DeFi Analytics 11th April 2025

Chain Fee Generation

Daily Fees Generated across Ethereum & Solana - Ethereum's daily fee generation significantly outperformed this week. On April 7th, fees spiked to nearly $2.2 million, a sharp increase compared to the $360,000 recorded just two days earlier on April 5th. On the same day, April 7th, Solana generated $960,000 in fees. This puts Ethereum’s fee generation at more than double Solana’s, a scale of difference not seen in over a month.

Solana’s fee generation this week remained stable and consistent with previous weeks, ranging between $700,000 and $1.3 million.

Daily Fees Generated across Ethereum & Solana

Ethereum Gas Market

ETH Gas Fees - Hourly average gas fees burned per block also experienced a notable spike, particularly on April 7th, peaking at over 0.7 ETH after nearly a month of negligible activity. Although, 0.7 ETH may be considered modest compared to previous months when demand was higher. Similarly, the cost to transfer ETH (21,000 Gas) spiked to over $1.40.

Hourly Average Gas Fees Burnt per Block

Hourly Average Cost to Transfer ETH (21,000 Gas)

ETH Blob Gas - Hourly average Blob gas usage saw both its lowest and highest figures this month, dipping to 300K on April 6th and peaking at over 450K. This translates to a slight overall increase in average Blob gas usage for the week, hovering around the 400K mark. The hourly average of excess Blob gas per block has increased compared to last week, with more time spent in an elevated state.

‍Hourly Average Blob Gas Usage per Ethereum Block

Hourly Average Excess Blob Gas per Ethereum Block

Beacon Chain Balance

Beacon Chain - Beacon chain balance continued to increase throughout the end of March from its mid-February low. This increase in demand for staking came as ETH spot price has fallen around 40% since that date, now trading below $1.5K.

Beacon Chain Summary

Beacon Chain Timeseries

Beacon Chain - Over the past three days, there has been a noticeable decrease in the number of new validators looking to stake on the Beacon Chain, especially when compared to the activity seen in late March, as indicated by the reduction in the pending queue. At the same time, more validators have either exited or signalled their intent to exit. This is evident from the increase in the Exited Unslashed count, which refers to validators who are no longer active but have not yet withdrawn, as they were recently in the Active Exiting state. Additionally, the rise in Active Exiting validators, those who have signalled their intention to exit but are still currently validating, further supports this trend.

Beacon Chain Validator States

Uniswap V3

Uniswap V3 Hourly Volumes  - Arbitrum

Uniswap V3 - Arbitrum’s hourly volumes spiked to around $230 million this week, a figure comparable to peaks seen in the past. This translated to an increase in hourly transaction counts, which recovered from last week’s lows and now ranges between 4,000 and 9,000.

Uniswap V3 Hourly Transaction Count  - Arbitrum

Liquidations

Aggregate Liquidations across Aave & Compound - Liquidations surged on Monday, April 7th, across both Aave and Compound as the crypto market faced a sharp downturn. Bitcoin plunged from $83,000 to below $76,000 in response to shifting macro conditions. Notably, Compound were also notably liquidated on April 6th and accounted for a higher total liquidation volume.

Ethereum’s Pectra Upgrade

Ethereum’s Pectra Upgrade - Ethereum’s upcoming Pectra upgrade is poised to have a meaningful impact on DeFi activity and network dynamics. With Ethereum Improvement Proposals (EIPs) that aim to enhance network scalability, staking efficiency, and user experience, the upgrade introduces structural changes that could shift key DeFi metrics in the weeks after implementation.

For a deeper dive into the technical improvements and broader market implications of Pectra, including insights on validator changes and blob space adjustments, read our full Ethereum upgrade report here.