Flash loans recently emerged as a tool that anyone can use to exploit arbitrage opportunities in Ethereum smart contracts. You no longer need any money to make millions exploiting inefficiencies. This is both exciting and scary and has caused many developers to work overtime in the past week.On Valentine's Day, someone used flash loans to profit over 1000 ETH on a lending protocol called bZx. This was a wakeup call to the Ethereum community and it also tested smart contract cover issued by Nexus Mutual. Following the hack, Nexus paid out its first smart contract cover claims of over $33k to users who had cover on bZx's smart contracts and cover growth has exploded to over 14K ETH.
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1confirmation Newsletter - Issue #78
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Flash loans recently emerged as a tool that anyone can use to exploit arbitrage opportunities in Ethereum smart contracts. You no longer need any money to make millions exploiting inefficiencies. This is both exciting and scary and has caused many developers to work overtime in the past week.On Valentine's Day, someone used flash loans to profit over 1000 ETH on a lending protocol called bZx. This was a wakeup call to the Ethereum community and it also tested smart contract cover issued by Nexus Mutual. Following the hack, Nexus paid out its first smart contract cover claims of over $33k to users who had cover on bZx's smart contracts and cover growth has exploded to over 14K ETH.