🦄 Uniswap Hits Record $1.4M Daily Fees as Hacked Token Sparks Frenzy
Uniswap news today just had one of its biggest days ever. On January 9, the decentralized exchange recorded more than $1.4 million in daily trading fees. It is setting a new all-time record. The data was shared by Wu Blockchain, based on a dashboard by on-chain analyst Marcov. But the reason behind this surge was not normal market growth. Instead, it came from panic trading after a major crypto hack.
🔸 Uniswap Fees Surge After Token Hack
According to on-chain data, most of Uniswap’s record fees came from heavy trading in the TRU token, linked to the Truebit Protocol. Just one day earlier, Truebit suffered a serious smart contract exploit. The attack drained around 8,500 ETH which is worth about $26 million. Soon after the hack became public, traders rushed to sell TRU. This caused huge trading volume on Uniswap.
As a result, nearly $1.3 million of Uniswap’s $1.4 million daily fees came from TRU token trades alone. So while Uniswap broke a record, it happened during a market panic.
🔸 What Is Truebit and What Went Wrong
Truebit is an older Ethereum project. It was created to help run complex computing tasks off-chain while keeping results verified on-chain. However, one of its old smart contracts was still active. Hackers found a flaw in this contract. They were able to mint a massive number of TRU tokens at almost no cost.
The attack happened fast. Within hours, the TRU price collapsed by almost 100%, falling from around $0.07 to near zero. Security firms quickly flagged the exploit. Soon after, the Truebit team confirmed a security incident and warned users not to interact with the affected contract.
🔸 Panic Selling Floods Uniswap
After the hack, traders rushed to exit their TRU positions. This caused massive sell pressure on Uniswap. Liquidity pools were flooded with trades. Fees kept stacking up with every swap. Uniswap’s fee model collects a small cut from every trade. When volume spikes, fees surge.
