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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BTC breaches $82K while derivatives flag mixed signals
After a double-digit rally in April, BTC has continued its ascent, even briefly trading past $82K — its highest level since end-January. As such, Block Scholes’ Risk Appetite Indices for both BTC and ETH have surged past a value of 1 and into a region that has typically marked further bullish price momentum. Since 2021, BTC has rallied by more than 12% on a monthly basis on 17 occasions, 9 of which were followed by a second month of higher spot prices. However, despite a backdrop of easing geopolitical tensions and a major crypto bill in the "red zone", derivatives markets are sending mixed signals.
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Institutional Demand Underpins BTC’s Best Month Since April 2025
Strong institutional demand has helped underpin a close to 12% rally in BTC’s spot price month-to-date, while derivative markets continue to fade the rally. Spot Bitcoin ETFs saw their longest consecutive inflow streak since the 10/10 liquidation event, vacuuming more than $2.1B worth of bitcoins. Meanwhile, Strategy and BitMine have continued to showcase their insatiable appetite for bitcoin and ether, respectively: Strategy made its largest purchase since November 2024 earlier this month; BitMine recently purchased over 100,000 Ether. April is also on track to break 5 straight months of Spot Ethereum ETF outflows.
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Major Cryptos Focused on US-Iran Peace Talks; Shrug Off Biggest DeFi Hack of 2026
As the two-week ceasefire agreement with Iran was on the cusp of expiring, President Trump announced an indefinite extension, marking yet another reversal from his comments on Monday that an additional extension would be “highly unlikely”. Risk-appetite rose following the announcement with BTC trading up past $78K, its highest since the onset of the war, though it fell short at the $78.5K resistance wall. Our in-house Risk Appetite Metric has continued to tick higher too, and now moves at a year-to-date high for both BTC and ETH. Block Scholes’ Risk-Appetite Indexes for both major assets have once more crossed over the -0.5 threshold from below; a crossing that has typically marked a transition into a more bullish market regime.