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Last Updated:  
March 14, 2025
4 mins

DeFi Analytics 14th March 2025

This week's edition of our Crypto DeFi Analytics. Ethereum and Solana's daily fee generation are now more comparable, and overall down from last week. Aave liquidations surged on March 11, as ETH spot hit a new 2025 low.

Chain Fee Generation

Daily Fees Generated across Ethereum & Solana - As noted last week, daily fee generation between Ethereum and Solana has become more comparable especially when compared to figures seen in mid February.

Solana’s fee generation has remained consistent, fluctuating around the $1M mark, whereas Ethereum has shown more variation ranging between $600k and $1.6M. Overall, these figures are slightly lower than last week.

Daily Fees Generated across Ethereum & Solana

Ethereum Gas Market

ETH Gas Fees - Nearly identical to last week, hourly average gas fees burned per block remains minimal with a spike of 0.5ETH on March 11. This corresponds to ETH’s spot price reaching new 2025 lows. Demand for block space is unchanged. Similarly, the cost to transfer ETH (21,000 Gas) remained below $2.

Hourly Average Gas Fees Burnt per Block

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

ETH Blob Gas - Blob gas usage remains continues to fluctuate around 400k as blob gas demand from Layer-2's for Ethereum data uploads remains unchanged. The next Ethereum update Pectra, will expand the available blob space per block. Hourly average excess blob gas per Ethereum block showed a similar picture of elevated levels.

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 - Arbitrum's hourly volume spiked to approximately $330M on March 11th, but remains comparable to the rest of March with a mixture of surges and drawdowns in demand. This activity translates to a rangebound hourly transaction count, approximately between 4-10k.

Uniswap V3 Hourly Transaction Count  - Arbitrum

Liquidations

Aggregate Liquidations across Aave & Compound - Liquidations are increasing in frequency with liquidations noticeably reaching Aave users.  Aave users account for nearly half of the liquidation amount this week with a more prominent spike on March 11th low this week corresponding to a new 2025 low in ETH spot.

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