$70,000,000 on Ethereum Gas: Top Spender You Have No Clue About

Pseudonymous cryptocurrency researcher Hildobby, data scientist at Dragonfly VC fund, demonstrates the most generous gas spenders on the Ethereum (ETH) network. Besides "technical" addresses associated with wallets controlled by largest CEXes, the operator of an MEV bot becomes the #1.

$70 million for 1.26 million transactions: Meet largest gas spender on Ethereum (ETH)

The Ethereum (ETH) wallet associated with a maximal extractable value (MEV) bot dubbed Jared From Subway (jaredfromsubway.eth) spent almost 38,000 Ethers (ETH) on gas, or over $70 million in equivalent. The bot initiated 1.26 million on-chain transactions, as demonstrated on a Dune dashboard created by Dragonfly's Hildobby.

As such, this bot becomes the largest Ethereum (ETH) wallet in terms of gas spending. To provide context, the second position is occupied by one of Binance-controlled wallets with over 7.73 million transactions. It spends on gas less than half of what Jared From Subway transferred to Ethereum (ETH) validators.

It should also be noted that the Ethereum (ETH) gas price inches closer to multi-month lows. The current gas price is 9.39 Gwei, which means that one Uniswap (UNI) exchange is charged with approximately a $4 fee, as per Etherscan.

The Ethereum (ETH) community is thrilled by such impressive statistics of an Ethereum MEV bot. Meanwhile, the net profit or PnL data for the account are yet to be calculated.

As covered by U.Today previously, MEV bots are responsible for the majority of trading activity on DEXes. For instance, 80% of Uniswap's (UNI) trading volume across all pairs is generated by AI-powered MEV bots.

What is special about MEV bot by JaredFromSubway?

MEV bots are automated mechanisms designed to frontrun pending trades in the Ethereum (ETH) mempool by corrupting validators with higher fees. Once the bot identifies a large transaction, it can manipulate the price of this or that asset and execute the deal with a more attractive price.

The first signs of activity from the jaredfromsubway.eth-backed bot were registered in February 2023. Experts say that its algorithms are more sophisticated: It managed to have its transactions included in over 60% of Ethereum (ETH) blocks. In April 2023, it was spending over $1.1 million on gas daily.

The net number of jaredfromsubway.eth victims might exceed hundreds of thousands of DEX traders.

The bot is named after Jared Scott Fogle, a spokesperson of the American fast food chain Subway. Fogle advertised the restaurants for 15 years before being arrested for child sex tourism and child pornography storage in 2015.