Tazmina Rashid
Research Analyst
Last Updated:
November 21, 2025
•
5 Minutes
DeFi Analytics 21st November 2025
This week's edition of our Crypto DeFi Analytics.
Chain Fee Generation
Daily Fee Generation – Since early November, daily fee generation has remained subdued across major networks. Ethereum saw a brief spike towards $3M at the start of the month but has otherwise held in a ~$0.4–1.0M range. Solana and Tron mostly tracked below $1.0M and $1.3M respectively, while Sui’s fees stayed negligible, only briefly rising above $0.1M.
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 – Over the past month, blob gas usage has held at a consistently elevated level, generally moving between 650k and 800k gas per block. There is a gentle upward trend over time, with only occasional moves towards 900k or brief periods below 600k.
Hourly Average Blob Gas Usage per Ethereum Block
Hourly Average Excess Blob Gas per Ethereum Block
Beacon Chain Balance
Beacon Chain - ETH staked on the Beacon Chain has remained steady at around 36M since July 2025.
Beacon Chain Summary
Beacon Chain Balance
Uniswap V3
Uniswap V3 Hourly Volumes - Arbitrum
Uniswap V3 Hourly Transaction Count - Arbitrum
Liquidations
Aggregate Liquidations across Aave & Compound
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Solana ETFs See Strong Monday Inflows
Bitcoin slipped 1.40% to around $87K after briefly touching $88K, while ether fell 2.23% to the $2,900 area after approaching $3,000; over the past five days, BTC is up just 0.55% versus a 0.96% gain in the S&P 500 as Fed cut odds for 25bps in 2025 now exceed 80%. Solana declined 1.70% after nearly hitting $140, even as US spot SOL ETFs recorded their 20th consecutive session of net inflows, pulling in $58M on Monday and lifting cumulative net inflows to $568M and AUM to roughly $844M (about 1.1% of SOL market cap). Flows were also strong in XRP, where spot ETFs saw $164M of net inflows on Monday (their second-largest day on record), while Grayscale’s new spot DOGE ETF, GDOG, launched with $1.41M in first-day trading volume. CME Group’s crypto derivatives complex set a new all-time daily volume record on 21 November with 794,903 contracts traded, driving average daily crypto volumes up 132% year-on-year to ~$12B and open interest up 82% to ~$26.6B.
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From D.O.G.E. to DOGE
Bitcoin has bounced from Friday’s lows to around $86,000, even as U.S. spot ETFs log a fourth straight week of outflows and markets swing from expecting a pause to pricing over a 73% chance of a December Fed rate cut. In Washington, the Trump administration is preparing fallback legal tools to preserve its tariff regime and quietly winding down the DOGE downsizing unit, while the SEC readies a December roundtable on crypto privacy and financial surveillance. The macro backdrop is busy, with a heavy run of U.S. data this week — including PPI, retail sales, GDP and PCE — against a softer November manufacturing PMI. On the crypto market-structure side, Grayscale is rolling out new DOGE and XRP ETFs, Coinbase Derivatives is expanding 24/7 and perp-style futures on a broader set of altcoins, and Korea’s Upbit is eyeing a Nasdaq IPO via a $14.5B Naver–Dunamu stock-swap deal.
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DeFi Analytics 21st November 2025
This week's edition of our Crypto DeFi Analytics.