Ahmad Mustafa Kida
Data Analyst
Last Updated:
November 4, 2026
•
3 mins
DeFi Analytics 6th 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
- 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)
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
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
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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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Block Scholes x Bybit Crypto Derivatives 12th July
Futures: Future-implied yields have recovered from their spike lower, but continue their downward trend over the month. Perps: Despite the recent bearish price action, we don’t see a widespread or persistently negative funding rate in perpetual swap markets except for TON. Open Interest in majors has fallen during the period of spot market volatility as traders close out positions Options: ETH volatility trades at a 10–15 point premium to BTC’s at all tenor points on the term structure, has recovered its volatility smile skew toward OTM calls much faster than BTC, and has seen incredible trade volumes in calls that far outweigh the activity in its puts. ETH derivatives markets continue to reflect different positioning when compared to BTC, which may be linked to hopes and expectations of the imminent launch of its first Spot ETFs in the U.S. However, ETH’s volatility premium above BTC is not a new phenomenon, and is also reflected in the increased realized volatility with which it has moved for much of the past month.
