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Mistx: Introduction to the Dex | project with Flashbots and no transaction gas fee

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This is the first Dex to integrate Flashbots.

The cost of transactions on the Ethereum network has recently hit a near one-year low. Cryptography practitioners are beginning to reflect on whether Ethereum is declining in the face of the impact of EVM-compatible public chains such as BSC and HECO. Or is the plummeting market reducing the wealth effect driving down Ethereum activity? Or there may be other reasons for Ethereum's lower transaction costs.

Since Ethereum's transaction costs are correlated with the data on the chain, perhaps the data on the chain can provide the answer.

Here, Rulse BlockBeats compares the number of daily transactions on the largest Ethereum Dex Uniswap and the number of daily active addresses on the Ethereum network.

Data source: GlassNode

Looking at GlassNode's on-chain data, it doesn't seem that Ethereum's lower transaction costs are due to Uniswap activity and the decline in the number of transactions on the Ethereum chain.

If considering from the economic level, the increase of transaction cost is either short-term profit or time cost is higher than transaction cost. Perhaps, then, Ethereum's falling transaction costs have something to do with Flashbots, which has recently been used by a large number of miners.

In the past 30 days, Flashbots has withdrawn 105,500 Ethereum MEVs worth $284 million, according to its latest disclosure. That compares with $1.03 billion for Ethereum in May.

This article isn't going to continue the story of Flashbots and MEV, but rather the recent launch of a Flashbots-powered DEFI product called "Mistx," created by Alchemist.

There is no plan, no road map, but the project will be beyond your imagination

When I opened the official website of Alchemist, the first page read, "There is no development team, no company, no plan and road map, and the only plan is no plan." Here's an idea from a tweet by well-known developer Stephane Gosselin (TheGoStep). Stephane Gosselin is the core developer of AmpleForth (AMPL), which also developed Flashbots.

Although Alchemist says it does not have a team, But it does reveal that the current owners of the community's multi-signature private keys are "ees2oo", "sal_ash_", AMPL co-founder and CTO Brandon Iles, "Fiskantes", and Sushiswap co-founder 0xMaki.

According to public information, Mistx is the first Dex product launched by Alchemist. This is the first decentralized trading platform to integrate Flashbots, which could eliminate the Dark Forest problem at its root.

Defend false starts, rigged trades and sandwich attacks

Officially, Mistx says it can prevent false starts, manipulate trades, and sandwich attacks, and here is a Paradigm article explaining how Mistx works.

In trading hash 0 x669796b2b32c95421ce493975d7796561e5d98c79fe6de9c0f8e41911bbded1a, for example.

The trader wanted to sell at least 9234 USDCs using 82.9 MIST (Figure ①). In the course of the transaction, the trader received 9327 USDCs (Figure ②).

Mistx's innovation is to bundle transactions into the private memory pool of Flashbots rather than the public memory pool of the Ethereum network. Because publishing to a public memory pool can suffer from a sandwich attack. As you can see from Figure ③ below, the Ethereum browser shows that the transaction is marked as "private" before it is included in the block.

A Flashbots bundle must be

-Executed atomically

- Mined at the top of a block

This transaction fits this scenario. Figure ④ shows that the random number position of this transaction is 1, an attribute that ensures that Flashbots miners cannot perform sandwich attacks such as front-running when it is profitable to do so. For this reason, the user can set a non-zero low slip point transaction in MISTX to ensure that the transaction can be completed under severe fluctuations.

In practice, traders trust Flashbots miners not to tie their trades to the middle tier, as it is easy for Flashbots to find out and cut off their use. Flashbots wants miners to ignore placing bundles until they are packaged into blocks.

No gas fee transaction

In addition to the integration with Flashbots, MistX also has a feature that there is no gas charge for transactions. Of course, this does not mean that the transaction is cost-free.

Traders pay miners through a smart contract call in the Flashbots bundle. This payment is conditional on the execution of the trade. If the trade cannot be executed, the contract will refuse to pay the miner if the trade exceeds the sliding point set by the trader. In other words, miners will not package the deal if the slippage becomes too large.

The difference between this method and Cowswap, which also does not require gas costs, is that Cowswap only eliminates the risk of trade execution, while Mistx has no trade risk and traders do not need to worry about trading failure.

Traders pay trading fees in two main ways:

- A portion of ETH from the trading capital is used to pay miners' fees;

- For the time being, the ETH will still be used to pay miners' fees, but in the future it will be possible to pay with stablecoin.

As can be seen from the figure below (⑥), this transaction paid 0.0099eth to the Spark Mine Pool and 0.0005eth to the MistX wallet. The method of calculating the transaction cost of mistX is exactly the same as that of using the public memory pool. The gas price * gas limit= ETH is used in both cases.

In terms of transaction costs, Mistx will use more gas. The example in this paper will consume a total of 205,000 gas, while executing the same transaction on Uniswap will consume 160-180,000 gas. The main difference is that using MISTX will incur two additional transactions, a transaction fee to the miner and a fee to the MISTX wallet.

How do I become a certified alchemist?

Alchemist's token MIST initially launched LBP in Balancer in February, raising a total of 35 ETH by 1 million MIST.

MIST has no lock storage and the total volume increases by 1% every two weeks. 50% of the increased tokens are allocated to the Aludel Bonus Pool. 25% for the community; 25% in the MIST pool. The Aludel Bonus Pool is a smart contract that rewards MIST/ETH trading pairs on Uniswap to provide liquidity. At the time of writing, the total supply of MIST has risen to 1.07 million with 9,560 holders.

To become a community-certified Alchemist, you first need to buy MIST and configure an equivalent amount of ETH to provide mobility on Uniswap V2. It is important to note that currently, the option to offer mobility in Uniswap V3 is not available through final certification and access to the Aludel bonus pool rewards.

After providing liquidity, you will receive a UNI-V2 liquidity token. Then, into the officialCasting Crucible NFT platform, "Crucible NFT" was cast by UNI-V2 liquid token. After the crucible NFT is cast, you can earn a reward from the Aludel Bonus Pool. As of press time, 4930 crucible NFT have been cast in the whole network.

After casting the crucible NFT, addAlchemist official DiscordAnd in & have spent Send "! Join "to the # Welcome channel, after which you will receive the robot" collab.land " Direct messages. After signing authorization in accordance with the private letter, your identity in the Discord group becomes Certified Alchemist.

The Alchemist community is just a rudiment at present, but from the perspective of MISTX, its goals are not small, and becoming a certified Alchemist is more like Skin in the game. Dex aggregators may also be the most convenient and cheapest trading platform for the average trader. However, the appearance of Mistx brings a little difference to the tired market by integrating Flashbots to prevent false start, manipulation trading and sandwich attack and no gas fee trading.

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