DeFi Analytics 21st February 2025

Chain Fee Generation

Daily Fees Generated across Ethereum & Solana - Ethereum's fee generation shows a brief uptick on February 17th when ETH’s spot rallied, before returning to its previous range.

Meanwhile, fees generated on Solana have fluctuated slightly, but the network maintains a consistent lead over Ethereum in daily fee revenue. While both networks have experienced some volatility, Solana's fees have generally remained rangebound, reinforcing its dominance over Ethereum in transaction fee generation during this period.

Daily Fees Generated across Ethereum & Solana

Ethereum Gas Market

ETH Gas Fees - Hourly average gas fees burned per block remains negligible at approximately 0.1 ETH, except for Feb 17th, which shows a peak to approximately 1.4 ETH. Similarly, the cost to transfer ETH (21,000 Gas) has ranged at approximately $0.10 with a spike at $4.

Hourly Average Gas Fees Burnt per Block

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

ETH Blob Gas - Blob gas shows a very slight drawdown on Feb 16th. However, overall usage remains stable fluctuating around 400k. Excess blob gas per Ethereum block also suffered a drawdown on Feb 16th as Layer-2's show less competition for blob gas for Ethereum data uploads.

‍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 volumes on Ethereum based DEX, Uniswap V3 remain consistent ranging between 50-200M hourly. Similarly, hourly transaction remains rangebound, showing a slight increase in activity after Feb 17th.

Uniswap V3 Hourly Transaction Count  - Arbitrum

Liquidations

Aggregate Liquidations across Aave & Compound - Mass liquidations struck once again on Feb 17th impacting Compound users. This coincides with the ETH spot rally, when the token peaked at approximately $2800.