Ahmad Mustafa Kida
Data Analyst
Last Updated:
May 16, 2024
•
4 mins
DeFi Analytics 16th May 24
This week's edition of our DeFi Analytics report.
Beacon Chain
Cumulative Beacon Chain Deposits
Beacon Chain Deposits and Withdrawals
- Appears to have reached an equilibrium in the short to medium term
Ethereum Gas Market
Hourly Average Gas Fees Burnt per Block
- Transaction fees on the Ethereum network continue to trend downwards reaching historic lows
- Base fees burnt per block now trade at the lowest levels seen since the burn was introduced in the London Upgrade
Hourly Average Cost to Transfer ETH (21,000 Gas)
Hourly Average Blob Gas Usage per Ethereum Block
- Blob gas usage per block continues to remain consistent, with an average of 2 blobs being used per block out of the available 6
- This value is below the target of 3 wherein blob gas fees would increase, should any block contain blobs over this target.
Hourly Average Excess Blob Gas per Ethereum Block
Borrowing and Lending
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
- Early this week, Uniswap hourly volumes on Arbitrum capitulated to the lowest levels seen, since we started tracking this metric
- So too did the number of transactions, but in lesser proportions than the hourly volumes did
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.