Tazmina Rashid
Research Analyst
Last Updated:
June 20, 2025
•
5 Minutes
DeFi Analytics 20th June 2025
This week's edition of our Crypto DeFi Analytics. The Beacon Chain balance continues to surge alongside a positive uptick in new validators entering the Beacon Chain.
Chain Fee Generation
Daily Fee Generation - Ethereum and Solana’s daily fee generation has balanced out, both generating a similar balance of daily fees.
However Tron’s daily fee generation is much higher at almost double. It seems to follow a the overall trend of peaks alongside Solana and Eth yet also remains much more consistent over this past period generating between 1.25- 2.5M.
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)
Hourly Average Blob Gas Usage per Ethereum Block
Hourly Average Excess Blob Gas per Ethereum Block
Beacon Chain Balance
Beacon Chain - The Beacon Chain continues its upwards trajectory as more holders look to stake their ETH. This week alone, an additional 0.1M ETH was added taking the total balance comfortably above 35M.
Beacon Chain Summary
Beacon Chain Balance
Beacon Chain - There has been a steady and positive uptick in new validators entering the Beacon Chain (Pending Initialized), indicating a growing interest in network participation and a potential shift back toward net validator growth. This is also reflected in the total Beacon Chain balance seen above.
However, validator withdrawals have remained consistent (Exited Unslashed), with a substantial portion of validators awaiting final withdrawal of their staked ETH (Withdrawal Possible).
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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DeFi Analytics 20th June 2025
This week's edition of our Crypto DeFi Analytics. The Beacon Chain balance continues to surge alongside a positive uptick in new validators entering the Beacon Chain.
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PREMIUM
Institutional
Volatility Marches Lower
Crypto markets remain stable despite continued geopolitical uncertainty as the US indicates it may militarily intervene in the Middle East within the next two weeks. Volatility continues to decline — ETH 7-day at-the-money implied volatility has dropped to 63% while IV for 7-day BTC options has fallen to 33%. Despite ETH's recent term structure inversion now resolved, ETH still maintains a volatility premium over BTC. Skew remains slightly put-tilted for short tenors, while longer-dated ETH options show a stronger call skew than BTC. The Bank of England held rates at 4.25% with a more divided vote than expected, while the Swiss National Bank cut rates to 0%. Arizona has revived a Bitcoin reserve bill which was initially rejected in the House and Kraken has added BTC staking to their offering via Babylon.
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Kicking The Can Down The Road
The Federal Reserve kept interest rates unchanged at 4.25%-4.5%, with most officials expecting two rate cuts this year but a more hawkish stance overall. Economic growth projections were lowered slightly, while inflation forecasts were revised higher, remaining above the 2% target through 2027. Chair Powell emphasized a cautious, data-driven approach, citing tariff uncertainties and a solid labor market as reasons to hold steady. Markets reacted cautiously, with equities ending flat and Treasury yields rising slightly. Meanwhile, cryptocurrency activity showed steady BTC inflows and a cooling in ETH accumulation, alongside notable developments in stablecoins and blockchain investment funds.