Tazmina Rashid
Research Analyst
Last Updated:
November 30, 2024
•
2 mins
DeFi Analytics - Nov 30, 2024
Blob gas usage is still incredibly strong as Layer 2 activity remains high. The spot price volatility may also have seen some stakers unlock their tokens and take profits, as we observe a drop in the amount of ETH staked on the Beacon Chain.
Beacon Chain
Cumulative Beacon Chain Deposits
Beacon Chain Deposits and Withdrawals
Ethereum Gas Market
ETH Gas Fees - The hourly average gas fees burnt per a block has stabilised this week averaging around 0.3ETH, this corresponds to a cost of approximately $1.5.
Hourly Average Cost to Transfer ETH (21,000 Gas)
Ethereum Blob Gas Market
ETH Blob Gas - Average blob gas usage continues to fluctuate around 400k and excess blob gas spikes once again surpassing the 80M mark. With the increased prices associated with elevated blob activity, a new question is posed of will new Layer 2 developers choose to build on potentially cheaper chains?
Hourly Average Blob Gas Usage per Ethereum Block
Hourly Average Excess Blob Gas per Ethereum Block
Uniswap V3
Uniswap V3 Hourly Volumes - Arbitrum
Uniswap V3 Hourly Transaction Count - Arbitrum
Liquidations
Aggregate Liquidations across Aave & Compound
.jpg)
Free
PREMIUM
Institutional
Introducing Rho Protocol
Rho Protocol is the first crypto-native rate derivatives exchange. Rho rates futures are financial derivatives which allow users to trade fixed-to-floating rate swaps on BTC and ETH perpetual futures funding rates and on ETH staking rates. In this report, we uncover how exactly Rho Protocol works.
.jpg)
Free
PREMIUM
Institutional
What A Week!
We’ve previously spoken about idiosyncratic factors in Bitcoin’s favour that could break its correlation to equities – the post-halving halving impact on supply, the ETF effect on demand, and a positive regulatory environment.
But wow, what a week – Bybit’s exchange hack, record outflows in the Spot Bitcoin ETFs, and the 90% plus drops in a multitude of Solana memecoins launched by high-ranking officials across different nations would have been enough to damage bullish sentiment without risk-on sentiment tanking across all assets.
Free
PREMIUM
Institutional
Breaking Bitcoin’s Correlation With Macro
Historically BTC's returns have been driven by three main drivers. One of these drivers, mainly the macroeconomic backdrop is posing strong headwinds for risk-on assets. With BTC's strong correlation to US equities, one would expect it too could suffer from the more hawkish macro environment. In this report we delve into the remaining two drivers that are supporting Bitcoin and pose an argument that it could potentially detach from its macro correlation with US equities in the long-term as a result of these unique, idiosyncratic factors.