Sandwich Attacks: Ethereum’s Silent Feast 🥪💸

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Ah, the delicate dance of maximal extractable value (MEV), a term so grand, so laden with the weight of economic intrigue, it could only be whispered in the salons of St. Petersburg. In this modern age, it is the block builders who play the role of the cunning courtier, manipulating transaction ordering with a finesse that would make even the most seasoned aristocrat blush. And what of the sandwich attacks, you ask? A most nefarious affair, where the attacker, with a flourish of their digital rapier, frontruns and backruns the hapless victim’s swaps, leaving them with a price most suboptimal. 🥪💔

Ethereum, that bustling metropolis of decentralized exchanges (DEXs), has become the stage for this drama. Its open block-building market, a veritable bazaar of order flow, exposes the unsuspecting to the whims of searchers. CryptoMoon Research, ever the vigilant observer, delves into the annals of sandwiching activity from November 2024 to October 2025, armed with a dataset of over 95,000 attacks, courtesy of the enigmatic EigenPhi. 🕵️‍♂️✨

Alas, the risk to the ordinary user persists, like a lingering cough in a crowded ballroom. Though the extraction of sandwiches has slowed, the losses remain-$60 million annually, no less! Yet, the block builders, those wily foxes, capture the lion’s share through gas fees, leaving the attackers with a meager 5% profit margin. And where do these attacks strike? Why, even the low-volatility pools, once considered the safe havens of the trading world, are not spared. Nearly 40% of sandwiches target these pools, a reminder that slippage lurks where one least expects it. 🦊🤑

But fear not, dear reader, for there is hope. The decline in extraction may signal that traders are arming themselves with MEV-protection tools, though the battle is far from won. The lack of a unified mechanism to shield user swaps from sandwiching leaves much to be desired. The debate rages on about introducing native MEV protection at the Ethereum protocol level, with innovations like Shutter’s threshold encryption and Batched Threshold Encryption taking center stage. 🛡️🔒

The State of Sandwiching on Ethereum in 2025

Ah, 2025-a year of contrasts. While DEX volumes soared from $65 billion in Q1 to over $100 billion by Q3, sandwich extraction plummeted. From nearly $10 million in late 2024 to a mere $2.5 million by October 2025, the decline is as sharp as a well-honed blade. Net profits from sandwich activity averaged $260,000 per month, though this figure was inflated by a single outlier in January 2025, when one attack yielded over $800,000. A fortunate strike, indeed! 🍀💰

Yet, the number of attacks remains high, ranging between 60,000 and 90,000 per month. Enter Jared (jaredfromsubway.eth), the enfant terrible of MEV searchers, responsible for roughly 70% of all sandwich attacks. His v2 bot, a marvel of sophistication, targets up to four victims at once, sometimes placing a center transaction to further manipulate swap rates. Jared’s prowess extends to adding or removing liquidity from the pool, a true maestro of market manipulation. 🎭🤖

Which Trading Pairs Do Sandwich Attackers Target?

Ah, the targets of these digital brigands! Data reveals that 38% of attacks focus on low-volatility pools, including stablecoins, wrappers, and LSTs of Ether and Bitcoin. Even stable swaps, once thought immune to slippage, are not safe-12% of sandwiches strike here, a most unwelcome surprise. The memecoin MANYU paired with WETH has been a favorite of Jared’s since July, yielding nearly $19,000 across 65 attacks. A modest sum, perhaps, but one that speaks to the persistence of these predators. 🐳🤑


As Profitability Compresses, Quantity is Now Key for MEV Bots

The world of sandwich bots is a cutthroat one, where only the most resilient survive. By October 2025, just 515 distinct bots operated on Ethereum, with only 100 executing trades in a typical month. The average profit per attack hovers just above $3, a pittance that leaves little room for error. Only six attackers generated more than $10,000 in total profit, a stark reminder of the narrow path to success. One-third of bots operated around breakeven, while 30% recorded net losses, often due to high competition, miscalculated slippage, and gas costs. Margins so thin, they could make a razor blush. ⚔️💨

Jared’s strategy, however, stands out. By prioritizing quantity and capturing even the smallest opportunities, he has maintained profitability, though not without setbacks. In April 2025, his profit margin dipped to minus 20%, resulting in a $12,000 loss. Yet, his model remains viable, thanks to low gas costs relative to per-attack revenue. A true survivor in this digital wilderness. 🏆🤖


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2025-12-04 19:34