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Home»ALTCOIN NEWS»Solana validators confirm record-breaking tips as secret fees plague network users
ALTCOIN NEWS

Solana validators confirm record-breaking tips as secret fees plague network users

By Crypto FlexsAugust 10, 20243 Mins Read
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Solana validators confirm record-breaking tips as secret fees plague network users
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  • Solana validators receive historical tips through the Jito platform.
  • Tips encourage you to prioritize trades to earn more commissions.
  • Sandwich attacks and similar activities are at risk.

Solana, a high-performance blockchain, runs the chain quickly and efficiently through validators. However, validators require complex and expensive hardware to run a Solana node, so other options are sought.

One platform that allows validators to make the most of their activity is Jito, which has recently seen a spike in usage. However, some of the tactics used by validators to make money have raised concerns among both network users and the Solana Foundation itself.

Validator Tips for Solana’s Jito Protocol Reach Record

As Solana’s ecosystem grows, so do validator rewards. On Wednesday, August 7, Solana validators on the Jito platform received a record 17,290 SOL in tips, which is equivalent to approximately $3.19 million.

Source: Dune

The tip comes from Jito’s MEV (Maximum Extractable Value) solution, which allows validators to earn additional income beyond just staking rewards. This is possible because validators can decide which transactions come first in the block order.

However, this tactic has been criticized for having negative effects on network users. First, it exposes users to sandwich attacks, which involve placing transactions immediately before and after a user’s transaction. This allows MEV bots to profit, which in turn gives validators a tip for making this possible.

MEV tactics under intense scrutiny in Solana

The negative effects of MEV bots and sandwich attacks were investigated intensively earlier this year. On March 9, Jito shut down all mempool services, exposing users to sandwich attacks. This had an immediate and significant impact on the fees generated by Jito validators.

In late May, the Solana Foundation allocated 100% of the fees to validators, making it less likely that validators would engage in MEV tactics. This move was met with criticism from many in the community who failed to see that validators would still be incentivized to engage in harmful tactics.

Actions were then taken against the validators who participated in the sandwich attack. On June 10, the Solana Foundation removed some of these validators from the Solana Foundation Delegation Program (SFDP), which provided staking grants. However, these validators continued to earn fees through staking.

On the other side

  • Restaking is another option validators can use to maximize their profits. In addition to extracting more value from network users, restaking allows validators to secure multiple protocols to earn profits.

Why this matters

Recent developments in the Solana ecosystem highlight the ongoing challenges of maintaining a secure and sustainable blockchain network. Validators are critical to maintaining network operations, but all users must be treated equally.


Learn more about Solana validators who generate revenue from sandwich transactions:

Solana Validators Make Money as Users Lose $30 Million in Sandwich Transactions

Learn more about Solana’s latest secret patch that averted disaster:
Solana quietly patches critical vulnerabilities while avoiding network-wide outages.

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