DeFiLlama’s 24-hour revenue rankings showed a rare sight this time: at the top was neither a stablecoin issuer nor a trading platform, but Titan Builder, an Ethereum block builder. Its daily revenue reached $22.83 million, briefly surpassing Tether’s $16.99 million. The immediate reason for this surge was a noticeable increase in MEV bot activity on Ethereum.
Bots were competing for opportunities in the same blocks, so more money flowed to the people responsible for building them. For context, Titan reportedly also collected about $24.7 million in fees during another 24-hour period before October 31, so this wasn’t entirely a case of rising from nowhere. Still, this first-place finish looks more like a sprint than a long-term trend.
The source also notes that over longer periods, Titan’s revenue generally remains below Tether’s. In the current market, the key point isn’t just “who earns more”; when MEV heats up, infrastructure-layer revenue can surge suddenly, while questions about competition and concentration in Ethereum’s block-building market return to the spotlight.
What’s worth watching next is whether MEV activity can stay elevated, and whether this revenue will continue to concentrate among a small number of builders.
Bots were competing for opportunities in the same blocks, so more money flowed to the people responsible for building them. For context, Titan reportedly also collected about $24.7 million in fees during another 24-hour period before October 31, so this wasn’t entirely a case of rising from nowhere. Still, this first-place finish looks more like a sprint than a long-term trend.
The source also notes that over longer periods, Titan’s revenue generally remains below Tether’s. In the current market, the key point isn’t just “who earns more”; when MEV heats up, infrastructure-layer revenue can surge suddenly, while questions about competition and concentration in Ethereum’s block-building market return to the spotlight.
What’s worth watching next is whether MEV activity can stay elevated, and whether this revenue will continue to concentrate among a small number of builders.