闷声发大财：大佬们在ETH分叉套利何止20万刀？

下面，我们就带大家来盘一盘哪些地址，用什么手法获利最多？漏洞在哪？套利窗口期有多长？以及是否存在一些工具可以在第一时间发现这类风险？

Now, what are we going to do with a plate of addresses, and the most profitable? Where are the holes? How long is the arbitrage window? and whether there are some tools that can detect such risks in the first place?

首先，我们需要了解为什么USDC在ETHW链上是“劣币”。

First, we need to understand why USDC is “bad currency” on the ETHW chain.

EthereumPoW链(后简称ETHW)是本次以太坊POS共识升级中，社区的一些不想放弃PoW丰厚利润的矿工继续采用原有共识机制继续出块。

The EtheumPoW chain (hereinafter ETHW) is the current upgrading of the community's Pos consensus, whereby some miners who do not want to give up PoW's lucrative profits continue to make progress using the original consensus mechanism.

区块链分叉需要复制所有现有功能、钱包余额、资产和智能合约。这意味着在以太坊上运行的所有资产现在都将在 EthereumPoW主网上运行。由于社区对ETHW和ETF等分叉链网络的价值认可度较低，因此很多分叉链代币也沦为“欢乐豆”。

Block chains need to replicate all existing functions, wallet balances, assets, and smart contracts. This means that all assets operating on the EtheriumPoW main network will now run.

中心化的稳定币项目方（如USDT、USDC等）表示不会承认除ETH主链(POS)外其他以太坊链上的稳定币（影子）资产，原因是现实世界中背书稳定币价值的美元数量不会“分叉”。所以，中心化交易所不会提供ETHW链USDT/USDC的充值地址。

Centralized currency stabilization projects (e.g. USDT, USDC, etc.) have indicated that they will not recognize stable currency (shadow) assets in the Tails chain other than the ETH main chain (POS), because the number of US dollars in the real world that endorse the value of the stable currency will not “sharp” . So the centralized exchange will not provide a full value address for the ETHW chain USDT/USDC.

套利点出现了～

{\bord0\shad0\alphaH3D}The arbitrage appears. {\bord0\shad0\alphaH3D} {\bord0\shad0\alphaH3D}

虽然在ETHW链上的USDT价值为0，但作为ETHW链上为数不多有价值的资产——ETH(W)，流动性池(LP)中忘记提走的ETH或WETH就被套利者盯上，当作了这次的获利对象。套利者通过向含有ETH(W)的LP中充入USDT/USDC或其它无价值代币，“购买”有价值的ETH(W)，最终将ETHW转向交易所提现离场。

While the USDT value on the ETHW chain is zero, as a small number of valuable assets on the ETHW chain — ETH(W), the ETH or WETH that was omitted from the LP liquidity pool was targeted by the arbitrator as a profit for this time. The arbitrator , by “buying” the valuable ETH(W) by filling the LP containing ETH(W) with the LP with the ETH/USDC or other non-value tokens, “buying” valuable ETH(W) , eventually turning the ETHW into an off-site transaction.

总的来说，这是一种用无价值代币在流动性池中套取有价值代币的套利操作。

In general, this is a arbitrage in which the value of the currency is taken in a liquidity pool with no value in exchange.

我们选择了深度较好的8个流动性池：UniswapV2&V3和Sushiswap两大DEX中USDT-WETH、USDC-WETH、WBTC-WETH，来统计获利金额。

We have selected eight more sophisticated liquid pools: UniswapV2&V3 and Sushiswap, two DEXs, USDT-WETH, USDC-WETH, WBTC-WETH, to calculate the profitability.

0撸20万作者的地址(0xefe)在此次的统计中获利9,779.3个ETHW，仅排名第三。而排名第一的 0x3dc 获利是 0xefe 的2.7倍：26,541.8个ETHW，可谓闷声发大财！

The address of 200,000 authors (0xefe) benefited 9,779.3 ETHW, third only. And the number one 0x3dc0xefe: 26,541.8 ETHW, for strange!

注：No.4和No.10地址使用的是同一个套利合约；

Note: Nos. 4 and 10 addresses are under the same arbitrage contract;

说明：由于本次统计的6个流动性池的ETH基本于9月25日前被套干，所以以上数据的统计范围是9月15日～9月25日；此次获利统计未扣除交易中的gas fee(ETHW)。

Note: Since the ETH of the six liquid pools of the present statistics was largely dry by 25 September, the statistical coverage of the above data is 15 September to 25 September; this profit count does not deduct the gas feed (ETHW) in the transaction.

此次ETHW分叉套利手法主要分为两类：

This ETHW split-fork arbitrage is divided into two main categories:

1）和DEX的Router地址交互（构建DEX前端），用影子资产从LP中套出ETH(W)

1) Interact with Route (building DEX frontend) & extract ETH(W) from LP with shadow assets

2）构建套利合约，由一个或多个地址提供初始资金（无价值的影子资产，如UDSC），合约执行多次多流动性池的套利，过程中由合约收集LP中的WETH，由DEX的Router合约将WETH转化为ETH打入套利合约地址，最后从套利合约中转入获利地址ETH(W)

2) Construction of a arbitrage contract with one or more addresses (unvalued shadow assets such as UDSC) to provide initial funds , implementation of multiple multi-mobility pool arbitrage in which collects Weth from LP, conversion of Wether from DEX's Router contract into an arbitrage contract address and, finally, transfer from arbitrage to profit address ETH (W)

两种套利手法在操作上都可以分为两步：准备影子资产 → 充入池子套取ETHW

.

下面，我们获利Top10的地址中选取两个地址作为两类套利手法的代表进行分析：

The following is an analysis of the two addresses selected as representatives of two types of arbitrage at the address where we profit from Top10:

提前借入stETH和USDC，供0xb98调用

Explosion in advance of stETH and USADC for 0xb98 call

b. 充入池子套取ETHW

b. Filling the pool with ETHW

* 此次统计范围内套利合约总计为套利者提供了217,129.7个ETHW的收益。由于此次统计的流动性池数量有限，套利者实际的获利金额会多于这一数值。

* A total of 217,129.7 ETHW benefits from the arbitrage contract < strong > within the scope of the statistics < / strong >. As a result of the limited number of liquid pools in the statistics, the arbitrager actually earns more than this value.

从上面的统计我们可以得出：

From the above statistics, we can tell:

1）调用Router合约进行套利是多数人的选择；

1) The arbitrage of the Router contract is the choice of the majority ;

2）一些在Merge创建的合约调用次数较少，很显然是个别套利者这次单独定制的套利合约；

2) Some contracts created in Merge have fewer calls, and it is clear that the individual arbitrage arbitrage contract was customized this time alone ;

3）一些较早创建的套利合约仍能在分岔中完成套利，可见此类套利手法早已出现，且可复用；

3) Some of the earlier-created arbitrage contracts can still be arbitrage in between, as can be seen in the emergence of such arbitrage that can be reused ;