DeFi Analytics 28th Feb 24

Beacon Chain

Cumulative Beacon Chain Deposits

Beacon Chain Deposits and Withdrawals - has seen a consistent flow of deposits as the Beacon Chain Balance approaches 30M

Ethereum Gas Market

Ethereum Gas fees burnt from the total supply

• The crypto price rally over the last week has been accompanied by a rise in gas fees on the Ethereum network
• This necessarily implies heightened demand for blockspace on the network -- signaling more activity from users on the network

Average cost to transfer ETH (21,000 Gas)

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Borrowing and Lending

Liquidity-weighted average lending yields across Aave & Compound

• Stablecoin yields continue to trade sideways from last week trading with high volatility between 4% and 12%
• Despite DAI trading largely on par with its Dollar-backed counterparts last week, it has, over the last few days, started to underperform

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Total Stablecoin value locked in Aave and Compound

USDC TVL

USDT TVL

DAI TVL

TUSD TVL

WBTC TVL

WETH

Uniswap V3

Uniswap V3 Hourly Volumes

Uniswap V3 Hourly Transaction Count

Liquidations

Aggregate Liquidations across Aave & Compound

• On the 23rd of February we saw over $4M in liquidations on Compound, most of which was a single liquidation of $1.3M of UNI tokens (Uniswap’s governance token), that had collateralised a USDC loan
• This was a result of a significant rally of the UNI token which saw a 80% rally in just over an hour following a governance proposal from the Uniswap Foundation to update the current governance mechanism
• The upgrade aims to incentivise UNI token-holders to participate in governance by staking and delegating their tokens to other members of the community who actively vote in governance proposals
• The official date for the vote is on the 7th of March with the results of the vote being posted on the 8th of March