Ahmad Mustafa Kida
Data Analyst
Last Updated:
March 21, 2024
•
4 mins
DeFi Analytics 20th Mar 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
- 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
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
Uniswap V3
Uniswap V3 Hourly Volumes
Uniswap V3 Hourly Transaction Count
Liquidations
Aggregate Liquidations across Aave & Compound
Free
PREMIUM
Institutional
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.
.jpg)
Free
PREMIUM
Institutional
H1 2026 In Review
The first half of 2026 was characterized by cross-asset volatility from cryptocurrencies to US equities and precious metals. Of the three asset classes however, crypto prices have fared the worst, with BTC down 50% from its October 2025 all-time high and ETH down more than 66% from its respective August 2025 high. Each successive leg lower in crypto-asset prices through the year was driven by a different factor — some were idiosyncratic to digital assets, and others a consequence of a deteriorating macro backdrop.
.jpg)
Free
PREMIUM
Institutional
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).