Ahmad Mustafa Kida
Data Analyst
Last Updated:
May 8, 2024
•
4 mins
DeFi Analytics 8th May 24
This week's edition of our DeFi Analytics report.
Beacon Chain
Cumulative Beacon Chain Deposits
Beacon Chain Deposits and Withdrawals
- Deposits and withdrawals continue to cancel one another, with the beacon chain balance seeing little to no change
Ethereum Gas Market
Hourly Average Gas Fees Burnt per Block
- Crypto spot prices capitulated on the 1st of May, with BTC briefly trading below $57k and ETH trading below $2.9k
- The spike in transaction fees during that period was significant relative to transaction fees close to that period, though not significantly different from value seen early last moth
Hourly Average Cost to Transfer ETH (21,000 Gas)
Hourly Average Blob Gas Usage per Ethereum Block
- Ethereum’s blob market remained unaffected by this downturn in spot price with the average blob gas utilisation per block remaining at 200k units - the same levels seen since early last month
Hourly Average Excess Blob Gas per Ethereum Block
Borrowing and Lending
Total Stablecoin value locked in Aave and Compound
USDC TVL
USDT TVL
DAI TVL
TUSD TVL
WBTC TVL
WETH TVL
- The recent decline in the TVLs of headline assets BTC and ETH mentioned last week was observed to have bottomed around the same time their spot prices capitulated on the 1st of May
- Their TVLs have since recovered, with WBTC recovering more so that WETH did
- USDTs TVL also slid, going into the spot price capitulation, but still trades at the same levels as it did during the capitulation
Uniswap V3
Uniswap V3 Hourly Volumes
Uniswap V3 Hourly Transaction Count
Liquidations
Aggregate Liquidations across Aave & Compound
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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).
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Crypto’s Summer Lull: Volatility Drops Towards Lows Again
Realized volatility has fallen sharply following the announcement of an interim peace agreement between the US and Iran, reversing much of the volatility spike that accompanied BTC's brief drop below $60K earlier this month. As such, realized volatility is returning to the subdued levels that have characterized the May-to-August summer period since 2023. Options markets are increasingly pricing for those calmer conditions to persist. Short-dated BTC at-the-money implied volatility has fallen to 33%, only marginally below longer-dated tenors at 37%, leaving volatility expectations close to their year-to-date lows across the term structure.
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Zcash suffers a Zc(r)ash
Late last week, BTC fell below $60K for the first time since October 2024 as a combination of ETF outflows, renewed geopolitical uncertainty and concerns around the digital asset treasury model weighed on risk sentiment. The selloff triggered a sharp deterioration in derivatives market positioning, with traders paying a significant premium for downside protection.
While options markets initially priced in a substantial increase in expected volatility, that premium has since faded, suggesting traders expect a slightly calmer market environment ahead.