In 2021 right before the first bullrun, I noticed that you could arbitrage mSOL between the marinade webapp and raydium by hand. Threw together a short script, and made a couple of bucks overnight.
I extended that script to include various raydium markets using a version of Bellman-Ford to detect profitable cycles the next day, which ended up turning into the very first arb bot operating on Solana. We were essentially without competition for months.
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