DeFi Analytics 24th January 2025

Chain Fee Generation

Daily Fees Generated across Ethereum & Solana - Fee generation across blockchains can provide an insight into user activity, network utilisation and potential staking rewards. As trading picked up over the inauguration week, so did fee generation across both chains. Solana majorly outperformed, especially given the Trump’s official token launches on the network- $TRUMP and $MELANIA. On Jan 19, the generated fees totalled to approximately $31M in one day, just shy of double Ethereum’s $16M. Solana’s outperformance this new year has been notable with a consistent fee generation of between $2-6M, maintaining a consistent lead over Ethereum. Ethereum has historically dominated as seen in December, where daily fees peaked at over $10M.

Daily Fees Generated across Ethereum & Solana

Ethereum Gas Market

ETH Gas Fees - Ethereum’s network demand spiked once again, with average gas fees burned per block peaking at over 2.5 ETH as trading activity boomed on Jan 19, alongside Trump’s inauguration week. The cost to transfer ETH (21,000 Gas) similarly spiked above $12.

Hourly Average Gas Fees Burnt per Block

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

ETH Blob Gas - Blob gas usage has remained steady, fluctuating around 400k. However, hourly average excess blob gas per Ethereum block saw a surprising dip on Jan 19. This reflects the reduced blob gas demand, a possible reflection of the trading frenzy surrounding the political event not directly translating to Ethereum’s Layer 2s.

‍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 once again reflects a similar picture, increased trading on Jan 19, with hourly volume peaking above $600M. Interestingly, transaction count remained stable.

Uniswap V3 Hourly Transaction Count  - Arbitrum

Liquidations

Aggregate Liquidations across Aave & Compound - Liquidations remained modest this week following a surge in liquidations the week before, Jan 13. This is when BTC fell to a January low of $90k and during this time, $2.5M worth of  prematurely bullish positionings were wiped out.