How to Use ChatGPT Arbitrage MEV and generate 1.3ETH per Day
TLDRThe video script outlines a guide on creating a bot using Chat GPT to generate passive income through cryptocurrency trading. It emphasizes the importance of avoiding scams and focuses on the concept of Maximal Extractable Value (MEV), which leverages arbitrage strategies on decentralized platforms like Uniswap. The bot operates by front-running transactions in the Ethereum mempool, profiting from gas price differences. The tutorial details the setup process, including using Metamask, Remix IDE, and deploying the smart contract. It also explains how to manage the bot's operations, track yields, and withdraw earnings, highlighting the potential for significant profits in a short period without additional fees.
Takeaways
- 🚨 Be cautious of scammers in the cryptocurrency world; avoid suspicious transactions.
- 🤖 The bot is designed to create passive income using Chat GPT technology.
- 💹 The bot operates on the principle of Maximal Extractable Value (MEV) with strategies like arbitrage and front-running.
- 📈 MEV works by scanning the mempool for transactions with slippage and creating a higher-priority transaction for profit.
- 🔗 Metamask is required for interacting with the bot and managing Ethereum assets.
- 📝 Use Remix IDE for creating and deploying smart contracts on the Ethereum network.
- 🔧 The bot's code is open source for audits and modifications, but users are responsible for its functioning.
- 💰 A minimum of 0.5 Ethereum is needed for the bot to operate effectively.
- 🔄 The bot's profit potential increases with the amount of Ethereum used.
- 📊 The bot can be managed via a control panel with functions like setting trade balance, starting, stopping, and withdrawing funds.
- 📈 The speaker demonstrated a profit of over 0.5 Ethereum in less than 12 hours, showcasing the bot's potential for passive income.
- 🔄 The bot can be stopped and funds withdrawn at any time, with no additional fees for the user.
Q & A
What is the primary purpose of the bot mentioned in the video?
-The primary purpose of the bot is to create passive income by utilizing strategies like MEV (Maximal Extractable Value), arbitrage, and front-running on decentralized platforms like Uniswap within the Ethereum network.
What is the significance of MEV in the context of the bot?
-MEV refers to the Maximal Extractable Value, which is a principle used by the bot to identify and capitalize on profitable transactions in the Ethereum mempool. The bot looks for transactions with slippage and creates a similar transaction with a higher gas price to ensure it gets processed first, then resells the transaction at a higher price for profit.
How does the bot ensure the safety of assets?
-The bot emphasizes the importance of avoiding suspicious transactions and unofficial platforms. It operates on well-known decentralized platforms and is open-source for audits, ensuring transparency and security.
What are the requirements for using the bot?
-To use the bot, you need more than 0.5 Ethereum in your wallet, a MetaMask account, and access to the Ethereum mainnet. The bot is designed to bring greater profit with more Ethereum used.
How is the bot deployed and managed?
-The bot is deployed using Remix IDE, an official platform for creating smart contracts on the Solidity language. Users need to compile and deploy the bot as a smart contract on the Ethereum network, and then manage it through a control panel in Remix.
What are the key functions of the bot's control panel?
-The control panel allows users to set trade balance, start and stop the bot, withdraw funds, and manage the bot's API key. It also provides information about the bot's balance and transactions.
How does the bot generate profit?
-The bot generates profit by front-running transactions in the Ethereum mempool. It creates transactions with higher gas prices to ensure they are processed first, then resells them at a higher price, capitalizing on the slippage set by the original transaction.
What is the role of the personal API key in the bot's operation?
-The personal API key identifies the user as the bot's owner. It is crucial for starting work with the bot and should not be shared with anyone to maintain security.
How can users track the bot's performance?
-Users can track the bot's performance by checking the Etherscan page for the bot's smart contract. They can view the bot's balance, transaction history, and yields over time.
What are the benefits of using aggressive gas options when deploying the bot?
-Using aggressive gas options can significantly speed up the deployment process, as it ensures the transaction is processed faster on the Ethereum network, which is beneficial for the bot's operations.
How can users withdraw their earnings from the bot?
-Users can withdraw their earnings by stopping the bot, setting the gas price to aggressive, and confirming the transaction. Once the transaction is confirmed, they can use the withdraw function in the bot's control panel to transfer funds back to their wallet.
Outlines
🤖 Creating a Passive Income Bot with Chat GPT
The speaker introduces a bot created using Chat GPT to generate passive income. They warn about the prevalence of scammers in the cryptocurrency world and emphasize the importance of avoiding suspicious transactions. The bot operates on the principle of Maximal Extractable Value (MEV), using strategies like arbitrage and front-running on Ethereum-based decentralized platforms. The speaker provides a step-by-step guide on how to set up the bot, including the need for MetaMask, using Remix IDE for smart contract creation, and deploying the bot on the Ethereum mainnet. They also discuss the bot's open-source nature, requirements, and the process of starting and stopping the bot's operations.
📈 Tracking and Withdrawing Earnings from the MEV Bot
The speaker demonstrates how to track the bot's performance by checking the earnings after 12 and 24 hours. They show a profit of over one Ethereum in less than a day, highlighting the effectiveness of the bot as a source of passive income. The speaker then explains how to withdraw the earnings by stopping the bot, setting an aggressive gas price, and confirming the transaction. They also mention the bot's lack of additional fees since the user is the sole owner. Finally, they encourage viewers to subscribe for more content on coding and web 3 technologies.
Mindmap
Keywords
💡Chat GPT
💡Passive Income
💡Cryptocurrencies
💡MEV (Maximal Extractable Value)
💡MetaMask
💡Remix Ethereum
💡Smart Contracts
💡Front-Running
💡Gas Price
💡Etherscan
💡Slippage
Highlights
Creating a bot with chat GPT for passive income
Caution about scammers in the cryptocurrency world
Importance of avoiding suspicious transactions
Introduction to Mev (maximal extractable value) principle
Use of mempool and arbitrage strategies for profit
Requirements for using the bot: more than 0.5 Ethereum
Bot is open source for audits and modifications
Instructions for setting up the bot using MetaMask and Remix
Compiling and deploying the bot on the Ethereum mainnet
Using aggressive gas options for faster transaction processing
Accessing the bot's control panel and setting trade balance
Starting the bot with a command and tracking yields
Withdrawing profits from the bot after 24 hours
No additional fees for the bot as you are its owner
Checking the bot's balance on Etherscan
Making over one Ethereum in a day as passive income
Subscribing to the channel for more content on coding and web 3