Chain Fee Generation

Daily Fees Generated by Chain

Figure 1. Daily fees generated on each chain, USD. Source: Artemis, Block Scholes.

Stablecoins

Stablecoin Supply by Chain

Figure 2. Stablecoin supply on Ethereum, Tron, Solana and BNB Chain, USD. Source: Artemis, Block Scholes.

Stablecoin Volume by Chain

Figure 3. Stablecoin transaction volume by chain, USD. Source: Artemis, Block Scholes.

Stablecoins - Ethereum still holds the largest stablecoin float of the four chains, but its supply has fallen from a peak of about $177.9B on 18 April to $157.2B, cutting its share of their combined supply from 59.8% to 55.3%. Part of that reflects the unwind of yield-bearing stablecoins: as their yields fell below the risk-free rate in the second quarter, Ethena's sUSDe lost about half its supply. Tron has moved the other way, adding around $7.3B since April, largely on payments activity. Ethereum's balance has steadied near $157B since its 10 August low.

Real World Assets

RWA Perpetual Volume

Figure 4. Weekly trading volume in real-world-asset perpetual futures, USD. Source: Artemis, Block Scholes.

RWA Open Interest

Figure 5. Open interest in real-world-asset perpetual futures by venue, USD. Source: Artemis, Block Scholes.

Ethereum Gas Market

Hourly Average Gas Fees Burnt per Block

Figure 6. Hourly average gas fees burnt per Ethereum block. Source: Dune, Block Scholes.

Hourly Average Cost to Transfer ETH (21,000 Gas)

Figure 7. Hourly average cost of a standard ETH transfer (21,000 gas), USD. Source: Dune, Block Scholes.

Hourly Average Blob Gas Usage per Ethereum Block (Target: 6 Blobs)

Figure 8. Hourly average blob gas used per Ethereum block against the six-blob target. Source: Dune, Block Scholes.

Hourly Average Excess Blob Gas per Ethereum Block

Figure 9. Hourly average excess blob gas per Ethereum block. Source: Dune, Block Scholes.

Beacon Chain

Beacon Chain Summary

Figure 10. Beacon Chain balance in ETH (left-hand axis) with daily deposits, partial and full withdrawals (right-hand axis). Source: Dune, Block Scholes.

Beacon Chain Balance

Figure 11. Total ETH staked on the Beacon Chain. Source: Dune, Block Scholes.

Beacon Chain - The Beacon Chain balance has risen from around 37M ETH in late February to just over 43M ETH, though net inflows stalled in the last few days as full withdrawals outpaced new deposits. The queue points to a short pause: about 1.9M ETH is still waiting to be activated, a wait of nearly 33 days, against only around 25,300 ETH queued to leave. Staked ETH now exceeds 35% of supply at a yield of around 2.6% a year, though liquid staking tokens keep part of it trading. Corporate holders add to the demand: BitMine reports 5.07M ETH staked, close to 12% of the active stake, without disclosing how its validators and signing keys are split between its MAVAN platform and outside operators. Even with one operator, that share would sit well below the one-third needed to halt finality.

Uniswap V3

Uniswap V3 Hourly Volumes - Arbitrum

Figure 12. Hourly Uniswap V3 trading volume on Arbitrum, USD. Source: Dune, Block Scholes.

Uniswap V3 Hourly Transaction Count - Arbitrum

Figure 13. Hourly Uniswap V3 transaction count on Arbitrum. Source: Dune, Block Scholes.

Liquidations

Liquidations across Aave & Compound

Figure 14. Daily liquidation amounts on Aave (orange) and Compound (green) with the BTC spot price (yellow, right-hand axis). Source: Dune, Block Scholes.

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