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
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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.
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Ripple (XRP) - The Fundamentals
Ripple’s native coin XRP, has resurged from relative obscurity to become the third-largest cryptocurrency by market capitalization, overtaking prominent contenders like Solana. This report delves into Ripple’s utility, distinguishing between Ripple’s native coin XRP, Ripple’s global payment system RippleNet, and the blockchain they are both built on, the XRP Ledger (XRPL). We also deep dive on the mechanics of the XRP Ledger and the additional utility it provides for businesses. With its ability to challenge traditional payment systems like SWIFT, Ripple is once again positioned as a pivotal player in the financial technology space.
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Crypto Markets Daily Jan 24 2025
President Trump makes good on his promise to make the U.S. the 'crypto capital of the world' with the announcement of two major crypto policies. Spot price is whipsawing, and derivatives sentiment for options is still skewed towards calls for short and long-tenors. The jury is still out on whether a Strategic Reserve means piling up on bitcoins only, or will include altcoins too, in the chance one will be created at all.