Jito Labs recorded $78.92 million in monthly fees for October, doubling its previous record of $39.45 million set in May. This surge has positioned Jito ahead of traditional DeFi fee leaders like Lido and Uniswap.
The protocol saw particularly strong performance on Oct. 24, generating $6.14 million in tips alone, highlighting the growing demand for MEV extraction services on Solana.
This achievement marks a potential shift in DeFi fee generation as Jito becomes the first MEV-focused protocol to lead monthly fee rankings.
Jito's success can be attributed to several key factors:
The recent surge in activity has strengthened Solana’s position as a hub for retail trading, particularly in emerging token categories such as memecoins and AI coins, contributing to higher transaction volumes and MEV opportunities.
The sustainability of these fee levels, however, may depend on this continued high-volume trading activity on Solana, particularly with memecoins, which have been a major driver of MEV opportunities. Jito's emergence as a leading fee generator could signal a broader shift in DeFi, where MEV optimization becomes increasingly central to protocol revenue models.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
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