Andrew Melville
Research Analyst
Last Updated:
September 12, 2025
•
5 Minutes
DeFi Analytics 12th September 2025
This week's edition of our Crypto DeFi Analytics.
Chain Fee Generation
Daily Fee Generation - After the spike on the 1st of September, activity has since calmed down, with no major surges this week aside from a few smaller fluctuations. Fees generated across Solana and Tron have remained at very similar levels throughout this week.
Daily Fees Generated across Ethereum, Solana, Tron & Sui
Ethereum Gas Market
Hourly Average Gas Fees Burnt per Block
Hourly Average Cost to Transfer ETH (21,000 Gas)
Blob Gas Usage - After spiking on August 9 from high submissions by Abstract and Base, blob activity stabilized, with only minor increases of around 1M on August 15, 18, and 21.
Hourly Average Blob Gas Usage per Ethereum Block
Hourly Average Excess Blob Gas per Ethereum Block
Beacon Chain Balance
Beacon Chain - The Beacon Chain balance remained relatively stable this week, with a slight drop on August 17, holding around 36.4M ETH.
Beacon Chain Summary
Beacon Chain Balance
Beacon Chain Validator States - Withdrawals have been relatively steady this week since August 17, with validator levels showing no significant exits. In the past few days, however, total withdrawals have increased by around 10K validators.
This slowed down by the end of the week yet was replaced by a slowdown in new validator entries (Pending Queued, Pending Initialized).
Beacon Chain Validator States
Uniswap V3
Uniswap V3 Hourly Volumes - Arbitrum
Uniswap V3 Hourly Transaction Count - Arbitrum
Liquidations
Aggregate Liquidations across Aave & Compound
Free
PREMIUM
Institutional
DeFi Analytics 12th September 2025
This week's edition of our Crypto DeFi Analytics.
Free
PREMIUM
Institutional
BTC Skew Finally Turns Positive
A breakout past $116K, supported by $552.7M worth of buying from Spot Bitcoin ETFs, has also bolstered a recovery in the skew of BTC’s volatility smile for short-tenor options. Having leaned towards OTM puts almost entirely over the past 30 days, traders are now finally showing a slight preference for upside participation. That's limited to 7-day options only however. Risk-on sentiment across asset classes was lifted by yesterday's CPI report and jobless claims numbers. Headline inflation in August inched slightly higher than expected, though not enough to derail rate cut expectations for next week. On the other side of the Fed's dual mandate, unemployment claims rose to their highest since October 2021, a further sign of labour market weakness.
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PPI, ETFs and DATs
A PPI report which massively undershot expectations has kept the market's view for a September rate cut well intact. Wholesale inflation in August decreased 0.1% from a month earlier against expectations of a 0.3% increase, while the July figures which caused a slump in risk-on markets only last month, were also revised down. BTC broke past the recent upper bound of $113K it has been trading under, while its volatility smile abated some of its skew towards OTM puts. Spot Bitcoin ETFs also pulled in their largest inflow day since Jul 16, 2025. It may not be long before more crypto ETFs join the party however -- according to Bloomberg's Eric Balchunas, Rex-Osprey is set to launch five ETFs including a BONK, TRUMP, and DOGE ETF, potentially by Friday.