Solana client Jito Labs is pivoting to Mempool functionality in response to the increase in MEV attacks.
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In a sandwich or maximum extractable value (MEV) attack, a sophisticated bot that discovers a specific type of pending trade can leverage that knowledge to design its own trades to profit at the expense of retail traders. MEV attacks are common on Ethereum, which has a built-in mempool, while Solana does not have its own mempool. However, the introduction of Jito Block Engine by Jito Labs, which introduced its own Solana mempool, made such attacks possible even though it violated Jito’s terms of service.
In January, a Solana-based MEV bot made $1.8 million in seconds after backrunning a memecoin trader trying to acquire Dogwifhat (WIF) coins.
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Jito Labs released its governance token last December. The token had a trading volume of $1.1 billion on the first day of launch. The token is currently trading at $2.84 as of 5:11 PM ET, up 2.30% over the last 24 hours.
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