DeFi Analytics 23rd May 2025

Chain Fee Generation

Daily Fees Generated across Ethereum & Solana - Daily fee generation on Solana dropped this week, rebounding to daily figures observed throughout the month, between $1.5M and $2M. This follows last week’s highs, driven by an altcoin rally. We observe a gradual increase in daily figures over the longer term, with this week’s numbers approximately $0.5M higher than at the same time last month.

Ethereum also saw a decline in daily fees generated, falling back to levels comparable to those seen around this time last month.

Daily Fees Generated across Ethereum & Solana

Ethereum Gas Market

ETH Gas Fees - Gas fees burned per block tumbled, reflecting the normalisation in network usage. This comes after a period of elevated demand following the ETH rally and the Pectra upgrade. Similarly, the cost to transfer ETH (21,000 gas) has fallen back to under $0.20.

Hourly Average Gas Fees Burnt per Block

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

ETH Blob Gas - Hourly average blob gas usage remains elevated, nearing 500k. Following the Pectra upgrade, which increased the blob count per block from 6 to 9 and raised the target range from 3 blobs to 6, hourly average excess blob usage gas remains minimal.

‍Hourly Average Blob Gas Usage per Ethereum Block

Hourly Average Excess Blob Gas per Ethereum Block

Beacon Chain Balance

Beacon Chain - Despite the largest single-day withdrawal in the past month of nearly 150k ETH, the Beacon Chain balance ended at just below 34.6M ETH. Through the rest of the week, deposits overall outweighed withdrawals.

Beacon Chain Summary

Beacon Chain Balance

Beacon Chain - The Beacon Chain continues to see elevated validator exits since May 11th, although the pace has begun to slow (Active Exiting), potentially reflecting the impact of the Pectra upgrade, which enables the consolidation of multiple validators. This means that the staked ETH remains within the Beacon Chain balance as seen above. As these validators progress through the exit process, this allows for a significant number to prepare for final withdrawal (Withdrawal Possible).

The exits remain largely voluntary, as indicated by the sustained presence of validators exiting without penalties (Exited Unslashed), rather than as a result of slashing events (Exited Slashed).

On the entry side, the number of new validators joining the network remains small but stable (Pending Initialized).

Beacon Chain Validator States

Uniswap V3

Uniswap V3 - Hourly volumes remain stable, peaking at $100M, a drop from last week, but still elevated compared to early May. Hourly transaction counts also remain largely unchanged, as users continue to trade actively throughout this period.

Uniswap V3 Hourly Volumes  - Arbitrum

Uniswap V3 Hourly Transaction Count  - Arbitrum

Liquidations

Aggregate Liquidations across Aave & Compound - Users on both Aave and Compound faced liquidations as BTC surged towards a new all-time high. Compound liquidations were triggered by BTC’s brief dip below $105K.