All about Flashbot and how it protects you!
In Phoebe and Pan, you can use two transaction methods: Normal and Flashbot. The normal method will just send your tx to the public Ethereum pending pool for all eyes to see. On Flashbot however, the transaction will be sent to a private pending pool that in theory will guarantees your transaction privacy.
To summarize, here are the pros and cons of using Flashbot:
- PROS: Your transaction will be private, meaning no sandwich bot will be able to attack you even with high slippage.
- PROS: You will never get a failed transaction. This is because the private list of validators will only include transactions that will be guaranteed to succeed so they will get more transaction fees from it
- CONS: Transaction Cost is Higher. You will need to pay more priority fees to the validator as an incentive for them to include your transaction in the block. Usually, it will be a 20-50% increase in gas fees.
- CONS: Harder to debug. If your transaction fails, it won't show up in Etherscan so it will be harder to find out why it failed. Generally, if you have high enough slippage the reason is the gas fee as a bribe is too low.
There are some cases where your transaction will end up getting sandwiched even when using Flashbot which is when the Ethereum network block gets re-organized or reorg for short. The chance of this happening is at least 0.25% so do note that although it is very rare, it can still happen. To check if your block is getting reorg, refer to https://etherscan.io/blocks_forked.
To set up Flashbot on Phoebe, go to the #phoebe-quickswap channel and then click on setup.
Then you can click on change transaction method and choose Flashbot
TX Method Selection
Save the method and then go back to the setup page. You will be shown the setting as shown below. You can change the default slippage and default gas fee as needed. Flashbot priority will only be shown if you have enough transaction history using Flashbot.
Example of Flashbot Setup