A Solana-powered MEV bot operator made $1.8 million using a back-running strategy to trade the dogwifhat meme coin (WIF).

A bot operated by 2Fast converted 703 SOL into 19,035 SOL in 20 seconds. A portion of the profits was donated to Figment, an online validator, as a tip. The MEV was obtained using an execution tool developed by Jito Labs, which looks for the MEV and bids to include a batch of transactions on Solana, similar to Ethereum flashbots.

MEV operators took advantage of a trader who mistakenly spent almost $9 million buying dogwifhat at an inflated price. MEV's back-running mechanism allows bots to monitor the mempool, find target transactions, and prepare their own transactions. In addition to 2Fast, other bots also earned money from this operation. MEV is made possible on Solana thanks to an off-chain auction system developed by Jito Labs.

The resulting MEV tips are transferred to validators running the Jito client on Solana. #SolanaTrade #crypto #cryptocurrency