DeFi Analytics 30th May 2025

Chain Fee Generation

Daily Fees Generated across Ethereum & Solana - This month, Ethereum has been the stronger contender in daily gas fee generation compared to Solana. The final days of May saw a divergence in spot price action, with Solana trending downward while Ethereum gained in value. This trend is mirrored in network fee activity, where Ethereum outperformed Solana on three separate days this past week, each time generating over $0.5M more in daily fees.

As observed previously, despite the recent decline, Solana’s fee generation has remained relatively consistent on a weekly basis, ranging between $1.1M and $1.4M. In contrast, Ethereum has shown greater volatility this week also, with daily fees fluctuating between lows of $630K and highs of $2.2M.

Daily Fees Generated across Ethereum & Solana

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 - Despite ETH’s gain in spot price, the Beacon Chain saw an increase in full withdrawals and the Beacon Chain balance ended at just below 34.5M ETH. Month to date, this constitutes an overall increase of over 0.1 ETH.

Beacon Chain Summary

Beacon Chain Balance

Beacon Chain - The net outflow of validators is slowing down from previous weeks though still remains elevated, with the last few days seeing a large reduction in validators actively exiting (Active Exiting) and a similar reduction in validators having completed their exits and now awaiting their final withdrawal of staked ETH (Withdrawal Possible). Many of these exits could be attributed to the Pectra upgrade, which enables the consolidation of multiple validators, however the drop in Beacon chain balance seen above indicates that there is a net outflow of staked ETH in the network.

The majority of recent exits are still voluntary (Exited Unslashed), with minimal evidence of slashing events, pointing to a stable and healthy validator environment (Exited Slashed, Active Slashed).

Meanwhile, inflows have remained limited but steady (Pending Queued, Pending Initialized).

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Beacon Chain Validator States

Uniswap V3

Uniswap V3 Hourly Volumes  - Arbitrum

Uniswap V3 Hourly Transaction Count  - Arbitrum

Liquidations

Aggregate Liquidations across Aave & Compound - As BTC hit a new all time high of $111,970 on May 22, 2025, bearish positions were wiped out leading to a surge in liquidations. Liquidations have continued since but remain minimal in comparison.