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
Capital Efficiency, Correlation Risk and Multi-Asset Trading on Bitget’s Cross-Asset Unified Account
Bitget’s Cross-Asset Unified Account (UTA) allows 370+ eligible assets, including 125 tokenised US stocks, to act as margin rather than sit idle. We model a representative $1M multi-asset portfolio of tokenised equities and crypto perpetual swaps and find it requires ~$165K less USDT margin, roughly half the capital otherwise required. But the efficiency depends on the type of collateral, not just how much of it there is: collateral that moves in line with the positions it backs brings the liquidation point six percentage points closer than holding USDT. We also map liquidation risk by collateral volatility and correlation, and explore the UTA’s use cases beyond margining.
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.
Free
PREMIUM
Institutional
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.