In this paper, we investigate two methods that allow us to automatically create profitable DeFi trades, one well-suited to arbitrage and the other applicable to more complicated settings. We first adopt the Bellman-Ford-Moore algorithm with DEFIPOSER-ARB and then create logical DeFi protocol models for a theorem prover in DEFIPOSER-SMT. While DEFIPOSER-ARB focuses on DeFi transactions that form a cycle and performs very well for arbitrage, DEFIPOSER-SMT can detect more complicated profitable transactions. We estimate that DEFIPOSER-ARB and DEFIPOSER-SMT can generate an average weekly revenue of 191.48ETH (76,592USD) and 72.44ETH (28,976USD) respectively, with the highest transaction revenue being 81.31ETH(32,524USD) and22.40ETH (8,960USD) respectively. We further show that DEFIPOSER-SMT finds the known economic bZx attack from February 2020, which yields 0.48M USD. Our forensic investigations show that this opportunity existed for 69 days and could have yielded more revenue if exploited one day earlier. Our evaluation spans 150 days, given 96 DeFi protocol actions, and 25 assets. Looking beyond the financial gains mentioned above, forks deteriorate the blockchain consensus security, as they increase the risks of double-spending and selfish mining. We explore the implications of DEFIPOSER-ARB and DEFIPOSER-SMT on blockchain consensus. Specifically, we show that the trades identified by our tools exceed the Ethereum block reward by up to 874x. Given optimal adversarial strategies provided by a Markov Decision Process (MDP), we quantify the value threshold at which a profitable transaction qualifies as Miner ExtractableValue (MEV) and would incentivize MEV-aware miners to fork the blockchain. For instance, we find that on Ethereum, a miner with a hash rate of 10% would fork the blockchain if an MEV opportunity exceeds 4x the block reward.
翻译:在本文中,我们调查了两种允许我们自动创造盈利的 DeFi 交易的方法,一种是适合套利的,另一种是适用于更复杂环境的。我们首先采用与DEFIPOSER-ARB的Bellman-Ford-Moore算法,然后为DEFIPOSER-SMT的理论证明建立符合逻辑的 DeFi 协议模式。虽然DEFIPOSER-ARB侧重于形成循环并非常适合仲裁的 DeFi 交易,但DEFIPOSER-SMT可以发现更复杂的盈利交易。我们估计DEFIPOSER-AR和DEFIPER-SMT可以创造平均每周收入191.48ETER(76 592美元)和72.44ETER(28 976美元),最高交易收入为DEFO(32,524美元)和22.40ETH(8,960美元)。我们进一步表明,DEFIS-S-SM公司从2020年2月的已知经济 bZx攻击将超过我们0.48M 美元,我们的法医调查显示这一机会存在超过69天, IMFI IMFI 交易将显示我们的历史评估将比值。