DeFi Analytics 20th Mar 24

Beacon Chain

Cumulative Beacon Chain Deposits

Beacon Chain Deposits and Withdrawals

Ethereum Gas Market

Ethereum Gas fees burnt from the total supply

• The crypto spot price pullback markets observed last week resulted in a dampening in onchain activity
• This has sent on-chain transaction fees  to their lowest levels since late February

Average cost to transfer ETH (21,000 Gas)

Ethereum Blob Gas Used

• Since the launch of the Dencun upgrade on the 13th of March, blob gas usage has since stabilised, as L2 protocols move their data-storing transactions from the main blocks to the newly added Blobspace
• Despite the occasional uptick in the excess blob gas used, the blob base fee remains at the lowest fee possible, currently sitting at 1 gwei per gas

Excess Blob Gas

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Borrowing and Lending

Liquidity-weighted average lending yields across Aave & Compound

• Stablecoin Yields have started to diminish, now consistently offering yields of less than 20% and also trades with less volatility over the last week than was previously seen over the last month
• This occurs at the same time as the crypto spot pullback, which saw the total stablecoin TVL decrease since late last week

Total Stablecoin value locked in Aave and Compound

USDC TVL

USDT TVL

DAI TVL

TUSD TVL

WBTC TVL

WETH TVL

• Stablecoins were not the only token that experienced a decline in TVL in lending and borrowing, with WBTC and WETH seeing close to 40% declines in TVL
• Most of this decline can be attributed to lending opting out of liquidity provision, potentially looking for other more lucrative source of yields

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Uniswap V3

Uniswap V3 Hourly Volumes

Uniswap V3 Hourly Transaction Count

Liquidations

Aggregate Liquidations across Aave & Compound

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