Odaily reported that the transaction environment (commonly referred to as "trenches") on the Solana blockchain has cooled significantly in recent weeks. In the latter half of last week, the average daily trading volume of "graduated" tokens on pump.fun was only $560 million. This is the lowest daily average trading volume since Christmas 2024, down 82% from the record of $3.13 billion three weeks ago. The graduation rate of pump.fun tokens is also declining, with an average of only 1.04% of tokens listed on Raydium last week, compared to 1.54% and 1.59% in the previous two weeks. Meanwhile, the average daily amount of tips paid to Solana's Jito validators last week was 23,800 SOL, about $4.8 million. In comparison, the average figures for the previous two weeks were 42,000 SOL (about $9.9 million) and 68,500 SOL (about $17.5 million). This decline indicates that user-to-user transaction activity is decreasing, a metric that is typically directly related to users' tendency to "bribe" Jito validators to speed up transactions. (The Block)