Free money was on SynapseProtocol ( BASE )
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Free money was on SynapseProtocol
Arbitrage Opportunty Got a ping from 🧑🍳🥩🤌 fren @DegenRamen
I took action asap
its my first time using synapse in general.
from my understanding u can send ETH between chains
if slippage too high it will turn ur ETH into nETH
u can then swap nETH into ETH(on ur prefer chain)
What happen on ARB to BASE with ETH
1) 1ETH(ARB) = 1.05ETH(BASE)
2) it was then into nETH(BASE)
3) i then swap nETH into 1.00936ETH(BASE)
*because nETH is redeemed 1:1 redeemable on ETH mainnet
*nETH/ETH(base) is a bit like a curve pool
*all based on assumption it will repeg because nETH is redeem 1:1 on ETH mainnet
However i was slow n end up only
0.000936 ETH after gas
its ok i had fun 🤡🐑
n learnt something
For new L2 in similar situation
How to earn in these depeg stage
provide nETH n ETH LP to earn swap fee assuming repeg.
Depending on trading vol,
providing LP or swaping directly either one should be more profitable
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