DEX swaps and arbitrage drive Ethereum fees above $56M on the day after Binance hack

Ethereum’s daily network fees rose to $56.4 million in the 24 hours after a $6.3 billion Binance hack, the highest level since April, following $44.25 million on the day of the theft. Decentralized trading and MEV bots, which push priority transactions to block builders, drove the activity; block builders process transactions and pay validators a share of fees. Titan Builder absorbed $24.65 million in fees in that 24-hour period, while Ethereum alone still had more than $10 million in daily fees as of October 30. The hack also prompted swaps of stolen assets for ETH and bridging attempts, and ETH traded as high as $2,700 on Uniswap versus about $2,223.25 on other markets.