加密机器人：他们如何操纵 Memecoin 市场和空投

无论是执行 memecoin 的算法交易还是为了空投而进行交易，机器人在当今的加密货币中无处不在。

Crypto bots are a ubiquitous presence in today’s digital asset markets, facilitating everything from high-frequency algorithmic trades of memecoins to amassing transactions in anticipation of airdrops. These automated programs boast capabilities that far surpass human traders, operating tirelessly around the clock to execute their programmed functions. However, the benefits these bots generate for their owners come at the expense of genuine traders and blockchain users. Their inhuman speed and precision create vast disparities in the market, leading to an uneven playing field. Magazine has even observed crypto bots that autonomously create and launch new memecoins on Solana while simultaneously pulling liquidity from older coins to rug users. Rampant bot activity also causes severe congestion on blockchain networks, resulting in higher transaction fees and slower processing times. Solana, which overtook Ethereum in fee revenue this week, experienced firsthand how bot activities degrade genuine user experience during this year’s memecoin craze. The blockchain encountered severe congestion issues, with as many as 75% of transactions failing. “These thousands of meme tokens launched on Solana. It’s all automated, and it’s 100% impacting people,” Ganesh Swami, CEO of data infrastructure firm Covalent, tells Magazine. “Forget the economic value here — [the network] just becomes unusable.” The situation worsened to the point that Solana developers had to release an update in April to address the congestion. Though recent trends have brought Solana into the spotlight, the problems caused by bots aren’t unique to the network. It is a widespread issue affecting any profitable crypto trend. A popular use of bots is for maximal extractable value, or MEV — also known as the “invisible tax.” On blockchains such as Ethereum, transactions are not processed chronologically — instead, validators prioritize orders with higher transaction fees. So, when a good profit opportunity is highlighted in the transaction queue, validators can insert their own transactions to get in first on the trade, or add transactions before and after large orders to profit from expected price changes. This additional profit is an example of MEV. Sieving through all the transactions in the mempool (the waiting line for transactions before they hit the blockchain) can be a tall order. This is where crypto bots step in to automate the scanning for MEV opportunities. That’s not to say that bots are the evil fruits of the industry that solely exist to profit their operators while stealing value from real users. Trading in today’s digitized economy can be competitive, and profitability can be determined by split-second executions. Market makers, an essential part of the crypto industry that ensures orders go through and maintains accurate prices for assets, also rely on bots to implement algorithms to ensure pricing is maintained and liquidity is provided across different markets. “We are talking about optimization of microseconds, which obviously is not possible by humans,” Mathias Beke, co-founder of market-making firm Kairon Labs, tells Magazine. “So, without automatization, our business would not be scalable at all.” Beke estimates that without bots, his business would need to hire about 200 more people to properly operate as a market maker. “In high-frequency trading, the bot becomes such a main piece that it needs to be maintained by 20 to 30 people in order to run what we want it to run,” he says. “Bots and trading algorithms are used 99% of the time on our end.” Solana’s memecoin craze is ongoing, even if it has cooled from its peak in the early half of 2024. In the week leading up to July 19, approximately 2,600 new Solana memecoins with liquidity were launched, a drop from 19,000 new tokens launched in a week observed by Magazine back in February. Rampant bot activity continues to fuel the memecoin scene on the network, with some automation features enabling users to launch tokens on platforms like Pump.fun and inorganically inflate trading volumes by creating and automating trading on multiple wallets. Magazine found a sample wallet on the Solana blockchain that holds over 3,500 different tokens, mostly memecoins. Bots can automate memecoin launches by scanning trends, but they often skip important steps, such as deploying smart contracts properly or conducting audits, says Big_Cat, product chief of Solana-based memecoin project Laika. “When used to launch memecoins without proper checks like audits, it can lead to unethical practices and risks, tarnishing the industry’s reputation,” he tells Magazine. Blockchain records of the sample wallet’s DeFi activities show that it’s creating new tokens at an alarming rate. Simultaneously, it removes the liquidity of the other tokens it has minted, an activity widely viewed as a sign of a rug-pull scam. This sample wallet’s repeated liquidity removals and rapid token minting activities do not resemble legitimate token projects. But again, there are legitimate bots that play a crucial role in managing liquidity and that can demonstrate a project is taking its product seriously. “As for Laika, we’ve successfully launched

加密机器人在当今的数字资产市场中无处不在，促进了从模因币的高频算法交易到空投预期的聚集交易等一切活动。这些自动化程序拥有远远超过人类交易员的能力，全天候不知疲倦地运行以执行其编程功能。然而，这些机器人为其所有者带来的好处是以牺牲真正的交易者和区块链用户为代价的。他们非人的速度和精确度在市场上造成了巨大的差异，导致了不公平的竞争环境。该杂志甚至观察到加密机器人可以在 Solana 上自主创建和推出新的模因币，同时将旧代币的流动性吸引到地毯用户。猖獗的机器人活动还会导致区块链网络严重拥堵，从而导致交易费用更高和处理时间更慢。 Solana 本周的费用收入超过了以太坊，在今年的 memecoin 热潮中，它亲身体验了机器人活动如何降低真实的用户体验。区块链遇到了严重的拥塞问题，多达 75% 的交易失败。 “这数千个 meme 代币在 Solana 上发布。这一切都是自动化的，并且 100% 影响着人们。”数据基础设施公司 Covalent 的首席执行官 Ganesh Swami 告诉杂志。 “忘记这里的经济价值吧——[网络]变得无法使用。”情况进一步恶化，Solana 开发人员不得不在 4 月份发布更新来解决拥堵问题。尽管最近的趋势使 Solana 成为人们关注的焦点，但机器人引起的问题并不是该网络所独有的。这是一个影响任何有利可图的加密货币趋势的普遍问题。机器人的一个流行用途是最大可提取价值（MEV）——也称为“无形税”。在以太坊等区块链上，交易不是按时间顺序处理的——相反，验证器会优先考虑交易费用较高的订单。因此，当交易队列中突出显示良好的盈利机会时，验证者可以插入自己的交易以首先进入交易，或者在大订单之前和之后添加交易以从预期的价格变化中获利。这个额外利润就是 MEV 的一个例子。筛选内存池中的所有交易（交易进入区块链之前的等待队列）可能是一项艰巨的任务。这就是加密机器人介入以自动扫描 MEV 机会的地方。这并不是说机器人是行业的邪恶果实，它们的存在只是为了让运营商获利，同时窃取真实用户的价值。当今数字化经济中的交易可能具有竞争力，盈利能力可以通过瞬间执行来确定。做市商是加密货币行业的重要组成部分，可确保订单顺利通过并维持准确的资产价格，他们也依靠机器人实施算法来确保维持定价并在不同市场提供流动性。 “我们正在谈论微秒的优化，这显然是人类不可能实现的，”做市公司 Kairon Labs 的联合创始人马蒂亚斯·贝克 (Mathias Beke) 告诉杂志。 “因此，如果没有自动化，我们的业务根本无法扩展。” Beke 估计，如果没有机器人，他的企业将需要雇佣大约 200 名员工才能作为做市商正常运营。 “在高频交易中，机器人成为一个重要组成部分，需要 20 到 30 人来维护它才能运行我们希望它运行的功能，”他说。 “我们 99% 的时间都在使用机器人和交易算法。” Solana 的 memecoin 热潮仍在持续，尽管它已从 2024 年上半年的峰值降温。在 7 月 19 日之前的一周内，大约推出了 2,600 个具有流动性的新 Solana memecoin，比一周内推出的 19,000 个新代币有所下降杂志早在二月份就观察到了这一点。猖獗的机器人活动继续推动网络上的模因币场景，一些自动化功能使用户能够在 Pump.fun 等平台上发行代币，并通过在多个钱包上创建和自动化交易来自然地增加交易量。杂志在 Solana 区块链上发现了一个样本钱包，其中包含 3,500 多种不同的代币，其中大部分是模因币。基于 Solana 的 memecoin 项目 Laika 的产品负责人 Big_Cat 表示，机器人可以通过扫描趋势来自动化 memecoin 的发布，但它们经常会跳过重要的步骤，例如正确部署智能合约或进行审计。 “当在没有适当检查（例如审计）的情况下发布模因币时，可能会导致不道德的行为和风险，损害行业声誉，”他告诉杂志。样本钱包 DeFi 活动的区块链记录显示，它正在以惊人的速度创造新的代币。同时，它还消除了其铸造的其他代币的流动性，这一活动被广泛视为拉扯骗局的标志。该示例钱包反复消除流动性和快速代币铸造活动与合法代币项目并不相似。但同样，有一些合法的机器人在管理流动性方面发挥着至关重要的作用，并且可以证明一个项目正在认真对待其产品。 “至于莱卡，我们已经成功推出了