DeFi Analytics 31st January 2025

Chain Fee Generation

Daily Fees Generated across Ethereum & Solana - Fee generation dies down from the Jan 19th high, when Trump’s inauguration caused a pick-up in trading activity. However, one thing has stuck -- Solana’s notable outperformance in fee generation compared to Ethereum’s. Whereas Ethereum’s numbers have returned to early January numbers, under $5M daily, Solana’s networks utilisation continues to remain elevated, translating to a fee generation of $5-$10M daily. Solana continues to cement its year-to-date dominance with this notable divergence in fee generation.

Daily Fees Generated across Ethereum & Solana

Ethereum Gas Market

ETH Gas Fees - Following an overall uneventful week in Ethereum’s spot market, network demand remains muted, with average gas fees burned per block consistently under 0.5 ETH. Similarly, the cost to transfer ETH (21,000 Gas) remained under $2.

Hourly Average Gas Fees Burnt per Block

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

ETH Blob Gas - Blob gas usage remains unchanged, fluctuating around the 400k mark. Hourly average excess blob gas per Ethereum block also remains steady as Ethereum’s Layer 2s show consistent and stable demand for blob gas, which translates to on-chain 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, saw a spike in volumes, over $300M on Jan 27th. A new January high was also set for transaction count, peaking over 6500 transactions. This corresponds with BTC’s drop under $100k and also the roll out of new upgrade - Uniswap V4.

Uniswap V3 Hourly Transaction Count  - Arbitrum

Liquidations

Aggregate Liquidations across Aave & Compound - Minimal liquidations this week despite BTC’s fall under $100k on Jan 27th. ETH followed an overall uneventful week in the spot market making no notable moves.