Exclusive Data Reveals Decline in Sandwich Attacks on Ethereum, but Risks Persist

The world of cryptocurrency and blockchain is constantly evolving, with new threats and challenges emerging every day. One such threat is the sandwich attack, a type of maximal extractable value (MEV) attack that involves manipulating transaction ordering to extract value from users. According to exclusive data from EigenPhi, sandwich attacks on Ethereum have waned, but the risk to ordinary users persists. In this article, we will delve into the world of MEV attacks, explore the data, and examine the implications for traders and the Ethereum ecosystem as a whole.

Introduction to MEV Attacks

MEV attacks refer to the economic value diverted from users by block builders through the manipulation of transaction ordering. The most harmful type of MEV attack is the sandwich attack, where an attacker simultaneously frontruns and backruns a victim’s swaps, resulting in a suboptimal execution price for the victim and a profit for the attacker. Most MEV activity occurs on Ethereum due to its high activity on decentralized exchanges (DEXs) and its open block-building market, which exposes order flow to searchers.

State of Sandwiching on Ethereum in 2025

The data from EigenPhi reveals that sandwich extraction fell sharply in 2025, despite monthly DEX volumes rising from around $65 billion in Q1 to over $100 billion by Q3. Monthly extraction from sandwich attacks dropped from nearly $10 million in late 2024 to about $2.5 million by October 2025. The net profits after gas costs from sandwich activity averaged about $260,000 per month in 2025, although this number was inflated by a single outlier in January 2025. The number of attacks has remained high, consistently ranging between 60,000 and 90,000 per month throughout the period.

Which Trading Pairs Do Sandwich Attackers Target?

Data shows that about 38% of attacks targeted low-volatility pools, including stablecoins, wrappers, and liquid staking tokens (LSTs) of Ether and Bitcoin. Notably, around 12% of all sandwiches hit stable swaps, creating slippage risk in places where it is mostly unexpected and especially damaging. The most actively traded token outside stablecoins and wrapped assets was the memecoin MANYU paired with WETH. Jared, one of the most well-known MEV searchers, has continuously targeted this pool since July and extracted nearly $19,000 across 65 sandwich attacks.

The Rise of Sophisticated MEV Bots

Sandwich bots are a highly competitive niche, and fewer of them have remained active as profits have declined. In October 2025, a total of 515 distinct bots operated on Ethereum, although only just over 100 distinct sandwich bots execute trades in a typical month. The average profit per sandwich attack remains extremely low, at just above $3. Only six attackers generated more than $10,000 in total profit, showing how narrow the path to consistent returns has become in this niche. About one-third of all active sandwich bots in 2025 operated around breakeven (-$10 to $10), while roughly 30% recorded net losses.

The Impact of Gas Costs on MEV Bots

The data indicate that Jared’s strategy has been the most profitable so far, prioritizing quantity and capturing most of the available sandwich opportunities, including smaller ones, which often result in profits of only a few cents. Throughout most of 2025, gas costs stayed low relative to per-attack revenue, making this model even more viable than it had been before. Yet, Jared still incurs losses at times, highlighting the challenges and uncertainties of operating in this space.

Conclusion

While the decline in sandwich extraction may suggest that more traders are using MEV-protection tools, the issue is far from resolved. There is no unified mechanism to protect user swaps from sandwiching, and the debate about introducing native MEV protection at the Ethereum protocol level continues. As the Ethereum ecosystem evolves, it is essential to stay informed about the latest developments and threats, such as MEV attacks, to ensure a safe and secure trading experience.

Frequently Asked Questions

1. What is a sandwich attack?

A sandwich attack is a type of MEV attack where an attacker simultaneously frontruns and backruns a victim’s swaps, resulting in a suboptimal execution price for the victim and a profit for the attacker.

2. How common are sandwich attacks on Ethereum?

According to the data from EigenPhi, sandwich attacks on Ethereum have waned, but the risk to ordinary users persists, with hundreds of traders affected each month and resulting in millions in losses.

3. What can traders do to protect themselves from sandwich attacks?

Traders can use MEV-protection tools, such as threshold encryption and batched threshold encryption, to protect their swaps from sandwiching.

4. What is the current state of MEV bots on Ethereum?

The data shows that sandwich bots are a highly competitive niche, with fewer bots remaining active as profits have declined. The average profit per sandwich attack remains extremely low, at just above $3.

The world of cryptocurrency and blockchain is complex and constantly evolving. Stay informed about the latest developments and threats, such as MEV attacks, to ensure a safe and secure trading experience. Follow LegacyWire for the latest news and updates on the world of cryptocurrency and blockchain.