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

Ethereum fees spiked to the highest levels since April, showing a sudden burst of activity in the ecosystem in the aftermath of the Binance hack. Decentralized trading and MEV bot fees were the main drivers of the performance spike on the chain. Ethereum block builders had a field day after the $6.3B Binance hack , the biggest theft event in the history of crypto. The event showed decentralized platforms were extremely resilient and even benefited from the increased activity. The initial movement of funds from the Binance wallet was one source of fees, but the hack also opened new trading opportunities, decentralized liquidations, and other on-chain transfers. Most of the block builder fees came from activities in stablecoins, as well as Ethereum’s leading apps and protocols.

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