Andrew Melville
Research Analyst
Last Updated:
September 19, 2025
•
5 Minutes
DeFi Analytics 19th September 2025
This week's edition of our Crypto DeFi Analytics.
Chain Fee Generation
Daily Fee Generation - Activity across token chains remains relatively low, with a small spike in Solana on 15 September when Galaxy Digital announced its purchase of SOL. Since then, fees generated across Solana and Tron have stayed at similar levels, with no further major surges this week.
Daily Fees Generated across Ethereum, Solana, Tron & Sui
Ethereum Gas Market
Hourly Average Gas Fees Burnt per Block
Hourly Average Cost to Transfer ETH (21,000 Gas)
Blob Gas Usage - Layer 2s have remained stable since the Pectra upgrade, with usage trending slightly upward in the second week of September.
Hourly Average Blob Gas Usage per Ethereum Block
Hourly Average Excess Blob Gas per Ethereum Block
Beacon Chain Balance
Beacon Chain - ETH staked on the Beacon Chain has remained steady at around 36M since July 2025.
Beacon Chain Summary
Beacon Chain Balance
Beacon Chain Validator States - Active withdrawals spiked on September 10, contributing to an exit queue of approximately 2.64 million ETH(~$12.3B), up 188% since mid-August. Some of the activity involved validators managed by Kiln, and total ongoing withdrawals have remained steady since the spike.
Beacon Chain Validator States
Uniswap V3
Uniswap V3 Hourly Volumes - Arbitrum
Uniswap V3 Hourly Transaction Count - Arbitrum
Liquidations
Aggregate Liquidations across Aave & Compound
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Markets at Record Highs
U.S. equities remain near record highs, with the S&P 500 closing at 6,693, while crypto assets lag, as Bitcoin and Ethereum post modest gains following recent declines. Gold hit all-time highs, with futures reaching $3,800, reflecting continued risk-on sentiment and safe-haven demand. Bitcoin and Ethereum implied volatilities have eased, with BTC’s 30-day ATM at 32% and ETH’s 3-day ATM at 57%, signaling calmer short-term expectations. Fed Governor Miran highlighted that policy is already restrictive, advocating lower rates, while the White House pushes a comprehensive crypto regulatory bill, and industry players like World Liberty Financial and CleanSpark expand operations.
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Markets Digest Fed Action
Bitcoin (BTC) dropped to $112,400, down ~2.35% over 24 hours, while Ethereum (ETH) fell 6% to $4,100. XRP and SOL declined 5.4% and nearly 7%, respectively. ETH one-week implied volatility spiked to 67%, with BTC’s at 33%, and short-term option skew turned bearish—5% in favor of BTC puts and 6.5% for ETH. MetaMask’s stablecoin mUSD grew to $65M in circulation within a week, up from $15M at launch. Japanese firm Metaplanet acquired 5,419 BTC at an average of $116,724, bringing its total holdings to 25,555 BTC at an average cost of ~$106,065 per coin. BitGo reported $4.2B revenue H1 2025 (vs $1.1B prior year) but net income fell to $12.6M from $30.9M.
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Fed Economic Outlook
US economic momentum is moderating, with H1 GDP growth at ~1.5%, below last year’s 2.5%, while consumer spending and business activity remain subdued. Labor market indicators are softening, as unemployment rose to 4.3% and payroll gains slowed to 29k/month over the summer, though broader labor demand remains stable. Inflation progress has slowed, with PCE up 2.7% y/y and core PCE 2.9%, partly driven by tariffs, while services and housing show continued disinflation. The Fed’s 25bps rate cut moves policy toward neutral, but Powell emphasized a data-driven approach to balance inflation control with labor market risks. Manufacturing shows divergent trends: US PMI remains expansionary at 52 but softening, whereas UK PMI contracts at 46.2, signaling the steepest decline since April.