days like these need to be taken up as learning lessions by our industry, we cannot afford to see this happen again today, we launched on @BungeeExchange automatic MEV protection on Bungee this now comes by default - no need to change RPCs - no need to make any special config both for users and our customers this makes @BungeeExchange the first bridge/swap aggregator to enable this end to end
Stani.eth
Stani.ethMar 13, 04:33
Earlier today, a user attempted to buy AAVE using $50M USDT through the Aave interface. Given the unusually large size of the single order, the Aave interface, like most trading interfaces, warned the user about extraordinary slippage and required confirmation via a checkbox. The user confirmed the warning on their mobile device and proceeded with the swap, accepting the high slippage, which ultimately resulted in receiving only 324 AAVE in return. The transaction could not be moved forward without the user explicitly accepting the risk through the confirmation checkbox. The CoW Swap routers functioned as intended, and the integration followed standard industry practices. However, while the user was able to proceed with the swap, the final outcome was clearly far from optimal. Events like this do occur in DeFi, but the scale of this transaction was significantly larger than what is typically seen in the space. We sympathize with the user and will try to make a contact with the user and we will return $600K in fees collected from the transaction. The key takeaway is that while DeFi should remain open and permissionless, allowing users to perform transactions freely, there are additional guardrails the industry can build to better protect users. Our team will be investigating ways to improve these safeguards going forward.
this makes @BungeeExchange the first bridge/swap aggregator to enable this end to end you are mev protected on ethereum via Bungee: - when you do a swap on ethereum - when you do a cross-chain swap from ethereum to any other network all while guaranteeing best execution by routing to every bridge/dex out there
Its time for applications to take matters into their own hands instead of waiting for mev-supply chain to get better. Thanks to tools like @EigenPhi_Alert I was able to build a bot here that would track every MEVed transaction by bridge/dex services and push it here. Follow @mevshame81868 for real time updates on latest mev-exploits, I have been only looking for last couple days but the numbers are already pretty large
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