For educational purposes only!!
Links below:
Remix - remix.ethereum.org
Script - raw.githubusercontent.com/0xNathan-cryto/SmartContract/main/Flashloan.sol
Get Metamask - www.metamask.io
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What is a Flash Loan?
- Flash Loans are a new uncollateralized loan product in DeFi. Flash Loans empower traders and DeFi users by enabling instant borrowing with no collateral required provided that the liquidity is returned to the pool within one transaction block.
How Flash Loan Attacks Work?
- Flash loans allow a user to borrow as much as they want with zero capital. For instance, if you’d like to borrow $70,000 worth of ETH, a lending protocol instantly gives it to you, but that doesn’t mean it’s yours. You need to do something with the borrowed funds in order to pay back the loan and perhaps pocket the excess amount. For this to work, the process needs to happen fast and the debt must be repaid to the protocol in time, otherwise the transaction will reverse. A decentralised lender doesn’t require collateral from you since the agreement to pay your debt is enforced by a blockchain. Flash loan attackers thrive on finding ways to manipulate the market while still abiding by a blockchain’s rules.
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