Tazmina Rashid
Research Analyst
Last Updated:
January 23, 2026
•
5 Minutes
DeFi Analytics 23rd January 2026
This week's edition of our Crypto DeFi Analytics.
Chain Fee Generation
Daily Fee Generation – Over the past week, Solana’s fees held broadly around ~$0.9–1.05M aside from a single spike to ~$1.35M that quickly reverted back into range. Tron’s fees decreased over the weekend before increasing back above ~$1.0M and holding just over that level. Ethereum’s fees bottomed around ~$0.25M on the weekend, then recovered to the mid-$0.5M area by week-end.
Daily Fees Generated across Ethereum, Solana, Tron & Sui
Stablecoin Supply
Stablecoin Supply by Token
Stablecoin Supply by Chain
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 week, blob gas usage was mostly range-bound around ~0.5M–0.7M, with brief spikes towards ~0.8. Later this week, activity jumped more sharply, briefly lifting usage above ~1.2M and is now holding at that level.
Hourly Average Blob Gas Usage per Ethereum Block
Hourly Average Excess Blob Gas per Ethereum Block
Beacon Chain Balance
Beacon Chain - Over the past week, Beacon Chain balances climbed sharply, pushing through 36.0M ETH and nearing 36.5M ETH. The move aligns with the January surge in large-scale treasury/DAT staking: BitMine reported 4,203,036 ETH in total holdings, with 1,838,003 ETH staked (up 581,920 over the past week, as of 19 Jan 2026) as it advances its validator strategy ahead of its MAVAN rollout (targeted Q1 2026). SharpLink Gaming also reported 11,614 ETH in cumulative staking rewards since launching its Ethereum treasury on 2 June.
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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2026 – the year of RWA perps?
In 2025, we predicted that stablecoin market, widely accepted as the first successful use case of real world asset (RWA) tokenisation, would grow significantly in both supply and volume. That prediction was due in part to their role in fulfilling a number of stated goals of the Trump 2.0 administration, as well as regulatory advancements in the US to establish guard rails for crypto assets and stablecoins (such as the GENIUS Act and CLARITY Act). As seen in Figure 1 below, growth in tokenised assets in crypto has begun to scale exponentially, particularly since 2024. That was driven by a combination of institutional and retail user interest.
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DeFi Analytics 23rd January 2026
This week's edition of our Crypto DeFi Analytics.
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Ledger Laying the Groundwork for a US IPO
US equities strengthened as risk appetite improved, while crypto remained rangebound with BTC hovering near 90k and ETH still failing to clear 3k, alongside continued spot ETF outflows. Strong US macro data reinforced expectations of a Fed pause next week, with GDP revised higher and PCE inflation landing in line, while the BoJ held rates at 0.75 percent. Market structure headlines centred on Nasdaq asking the SEC to lift options position limits for major spot BTC and ETH ETFs, and a scheduled SEC–CFTC joint event on regulatory coordination. In crypto developments, Laser Digital launched a tokenised bitcoin yield fund targeting roughly 5 percent annualised over spot, Ledger is reportedly preparing a US IPO, and Bitmine added materially to its staked ETH position.