eth demonstrate that ethical behavior can coexist with profitable opportunities in the blockchain world.