DeFi Analytics 21st March 2025

Chain Fee Generation

Daily Fees Generated across Ethereum & Solana - The trend has re-emerged of Solana’s daily fee generation outperforming Ethereum’s. Although the figures have become more comparable than seen previously, Solana continues to dominate with a more stable fee generation.

Ethereum’s daily fees have ranged between approximately $400K and $800K, while Solana’s have remained range-bound between roughly $800K and $1M

Daily Fees Generated across Ethereum & Solana

Ethereum Gas Market

ETH Gas Fees - Non-existent this week, hourly average gas fees burned per block remains minimal showing no noticeable spikes in demand. Similarly, the cost to transfer ETH (21,000 Gas) remains at a low.

Hourly Average Gas Fees Burnt per Block

Hourly Average Cost to Transfer ETH (21,000 Gas)

ETH Blob Gas - Blob gas usage continues to hover around the 400K mark, reflecting steady demand from Layer-2s for uploading data to Ethereum. The upcoming Ethereum upgrade, Pectra, is set to increase the amount of blob space available per block. Meanwhile, the hourly average of excess blob gas per block also indicates persistently high levels.

‍Hourly Average Blob Gas Usage per Ethereum Block

Hourly Average Excess Blob Gas per Ethereum Block

‍Uniswap V3

Uniswap V3 Hourly Volumes  - Arbitrum

Uniswap V3 - Following heightened activity at the end of last week, Arbitrum’s hourly volumes have declined this week as trading demand remains low. This is also reflected in the hourly transaction count, which has stayed relatively stable but shows a dip to around 4k.

Uniswap V3 Hourly Transaction Count  - Arbitrum

Liquidations

Aggregate Liquidations across Aave & Compound - Aave users experienced liquidations this week, corresponding with a slight uptick in the broader crypto market. However, the scale remains low, with liquidations totalling around $1M, negligible compared to the $13M recorded this time last month.