As a researcher with years of experience delving into the intricacies of blockchain technology and decentralized finance, I can’t help but feel a mix of awe and concern when I encounter the rampant prevalence of Sandwich attacks on various networks. The sheer scale of these attacks on BNB Chain, Solana, and Ethereum is alarming, especially considering the number of unsuspecting traders who fall victim to this insidious practice.
A record 35.5% of BNB Chain’s blocks were affected by Sandwich attacks in November.
Over the past week alone, 645 Sandwich Bots were found to be active on the chain. In total, roughly 43,400 DEX traders were impacted during the entire ordeal.
Sandwich Bots Exploit BNB Chain
Based on statistics gathered by Dune Analytics, it was found that the decentralized exchange (DEX) on the BNB Chain recorded a trading volume of approximately 9.232 million dollars during that particular week. Notably, transactions carried out by Sandwich Bot accounted for around 1.322 million dollars of this total.
A “sandwich strategy” or “front-running,” in the context of Market Value Extraction (MEV), involves a user spotting an upcoming transaction and tactically placing orders both ahead and behind it. This maneuver essentially encloses the target transaction, potentially benefiting from its execution. While front-running is prevalent among MEV methods, tactics such as “back-running” and “transaction ordering manipulation” also occur frequently.
On platforms for decentralized finance (DeFi) and decentralized exchanges (DEXs), these types of attacks are particularly common due to the open nature of the transaction queue, or “mempool,” which allows transactions to be viewed prior to confirmation.
Contrastingly, the occurrence of Sandwich attacks on Ethereum has significantly decreased since July. The percentage has dropped from a high of 62.9% to 40.2% over the last five months. Regrettably, in the past month alone, more than 12,000 users of Decentralized Exchanges (DEX) on this network have unfortunately fallen prey to these attacks.
Sandwich Attacks on Solana
This year, there’s been a substantial rise in attack incidents on Solana as well. In response to this, the Solana Foundation took strong measures against validators implicated in sandwich attacks in June 2024. Consequently, they expelled a set of validator operators from their delegation program due to their participation in these attacks. They made it clear that any validators found participating in such malicious activities would face permanent exclusion and forfeiture of their stakes.
Tim Garcia, Head of Validator Relations at Solana, confirmed that they will persist with enforcing actions against operators involved in malicious activities, as the system identifies them. Mert Mumtaz, a co-founder of Helius, Solana’s RPC provider, clarified that even though Solana’s structure typically prevents such attacks, some users have manipulated their validators to carry out these actions. Moreover, Mumtaz hinted that other pools could potentially implement similar measures to counter sandwich attacks in the upcoming future.
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2024-12-08 22:18