Solana MEV with Jito now available through Figment Reporting

April 18, 2024

The MEV ecosystem on Solana has been growing rapidly. Figment operates leading validators on Solana and has been at the forefront by running Jito on our main public validator since February 2023, and in March 2024 we also added Jito to our Ledger validators.

Jito is a modified Solana validator client that incorporates a built-in MEV marketplace. This client is a fork of the official Solana Labs/Anza validator client but includes additional features specifically designed to capture and distribute MEV. The main goal of Jito is to enhance the profitability for validators and stakers by allowing them to participate in the MEV opportunities that arise from the unique transaction ordering within the Solana blockchain. When you stake to a validator running Jito, you are eligible for these additional MEV rewards paid to Jito validators.

As of April 2024, Jito rewards account for almost 15% of the rewards Figment validators have received.

To further Figment’s commitment to provide the most in-depth reporting capabilities, we are adding Jito to our reporting suite: monthly statements, epoch reward reports and our Rewards endpoints will split out Jito within SOL rewards.

Including Jito in Figment’s CSV Reporting

Indexing or sourcing on-chain data can be complicated and bewildering; Figment’s CSV reports help save accounting and finance teams valuable time and unnecessary stress at month-end. 

Figment offers two types of CSV reports: Statements (delivered monthly) and Rewards reports (available on demand, with epoch granularity for SOL). The monthly statements are most commonly used to reconcile and record earnings associated with staking, with the Rewards reports providing additional granularity for a deeper understanding of rewards earned and reward volatility over time.

Both reports now include a breakdown of SOL rewards between:

  • Inflationary Rewards: the rewards earned through staking on Solana, regardless of whether or not Jito is enabled by the validator.
  • Transaction Rewards: the share of MEV rewards earned by staking to a validator with Jito enabled.

Whereas Inflationary Rewards tend to be consistent over time, Transaction Rewards are volatile on a per-epoch basis and based on the bids paid by searchers.

You can find those CSV reports under Figment’s app “Reports” tab.

Jito in Figment’s Rewards API

Jito rewards are also available programmatically through our API. The SOL Rewards API returns epoch level rewards for any Solana stake or system account, net of validator commission. These rewards now include epoch and account rewards between protocol (i.e., inflationary rewards) and mev (i.e., Jito rewards).

Check out our SOL Rewards’ API documentation for more information.

Conclusion 

In conclusion, the integration of Jito into Figment’s reporting tools marks an advancement in tracking and understanding MEV rewards on the Solana blockchain. With Jito, Solana stakers now have the opportunity to receive more transparent and detailed insights into the rewards from staking, distinguishing between inflationary and transaction-driven earnings. 

As the landscape of rewards reporting continues to evolve, Figment remains committed to providing cutting-edge solutions that cater to the needs of the community, ensuring that stakeholders are well-equipped to navigate the complexities of the crypto ecosystem. With these tools, Solana stakers are better positioned to optimize their staking strategies and maximize their returns in this dynamic market.

Figment is the leading provider of staking infrastructure. Figment provides the complete staking solution for over 500 institutional clients, including asset managers, exchanges, wallets, foundations, custodians, and large token holders, to earn rewards on their digital assets. Institutional staking services from Figment include seamless point-and-click staking, portfolio reward tracking, API integrations, audited infrastructure, and slashing protection. This all leads Figment’s mission to support the adoption, growth, and long-term success of the digital asset ecosystem. To learn more about Figment, please visit figment.io.

The information herein is being provided to you for general informational purposes only. It is not intended to be, nor should it be relied upon as, legal, business, tax or investment advice. Figment undertakes no obligation to update the information herein. 

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