DeFi Analytics 7th February 2025

Chain Fee Generation

Daily Fees Generated across Ethereum & Solana - Feb 3rd marks the first day since early January that Ethereum has generated more fees than Solana. A bittersweet moment as this coincides with the crash in ETH spot at over 25% in the same period  At nearly $13M, Ethereum’s single fee generation glory day is in stark contrast to the following days, at $1.8M, $1.2M and $1.3M respectively. Through this time, Solana maintained an overall consistent fee generation, unswayed by the volatility in the spot market.

Daily Fees Generated across Ethereum & Solana

Ethereum Gas Market

ETH Gas Fees - A new 2025 record set as network demand spiked, again bittersweet as this came at the expense of Ethereum’s spot market crash. Hourly average gas fees burned per block spiked above 4.0 ETH and similarly, the cost to transfer ETH (21,000 Gas) spiked at approximately $17.

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. A very slight drop can be noted in the peaks of hourly average excess blob gas per Ethereum block. This reflects the slightly reduced competition this week from Layer-2's requiring 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, spiked at approximately $500M in volumes. However hourly transaction counts reached a new 2025 high spiking at over 9000 transactions for the hour and overall remained elevated hovering at 5k during this period.

Uniswap V3 Hourly Transaction Count  - Arbitrum

Liquidations

Aggregate Liquidations across Aave & Compound - As expected, bulls got caught out this week as liquidations reached over $15M. This also coincides with ETH’s shocking fall and the volatility seen in the rest of the crypto market.