Andrew Melville
Research Analyst
Last Updated:
October 3, 2025
•
5 Minutes
DeFi Analytics 3rd October 2025
This week's edition of our Crypto DeFi Analytics.
Chain Fee Generation
Daily Fee Generation – This week saw a rally across crypto tokens, with Ethereum up 13.5% over the past week and Solana up 19%. This has translate into a slight increase in daily fees generated across the below chains. Ethereum saw a notable spike on Monday, with fee generation nearly reaching $3M, the highest level over the past month.
Daily Fees Generated across Ethereum, Solana, Tron & Sui
Ethereum Gas Market
Hourly Average Gas Fees Burnt per Block
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Hourly Average Cost to Transfer ETH (21,000 Gas)
Blob Gas Usage - Usage continues to edge up, albeit with fluctuations. In early September, average blob gas usage fluctuated around 550k, while current figures are trending around 650k, reflecting the increase in Ethereum L2 data roll-ups.
Hourly Average Blob Gas Usage per Ethereum Block
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Hourly Average Excess Blob Gas per Ethereum Block
Beacon Chain Balance
Beacon Chain - ETH staked on the Beacon Chain continues to remained steady between 36M to 36.2M since July 2025.
Beacon Chain Summary
Beacon Chain Balance
Beacon Chain Validator States - Active exiting validators continue to dominate validator state activity following their spike on 10 September. However, they have since started to decrease, alongside a slight decline in withdrawals possible.
Beacon Chain Validator States
Uniswap V3
Uniswap V3 Hourly Volumes - Arbitrum
Uniswap V3 Hourly Transaction Count - Arbitrum
Liquidations
Liquidations - As BTC spot price rallied this week, alongside a broader crypto rally, liquidations remained minimal. This opposes the higher liquidation levels as BTC spot dropped just weeks before, suggesting that the level of outstanding short positioning was limited, or that the pace of the rally was insufficient to trigger significant liquidations.
Aggregate Liquidations across Aave & Compound
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DeFi Analytics 3rd October 2025
This week's edition of our Crypto DeFi Analytics.
Free
PREMIUM
Institutional
Short-tenor BTC Options Skew Towards Calls
Following a breakout past $120K, short-tenor BTC options which had shown a persistent skew towards put options in September now express a higher relative demand for calls over puts. That bullish positioning has yet to extend out to longer-dated options however, suggesting the newfound optimism isn’t spreading out to all of Q4 just yet. ETH options markets on the other hand continue to lean bearish, despite a bigger move in spot price and a week of strong Spot ETF inflows. Wall St financial markets operated in the dark amidst a data blackout given the US federal government shutdown, while President Trump's administration is weighing up a major slash to federal jobs. CME Group has announced an upcoming roll out of crypto futures and options “available to trade 24 hours a day, seven days a week” in early 2026, subject to regulatory approval.
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‘Uptober’
BTC and ETH kicked off “Uptober” with strong gains, up ~4% and ~6% respectively, supported by three straight days of inflows into spot ETFs ($270M BTC, $55M ETH). Options markets show fading bearish skew, with BTC and ETH 7-day smiles nearly neutral. The move aligned with a broader risk-on rally, as the S&P 500 hit fresh highs despite a prolonged U.S. government shutdown. Weak ADP payroll data (-32K vs. +51K expected) pushed Treasury yields lower (2Y ~3.55%, 10Y ~4.10%) and gold to a record $3,898/oz. On the structural side, tokenization dominated headlines: Trump-linked WLF unveiled debit cards and commodity tokenization, Telegram will enable tokenized equities via Kraken, and Sui Group plus Avalanche Treasury announced major stablecoin and treasury deals.