Jito Labs, a developer for the Solana blockchain, announced the suspension of its mempool functionality offered through the Jito Block Engine, citing negative externalities that impacted users. This decision, made after deliberate conversations with the Jito Labs team and key stakeholders, including the Solana Foundation, comes in the wake of concerns over MEV (Miner Extractable Value) issues. Notably, sandwich attacks, which have been costly to traders, particularly BODEN traders who were getting "sandwiched to hell." The suspension is seen as a positive development for end users and bullish for Solana. Additionally, Solana's DEX Jito had seen a significant increase in tip revenue, reaching 9.32k SOL (valued at $1.2 million) on March 6, setting a new high. However, the platform faced a serious MEV Bot problem, including a vulnerability that allowed fake tips, affecting normal user transactions. Solana users were extracted at least 50K $SOL last week through MEV, amounting to $550M annualized, highlighting the severity of the issue.
Great post by @0xMert_ on the MEV issues going on on Solana (that admittedly I’m a bit behind on). Perhaps my gut take is: What can be done will be done and tbh if I were the Jito team I’d be pretty annoyed at the lack of action taken here by the community as they built. https://t.co/LOiFVObSCR
JITO LABS ABRUPTLY DISABLES MEMPOOL FUNCTIONALITY AMID SANDWICH ATTACKS Jito’s developer announced the sudden shutdown of its mempool functionality on Friday. This decision comes after the feature enabled a series of costly sandwich attacks on traders. Source: CoinDesk https://t.co/o7vTJvkJ96
some final thoughts on the MEV stuff on Solana: - sandwich attacks were extracting too much from users, this is obviously bad and it's good that it is not happening anymore (for now) — I don't think anyone would refute that - jito built this tech through a ton of effort and…
Solana users were Extracted AT LEAST 50K $SOL just last week through MEV $550M annualized, likely much higher because assuming (actual mev - tip > 0) Tell me again about Ethereum MEV https://t.co/IjnSMZEueB
Mert is absolutely right and many of his comments in this thread are spot on. When it comes to MEV, Solana should be learning from the successes and failures of Ethereum and other networks. I am concerned this may be a step in the wrong direction. https://t.co/CNuVRhQrEv
There's a really informative @thebellcurvepod episode on solana MEV which broke down some of the reasons for what we're seeing unfold right now (long before it became a problem) Memorable quote by Hasu - "Solana will be a counter example of what not to do [when it comes to MEV]" https://t.co/04RxvE5DEa https://t.co/gQeNepNzvJ
Jito tip revenue on solana revenue reached 9.32k SOL (valued at $1.2m) on March 6, setting a new high. However, the recent Solana MEV Bot problem has been serious. Jito has a fake tip vulnerability, which resulted in the MEV Bot using fake tips. Normal user transactions can…
Solana DEX Jito tip revenue reached 9.32k SOL (valued at $1.2m) on March 6, setting a new high. However, the recent Solana MEV Bot problem has been serious. Jito has a fake tip vulnerability, which resulted in the MEV Bot using fake tips. Normal user transactions can easily be…
Solana MEV update: Solana client developer @jito_sol announces end of 'Mempool' function after pressure from #Solana Foundation. This is great for us the end user and bullish for Solana. Jito Labs said in a tweet Friday that the mempool function would go offline tonight.… https://t.co/eVPPaYYHTC
Solana MEV update: Solana client developer @jito_sol announces end of 'Mempool' function after pressure from #Solana Foundation. This is great for the end user. Jito Labs said in a tweet Friday that the mempool function would go offline tonight. Mempools are the place where… https://t.co/8zHmMS1AFH
Solana MEV update: Solana client developer @jito_sol announces end of 'Mempool' function after pressure from Solana Foundation. This is great for the end user. Jito Labs said in a tweet Friday that the mempool function would go offline tonight. Mempools are the place where… https://t.co/7wsMaGTMpz
Jito will pull the plug on its Solana client’s mempool function weeks after unbanning trade front-running on the piece of transaction validation software. @realDannyNelson reports https://t.co/eMKy9VoM17
Wow, Jito shutting down their external mempool because BODEN traders were getting sandwiched to hell https://t.co/Rs8JyOF6Cq
Solana just solved MEV https://t.co/YsEd3ecKvY
Jito Labs has decided to suspend the mempool offered through the Jito Block Engine due to negative externalities impacting users on Solana. The decision has been made after deliberate conversations with the Jito Labs team and key Solana ecosystem stakeholders.
Solana MEV convos lately will be very recognizable to Ethereum MEV people - MEV extraction inevitable - Democratize > side deals - If someones gonna facilitate, thankful for Jito bc good guys - Good that it supports validator economics Not good or bad, just observe https://t.co/XCWNh7DMxC https://t.co/WdunPEKNUj