Ahmad Mustafa Kida
Data Analyst
Last Updated:
November 4, 2026
•
4 mins
DeFi Analytics 17th 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 - 5h bars
- The downtrend in transaction fees and block utilisation was briefly and aggressively interrupted amidst the crypto spot pullback that occurred from the 11th to the 13th of April
- Transaction fees spiked to over 20 dollars (for an ETH transfer) with blockspace mainly being used to capitalise on MEV opportunities that arose such as Arbitrages and Liquidations
Average cost to transfer ETH (21,000 Gas)
Ethereum Blob Gas Used - 5h bars
- Blobs on the Ethereum network were not exempt from the congestion during the spot pullback
- During this time, blob utilisation spiked for similar reasons as they did from the 27th of March to the 5th of April
- BlobScriptions once again saw a comeback during this period as demand for mining new Inscriptions picked up
Excess Blob Gas - 5h bars
Borrowing and Lending
Liquidity-weighted average lending yields across Aave & Compound
- Interestingly, the effect of the spot pullback was not felt in the lending and borrowing markets of stablecoins
- DAI, an algorithmic stablecoin saw the most volatility on the 14th of April, seeing its lending yields fro from over 15% to less than 10%
Total Stablecoin value locked in Aave and Compound
USDC TVL
USDT TVL
DAI TVL
TUSD TVL
WBTC TVL
WETH TVL
- It was however the markets of WBTC and WETH that experienced the most significant decline in TVL during this period
- The TVLs of WBTC and WETH fell by more than $200M, with depositors withdrawing their collateral, and some borrowers being liquidated out of their positions
Uniswap V3
Uniswap V3 Hourly Volumes
- Unsurprisingly, Uniswap saw a spike in transaction volumes on the 13th reaching an hourly peak that was nearly 3 times the peak seen in the weeks beforehand
Uniswap V3 Hourly Transaction Count
Liquidations
Aggregate Liquidations across Aave & Compound
- Aave saw a significant wave of liquidations occur during the spot pullback as loans became under-collateralized and open for liquidators to liquidate
- Here are some notable WBTC liquidations that happened during the week
- Despite the magnitude of the liquidated amounts, the liquidators had to forward most of the revenue to the block builder to have their transactions included in the blocks before other liquidators, drastically reducing their profits
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Premia x Block Scholes: Introducing Kyan
Premia, a decentralized derivatives exchange, first launched in 2021 on the Ethereum mainnet with the goal to “bring options trading onchain”. In this report we will cover the design choices across the entire protocol and evaluate whether those choices achieve two overarching goals of Kyan.
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The Renaissance of Onchain Options
Options onchain have taken various forms over time, representing an underrepresented niche within crypto primitives. Nonetheless, this is changing, with a new wave of protocols that improve on their predecessors, abstracting the complexity of options and emphasising their value proposition rather than primarily on user education, and meeting real demand as onchain yields compress.In this report, we cover and compare different venues that offer exposure to crypto asset options, compare thecam with traditional platforms, and highlight how Prediction Markets essentially replicate traditional binary options.With this, we also expand the research to map the volatility of the major assets, BTC and ETH, and their correlation with prediction market odds.
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Block Scholes x Bybit Crypto Derivatives 12th July
Futures: Future-implied yields have recovered from their spike lower, but continue their downward trend over the month. Perps: Despite the recent bearish price action, we don’t see a widespread or persistently negative funding rate in perpetual swap markets except for TON. Open Interest in majors has fallen during the period of spot market volatility as traders close out positions Options: ETH volatility trades at a 10–15 point premium to BTC’s at all tenor points on the term structure, has recovered its volatility smile skew toward OTM calls much faster than BTC, and has seen incredible trade volumes in calls that far outweigh the activity in its puts. ETH derivatives markets continue to reflect different positioning when compared to BTC, which may be linked to hopes and expectations of the imminent launch of its first Spot ETFs in the U.S. However, ETH’s volatility premium above BTC is not a new phenomenon, and is also reflected in the increased realized volatility with which it has moved for much of the past month.