Coder Flash Swaps 340,000 ETH, Flash Borrows $50 Million, Pockets $1 Million, Reks Oracle

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A coder has performed the most complex operation yet in open finance with multiple flash loans and a new thing: flash swaps. The latter sound similar to flashloans with Uniswap stating “flash swaps allow you to withdraw up to the full reserves of any ERC20 token on Uniswap and execute arbitrary logic at no upfront cost, provided that by the end of the transaction you either: pay for the withdrawn ERC20 tokens with the corresponding pair token OR return the withdrawn ERC20 tokens along with a small fee.” The coder flashloaned $50 million from dYdX and flash swapped 340,000 eth from Uniswap, currently worth $220 million, creating huge volumes in the DAI-ETH pool where accumulated fees have shot up by 300%. In total some $800 million in market making volumes was made by this one execution operation, pocketing Liquidity Providers (LPs) some $1 million in fees. According to Emiliano Bonassi,…

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