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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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).