DeFi Analytics 6th Mar 24

Beacon Chain

Cumulative Beacon Chain Deposits

Beacon Chain Deposits and Withdrawals

Ethereum Gas Market

Ethereum Gas fees burnt from the total supply

• Gas utilisation and therefore gas burnt, has continued to increase amidst the crypto spot price rally
• They are both at the highest levels we have seen since early February
• The effects of the upcoming Dencun upgrade may be substantial enough to see a drop in the fees on a block to block basis

Average cost to transfer ETH (21,000 Gas)

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Borrowing and Lending

Liquidity-weighted average lending yields across Aave & Compound

• Stablecoin continues to offer more and more lucrative lending yields amidst the crypto spot price rally
• This potentially signals a diminishing demand amongst crypto investors  to hold stablecoins

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Total Stablecoin value locked in Aave and Compound

USDC TVL

USDT TVL

DAI TVL

TUSD TVL

WBTC TVL

WETH TVL

Uniswap V3

Uniswap V3 Hourly Volumes

• Not surprisingly, trading activity has also seen an uptrend during the recent spot price rally
• The rise in Uniswap trade volumes coincides with increased Ethereum base fees, suggesting much demand for blockspace for trading spot crypto assets

Uniswap V3 Hourly Transaction Count

Liquidations

Aggregate Liquidations across Aave & Compound

• This week also sees a rather substantial amount of liquidations happen again on Compound, as over $4M worth of ETH collateralising a DAI loan was liquidated
• The executor of this transaction ultimately resulted in a loss, having to send more ETH to the builder to include their transaction on-chain, than they made in profits