Ahmad Mustafa Kida
Data Analyst
Last Updated:
March 7, 2024
•
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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Institutional
BTC breaches $82K while derivatives flag mixed signals
After a double-digit rally in April, BTC has continued its ascent, even briefly trading past $82K — its highest level since end-January. As such, Block Scholes’ Risk Appetite Indices for both BTC and ETH have surged past a value of 1 and into a region that has typically marked further bullish price momentum. Since 2021, BTC has rallied by more than 12% on a monthly basis on 17 occasions, 9 of which were followed by a second month of higher spot prices. However, despite a backdrop of easing geopolitical tensions and a major crypto bill in the "red zone", derivatives markets are sending mixed signals.
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Institutional
Institutional Demand Underpins BTC’s Best Month Since April 2025
Strong institutional demand has helped underpin a close to 12% rally in BTC’s spot price month-to-date, while derivative markets continue to fade the rally. Spot Bitcoin ETFs saw their longest consecutive inflow streak since the 10/10 liquidation event, vacuuming more than $2.1B worth of bitcoins. Meanwhile, Strategy and BitMine have continued to showcase their insatiable appetite for bitcoin and ether, respectively: Strategy made its largest purchase since November 2024 earlier this month; BitMine recently purchased over 100,000 Ether. April is also on track to break 5 straight months of Spot Ethereum ETF outflows.
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Institutional
Major Cryptos Focused on US-Iran Peace Talks; Shrug Off Biggest DeFi Hack of 2026
As the two-week ceasefire agreement with Iran was on the cusp of expiring, President Trump announced an indefinite extension, marking yet another reversal from his comments on Monday that an additional extension would be “highly unlikely”. Risk-appetite rose following the announcement with BTC trading up past $78K, its highest since the onset of the war, though it fell short at the $78.5K resistance wall. Our in-house Risk Appetite Metric has continued to tick higher too, and now moves at a year-to-date high for both BTC and ETH. Block Scholes’ Risk-Appetite Indexes for both major assets have once more crossed over the -0.5 threshold from below; a crossing that has typically marked a transition into a more bullish market regime.