According to a recent post shared by Colin Wu, a Chinese crypto journalist, the Jito tip revenue on Solana reached 9.32k SOL on March 6. The revenue amount valued at $1.2 million has reportedly marked a new high.
In his Wu Blockchain page on X, Wu illuminated Jito’s fake tip vulnerability, which led to the MEV Bot using fake tips.
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…
— Wu Blockchain (@WuBlockchain) March 9, 2024
According to Solana’s official page, Jito Labs is a leading MEV Infrastructure company that “builds high-performance MEV infrastructure for Solana. Our goals are to make Solana more efficient, minimize the negative impact of MEV on users, & maximize MEV returned to users and stakers.”
In a recent X post, Jitto Labs announced its decision to suspend the mempool offered by the Jito Block Engine due to “negative externalities impacting users on Solana.” The platform ensured the normal functioning of bundles and other block engine functionality despite the suspension of the mempool.
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.
— Jito Labs (@jito_labs) March 8, 2024
Further, Jito Labs reiterated its dedication to the Solana ecosystem’s long-term success, including its users, validators, stakers, and applications. They added,
We will continue to focus our time on the Jito Network, providing an additional revenue stream for validators and stakers in addition to making Solana the best execution environment for all users.
Meanwhile, Solana is ascending through a bullish track, creating record highs. Currently positioned at $147.08, SOL has seen a 24-hour increase of 2.10%, a weekly surge of 13.06%, and a monthly hike of 44.25%. With a market cap of $65,170,478,343, SOL is placed at the 5th rank on CoinMarketCap.
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