DeFi Analytics 27th Mar 24

Beacon Chain

Cumulative Beacon Chain Deposits

Beacon Chain Deposits and Withdrawals

Ethereum Gas Market

Ethereum Gas fees burnt from the total supply

• Block utilisation on Ethereum continues to see a significant decline as the Ethereum network continues to get cheaper and cheaper to use
• On-chain transaction costs have now halved since the start of the month.

Average cost to transfer ETH (21,000 Gas)

Ethereum Blob Gas Used

• The 27th of March saw a stark increase in the usage of the Blobs on the Ethereum network
• Ethereum users have found a new use case for blob space: BlobScriptions, an Extension of Ethscriptions, a protocol that can be used to mint cheaper NFT by storing them in a transactions calldata.
• This new usage causes blob base fees to spike from 1 gwei (1e-9 ETH) to 500 gwei

Excess Blob Gas

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Borrowing and Lending

Liquidity-weighted average lending yields across Aave & Compound

• The decrease in volatility of Stablecoin Lending yields that was commented on last week has persisted
• Since last week, Stablecoin lending yields have traded rangebound between 5% and 15%

Total Stablecoin value locked in Aave and Compound

USDC TVL

USDT TVL

DAI TVL

TUSD TVL

WBTC TVL

WETH TVL

• Except for USDC which saw a decline in borrows across Aave and Compound,  stablecoin TVLs remained largely the same in the last 2 weeks
• As crypto spot prices reverse the pullback seen in the last 2 weeks, The TVLs of WBTC and WETH have increased since declining alongside the pullback

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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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