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    Author Topic: Time to roll-back Ordinals?  (Read 2324 times)
    alani123 (OP)
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    November 11, 2023, 12:33:58 PM
     #121

    It looks like somebody has made a bot to stifle BRC-20 transactions:

    A bot that’s designed to stifle the creation of new BRC-20s re-emerged on the Bitcoin blockchain. Its pseudonymous creator, @rot13maxi on Twitter, told Decrypt that he didn’t do it. But he did share the code with someone else yesterday.

    Dubbed the Sophon, the bot looks for incoming Bitcoin transactions that involve Ordinals and “snipes” certain ones before they can become fully processed. Paying a fee to effectively jump the line in Bitcoin’s queue, the bot foils fresh BRC-20s by frontrunning their ticker names.

    Should solve a lot of the fee problems we're having right now.
    Speaking in smart contract terms, this just seems like a front-running bot. It's very common in smart contract enabled chains, anything ERC-based.
    Basicaly whenever someone would execute a token swap through an automated market maker's smart contract, if it was a valuable transaction, someone could execute what's called a sandwich attack, essentially sandwiching a transaction between theirs and raising the price before they buy, only to sell again at a higher price after they do, all in the same block.

    This being done with BRC-20 tokens doesn't stifle their volume on chain, only increases it. It raises required sats/vByte to get in each block and also incentivizes token creators to get more competitive with how they deploy tokens. This bot might take out a few tickers here and there before there's any trading on them, but eventually the BRC creators will find ways around it, and that would create a fee war. If the BRC craze continues we might see sats/vByte requirements like never before.

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