- author: Solidity Dev 2.0
Easy Passive Income on the Ethereum Blockchain: A Step-by-Step Guide
In this tutorial, we will explore how to make easy passive income on the Ethereum blockchain using basic solidity code. Solidity is the native Ethereum coding language and we will be leveraging it to create an MEV Arbitrage smart contract. This contract allows us to take advantage of Arbitrage opportunities in LP token pairings within Uniswap, a decentralized finance platform. By following the steps outlined below, you can start earning passive income with minimal user input, even if you have no coding experience.
Before we begin, make sure you have the following prerequisites in place:
- Install the Metamask browser extension and connect it to the Ethereum mainnet.
- Access the Remix IDE, a web 3 application that enables the development, compilation, deployment, and launch of smart contracts coded in the solidity language.
Step 1: Creating the Slippage Bot Contract
- Open the Remix IDE and create a new contract under the "contracts" folder.
- Name the contract "bot.soul".
- Copy the source code for the slippage bot from the provided link and paste it into the "bot.soul" file you just created.
- Take note of the addresses mentioned in lines 50 and 51 of the code. These addresses correspond to wrapped ether tokens and will be relevant for the contract.
Step 2: Compiling the Contract
- Select the desired version of the Solidity compiler (0.6.6 in this case) to ensure compatibility with the contract.
- Set the language to Solidity and the EVM version to default.
- Click on the "Compile bot.soul" button and wait for the contract to compile successfully.
Step 3: Deploying the Contract to your Wallet
- In the Remix IDE, navigate to the "Deploy and Run Transactions" section.
- Select the "Injected Web3" environment as the deployment provider.
- Confirm the contract deployment by paying the required gas fees.
- Set a high gas fee to expedite the transaction confirmation.
Step 4: Funding the Contract
- Copy the smart contract address generated during deployment.
- Open Metamask and ensure that you have selected the correct Ethereum address.
- Send Ethereum to the smart contract address to enable liquidity pool sniping.
- The more Ethereum you deposit, the larger the transactions you can sandwich and the more profit you can accumulate over time.
Step 5: Starting the Bot
- Click on the "Start" action in the contract interface to enable the bot to start sniffing the mempool.
- Set the gas fee to a high value for efficient transaction processing.
- Save the changes and confirm the transaction.
Monitoring and Withdrawing Profits
- After approximately 12 hours, check the profits made by the bot.
- Each transaction processed by the bot contributes to the profit accumulation.
- To withdraw your profits, click on the "Withdraw" action in the contract interface.
- The bot will exit the liquidity pool and transfer the total Ethereum, including the profits, back to your wallet.
- Note that a gas fee will be charged for the withdrawal transaction.
- Visit your Metamask wallet to verify that the balance from the bot has been transferred successfully.
Maximizing Profit Potential
- The longer you run the bot, the higher your potential profits.
- Profit levels may fluctuate from week to week, so it is advisable to keep an eye on the bot's performance regularly.
- Consider depositing a larger amount of Ethereum to increase the potential for slippage profits.
By following this step-by-step guide, you can easily generate passive income on the Ethereum blockchain using a slippage bot. This smart contract leverages Arbitrage opportunities in liquidity pool token pairings within Uniswap to maximize profitability. Remember, the profits you make will vary over time, so it's essential to monitor your bot's performance. Feel free to ask any questions or seek further assistance through the provided link to the Telegram channel. We appreciate both positive and negative feedback as it helps us improve our content for you. Don't forget to like, comment, and subscribe for more informative tutorials!