Ahmad Mustafa Kida
Data Analyst
Last Updated:
April 19, 2024
•
4 mins
DeFi Analytics 11th Apr 24
This week's edition of our DeFi Analytics report.
Beacon Chain
Cumulative Beacon Chain Deposits
Beacon Chain Deposits and Withdrawals
Ethereum Gas Market
Ethereum Gas fees burnt from the total supply
- Network activity Ethereuem layer 1 has remained subdued since the 14 of March
- The longer this trend persists, the more we can attribute this subdued activity to the Dencun upgrade which the largest Layer 2 protocols are fully utilizing
Average cost to transfer ETH (21,000 Gas)
Ethereum Blob Gas Used
- Blobspace utilisation on the Ethereum network has decreased significantly since last week
- This decrease can be explained by the reduced utilisation of blobs by the BlobScription protocol as demand for minting new BlobScriptions has now subsided
Excess Blob Gas
Borrowing and Lending
Liquidity-weighted average lending yields across Aave & Compound
- Lending markets continue to exhibit their weeks-long period of subdued activity
- Apart from the occasional spikes, yields offered by stablecoins continue to trade rangebound between 5% and 15% on an annualised basis
- Stablecoin TVL’s across both Aave and Compound have since little change in the last 2 weeks
Total Stablecoin value locked in Aave and Compound
USDC TVL
USDT TVL
DAI TVL
TUSD TVL
WBTC TVL
WETH TVL
Uniswap V3
Uniswap V3 Hourly Volumes
Uniswap V3 Hourly Transaction Count
Liquidations
Aggregate Liquidations across Aave & Compound
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From Aggregation to Execution: The Next Layer of Onchain Trading Infrastructure
This report evaluates Bitget Wallet's DEX aggregator and Enterprise API against three other leading aggregators (KyberSwap, 0x, and Jupiter) using thousands of live quote comparisons pulled simultaneously across trade sizes from under $1,000 to $100,000, on BTC, ETH, SOL, and stablecoin pairs. We assess execution quality across three dimensions: price competitiveness (which aggregator returns the best swap price), slippage control (how much that price degrades with trade size), and fill reliability (how often an executable quote is returned).
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Crypto’s Summer Lull: Volatility Drops Towards Lows Again
Realized volatility has fallen sharply following the announcement of an interim peace agreement between the US and Iran, reversing much of the volatility spike that accompanied BTC's brief drop below $60K earlier this month. As such, realized volatility is returning to the subdued levels that have characterized the May-to-August summer period since 2023. Options markets are increasingly pricing for those calmer conditions to persist. Short-dated BTC at-the-money implied volatility has fallen to 33%, only marginally below longer-dated tenors at 37%, leaving volatility expectations close to their year-to-date lows across the term structure.
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Zcash suffers a Zc(r)ash
Late last week, BTC fell below $60K for the first time since October 2024 as a combination of ETF outflows, renewed geopolitical uncertainty and concerns around the digital asset treasury model weighed on risk sentiment. The selloff triggered a sharp deterioration in derivatives market positioning, with traders paying a significant premium for downside protection.
While options markets initially priced in a substantial increase in expected volatility, that premium has since faded, suggesting traders expect a slightly calmer market environment ahead.