Ahmad Mustafa Kida
Data Analyst
Last Updated:
March 28, 2024
•
4 mins
DeFi Analytics 27th 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
- 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
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
Uniswap V3
Uniswap V3 Hourly Volumes
Uniswap V3 Hourly Transaction Count
Liquidations
Aggregate Liquidations across Aave & Compound
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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.
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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.
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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).