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Maximal extractable worth (MEV) refers to the economical worth diverted from users by artifact builders done the manipulation of transaction ordering. The astir harmful benignant of MEV are sandwich attacks, wherever an attacker simultaneously frontruns and backruns a victim’s swaps. This gives the unfortunate a suboptimal execution terms portion the attacker pockets a spread. Most MEV enactment occurs connected Ethereum due to the fact that it has precocious enactment connected DEXs and features an unfastened block-building marketplace that exposes bid travel to searchers.
In this article, Cointelegraph Research provides insights into sandwiching enactment from November 2024 to October 2025, based connected a information acceptable of much than 95,000 sandwich attacks exclusively provided by the information level EigenPhi.
Our probe indicates that, contempt the slowdown successful sandwich extraction, the hazard to mean users persists. While attacks effect successful astir $60 cardinal successful yearly losses for traders, artifact builders seizure astir of this worth done state fees. Attackers extremity up with a nett borderline of simply 5%. Almost 40% of each sandwiches deed low-volatility pools, which indicates that traders tin acquisition terrible slippage adjacent connected swaps that are typically considered safe. Nevertheless, the diminution successful extraction whitethorn besides suggest that much traders are present utilizing MEV-protection tools.
However, the contented is acold from resolved due to the fact that determination is nary unified mechanics to support idiosyncratic swaps from sandwiching. There is simply a increasing statement astir introducing autochthonal MEV extortion astatine the Ethereum protocol level. In our caller articles, we examined method innovations aimed astatine this, namely Shutter’s threshold encryption and Batched Threshold Encryption.
State of sandwiching connected Ethereum successful 2025
Sandwich extraction fell sharply successful 2025, adjacent arsenic monthly DEX volumes rose from astir $65 cardinal successful Q1 to good implicit $100 cardinal by Q3. Monthly extraction from sandwich attacks dropped from astir $10 cardinal successful precocious 2024 to astir $2.5 cardinal by October 2025.
The nett profits aft state costs from the sandwich enactment averaged astir $260,000 per period successful 2025. This number, however, was inflated by a azygous outlier successful January 2025, erstwhile one sandwich attack generated much than $800,000 successful profit.
Nevertheless, the fig of attacks has remained high, consistently ranging betwixt 60,000 and 90,000 per period passim the period. Roughly 70% of each sandwich attacks are associated with a azygous entity known arsenic Jared (jaredfromsubway.eth), 1 of the astir well-known MEV searchers. Jared’s v2 bot precocious started utilizing a blase strategy that is susceptible of targeting up to 4 victims astatine once. The bot sometimes places a halfway transaction betwixt the front-run and back-run to propulsion swap rates adjacent further for the pursuing victims. Jared tin besides manipulate terms by adding oregon removing liquidity from the pool.
Which trading pairs bash sandwich attackers target?
Data shows that astir 38% of attacks targeted low-volatility pools that see stablecoins, wrappers and LSTs (liquid staking tokens) of Ether and Bitcoin. Notably, astir 12% of each sandwiches deed unchangeable swaps, which creates slippage hazard successful places wherever it is mostly unexpected and particularly damaging. The astir actively traded token extracurricular stablecoins and wrapped assets was the memecoin MANYU paired with WETH. Jared has continuously targeted this excavation since July and extracted astir $19,000 crossed 65 sandwich attacks.
As profitability compresses, quantity is present a cardinal for MEV bots
Sandwich bots are a highly competitory niche, and less of them person remained progressive arsenic profits person declined. In October 2025, a full of 515 chiseled bots operated connected Ethereum. However, lone conscionable implicit 100 chiseled sandwich bots execute trades successful a emblematic month.
The mean nett per sandwich onslaught remains highly debased astatine conscionable supra $3. Only six attackers generated much than $10,000 successful full profit, which shows however constrictive the way to accordant returns has go successful this niche. About one-third of each progressive sandwich bots successful 2025 operated astir breakeven ( -$10 to $10 ), portion astir 30% recorded nett losses. Bots tin often incur losses owed to precocious contention for a constricted acceptable of opportunities, miscalculated slippage and state costs. Margins that are excessively bladed to sorb these errors.
The information bespeak that Jared’s strategy has been the astir profitable truthful far. It prioritizes quantity and captures astir of the disposable sandwich opportunities, including smaller ones, which often effect successful profits of lone a fewer cents. Throughout astir of 2025, gas costs stayed debased comparative to per-attack revenue, which made this exemplary adjacent much viable than it had been before. Yet Jared inactive incurs losses astatine times. In April 2025, its nett borderline was minus 20%, which translated into a nonaccomplishment of astir $12,000.
This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision. This nonfiction is for wide accusation purposes and is not intended to beryllium and should not beryllium taken as, legal, tax, investment, financial, oregon different advice. The views, thoughts, and opinions expressed present are the author’s unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph. Cointelegraph does not endorse the contented of this nonfiction nor immoderate merchandise mentioned herein. Readers should bash their ain probe earlier taking immoderate enactment related to immoderate merchandise oregon institution mentioned and transportation afloat work for their decisions. While we strive to supply close and timely information, Cointelegraph does not warrant the accuracy, completeness, oregon reliability of immoderate accusation successful this article. This nonfiction whitethorn incorporate forward-looking statements that are taxable to risks and uncertainties. Cointelegraph volition not beryllium liable for immoderate nonaccomplishment oregon harm arising from your reliance connected this information.
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