Ethereum block builder Titan Builder briefly overtook Tether with $22.83 million in 24-hour protocol revenue, while an unusually high fee figure from the same period was caught by DeFiLlama’s error filter.
Panic in the crypto market pushed the revenue of Titan Builder, which capitalizes on trading opportunities on Ethereum, to a remarkable level. According to DeFiLlama data reported by Wu Blockchain, Titan Builder briefly took the top spot in the 24-hour protocol revenue rankings, surpassing Tether, the issuer of USDT.
The table showed $22.83 million in revenue for Titan Builder, which bundles Ethereum transactions into blocks. Market turmoil linked to attacks created trading opportunities that drove the change in the rankings.
They initially thought the $24.7 million fee figure was an error
0xngmi, co-founder of DeFiLlama, said Titan Builder generated about $24.7 million in fees over the same 24-hour period. The amount was so unusual that the platform’s systems initially flagged and blocked the data as erroneous.
The $22.83 million in the revenue rankings and the $24.7 million in fees cited by 0xngmi represent separate measurements. The comparison in which Titan Builder overtook Tether is based on 24-hour protocol revenue.
How did market panic turn into a revenue opportunity?
0xngmi attributed the increase in MEV activity to arbitrage opportunities created by hacker-linked market volatility and widespread panic. Arbitrage refers to profiting from price differences for the same asset across different trading venues; such opportunities also contribute to the value that can be captured by selecting and ordering transactions within a block.
As a result, price differences that emerged during the market turmoil were the key factor behind Titan Builder’s surge. Its revenue ranking ahead of Tether reflects a brief position during that 24-hour period, not lasting dominance.
Not investment advice.