DeFi Analytics 28th March 2025

Ethereum’s Pectra Upgrade

Ethereum’s Pectra Upgrade - Looking ahead, the upcoming Ethereum upgrade Pectra, is poised to have a meaningful impact on DeFi activity and network dynamics. With Ethereum Improvement Proposals (EIPs) which seek 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.

Chain Fee Generation

Daily Fees Generated across Ethereum & Solana - Solana continues to outperform Ethereum in daily fee generation, peaking at approximately $1.3M and $570K respectively, more than double the value for Solana.

While the week began with lower figures, the latter half showed stronger, more consistent performance, further highlighting Solana’s lead.

Daily Fees Generated across Ethereum & Solana

Ethereum Gas Market

ETH Gas Fees - Ethereum gas fees held steady this week, mirroring last week’s trend. Hourly average gas burned per block remained minimal throughout, with no notable spikes in network demand. Likewise, the cost to transfer ETH using the standard 21,000 gas limit stayed consistently low.

Hourly Average Gas Fees Burnt per Block

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

ETH Blob Gas - Blob gas usage continues to hover around the 400k mark, though this week saw more time spent below that threshold. At the same time, the hourly average excess blob gas per block shows slightly longer periods of drawdowns, signalling easing pressure from Layer 2 networks. This particular metric is expected to shift with Ethereum’s upcoming Pectra upgrade, which will expand the available blob space per block.

‍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 trading volumes declined further this week, consistently staying below the $100 million mark amid subdued market activity. The dip in demand is also evident in transaction counts, which ranged between 2,000 and 6,000 per hour.

Uniswap V3 Hourly Transaction Count  - Arbitrum

Liquidations

Aggregate Liquidations across Aave & Compound - Liquidations remained negligible this week, as the crypto spot market traded sideways with no significant price movements.