How to Use ChatGPT Arbitrage MEV and generate 1.3ETH per Day

DEV Connor
4 Mar 202406:51

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  • 🔄 The bot can be stopped and funds withdrawn at any time, with no additional fees for the user.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

00:00

🤖 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.

05:01

📈 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

Chat GPT refers to an AI-based chatbot technology that can simulate human-like conversations. In the context of the video, it is used to create a bot that assists in generating passive income through cryptocurrency transactions. The bot's creation process is detailed, highlighting the integration of AI with blockchain technology.

💡Passive Income

Passive income is a type of income that is earned with little to no effort on the part of the recipient. It is often associated with investments or automated processes that generate earnings over time. In the video, the bot is designed to create a passive income stream by engaging in cryptocurrency transactions, specifically through arbitrage strategies.

💡Cryptocurrencies

Cryptocurrencies are digital or virtual currencies that use cryptography for security and operate on decentralized networks, such as blockchain. They are an emerging asset class and are known for their volatility. The video script warns about the prevalence of scams in the cryptocurrency world and emphasizes the importance of asset safety.

💡MEV (Maximal Extractable Value)

MEV is a concept in the Ethereum ecosystem that refers to the potential profit that can be extracted from the transaction pool by miners and other participants. It involves strategies like front-running, where a transaction is created with a higher gas price to be processed before others, allowing the creator to profit from the slippage.

💡MetaMask

MetaMask is a digital wallet that allows users to interact with the Ethereum blockchain and manage their Ethereum assets. It is used as a tool to connect with decentralized applications (DApps) and is essential for deploying and interacting with the bot described in the video.

💡Remix Ethereum

Remix Ethereum is an open-source platform for developing, testing, and deploying smart contracts on the Ethereum blockchain using the Solidity programming language. It is the platform where the speaker guides viewers to create and compile the bot's smart contract.

💡Smart Contracts

Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They are a fundamental component of blockchain technology, allowing for trustless and transparent transactions. In the video, the bot's functionality is based on a smart contract deployed on the Ethereum blockchain.

💡Front-Running

Front-running is a strategy where a trader or bot anticipates a large transaction and places their own transaction ahead of it to profit from the price movement. This is a key strategy used by the bot in the video to generate profit from the MEV.

💡Gas Price

In the Ethereum network, gas price refers to the amount of Ether (ETH) that must be paid for a transaction to be processed by a miner. A higher gas price can lead to faster transaction processing. The bot in the video uses aggressive gas pricing to ensure its transactions are processed quickly, enhancing its ability to front-run.

💡Etherscan

Etherscan is a blockchain explorer for the Ethereum network that allows users to view transaction details, smart contract information, and wallet balances. It is used in the video to verify the deployment of the smart contract and to track the bot's performance.

💡Slippage

Slippage in the context of cryptocurrency trading refers to the difference between the expected price of a trade and the price at which the trade is executed. It can affect the profitability of a trade and is a factor considered by the bot when executing transactions.

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