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Last Updated:  
November 7, 2024
4 mins

DeFi Analytics 7th November 2024

This week's edition of our Crypto DeFi Analytics, November has seen the Beacon Chain balance drop as withdrawals have dominated, while Ethereum’s on-chain activity slowed despite an increase in it's spot price following the US election. Separately, Solana continues to near Ethereum in gas fee generation. There was an increased demand in blob gas usage on Ethereum with Hourly Average Excess Blob Gas per Ethereum Block maintaining spikes of 70-80M. DeFi activity shifted, reflected in Uniswap V3 transactions on Arbitrum and liquidations across Aave and Compound.

Beacon Chain

Cumulative Beacon Chain Deposits

Beacon Chain -  November has seen withdrawals outweighing deposits, resulting in the total Beacon Chain Balance fluctuating around 32.4M.

Beacon Chain Deposits and Withdrawals

Ethereum Gas Market

ETH Gas Fees - The downtrend in on-chain activity on Ethereum continues despite ETH spot rallying alongside the US election. Separately, Solana which has consistently generated over $2 million since October 15th, continues to near Ethereum in gas fee generation.

Hourly Average Gas Fees Burnt per Block

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

ETH Blob Gas - Average blob gas usage increased this week during spot price volatility, trending at 400k. Excess blob gas has also shown elevated activity maintaining averages of 60M–80M, compared to minimal activity though early October which indicates an increased demand in blob gas usage over the last week.

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 Transaction Count  - Arbitrum

Liquidations

Aggregate Liquidations across Aave & Compound

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