The Solana on-chain trading environment (often referred to as "trenches") has cooled significantly in recent weeks. In the second half of last week, the "graduated" token trading volume on the pump.fun averaged just $560 million per day. This was the lowest daily average volume since Christmas 2024 and down 82% from the single-day record of $3.13 billion three weeks ago. pump.fun token graduation rates are also down, with an average of 1.04% of tokens listed on Raydium pump.fun last week, compared to 1.54% and 1.59% in the previous two weeks. Meanwhile, the average daily tip paid to Jito validators on Solana last week was 23,800 SOL, or about $4.80 million. In comparison, the average figures for the first two weeks were 42,000 SOLs (~ $9.90 million) and 68,500 SOLs (~ $17.50 million), respectively. This decrease indicates that trading activity between users is decreasing, a metric that is often directly related to users' tendency to "bribe" Jito validators to speed up transactions.