Tazmina Rashid
Research Analyst
Last Updated:
July 25, 2025
•
5 Minutes
DeFi Analytics 25th July 2025
This week's edition of our Crypto DeFi Analytics. Ethereum's blob gas usage has steadily increased over the past month while the Ethereum validator set this week has been dominated by voluntary exits.
Chain Fee Generation
Daily Fee Generation - Despite Ethereum’s spot price edging higher, daily fee generation, which relates to network usage, dropped down this week. Solana’s daily fee generation carries on its very slow overall trajectory upwards while Tron’s fee generation seems not to be impacted as much by market movement and hence moves sideways.
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)
Hourly Average Blob Gas Usage per Ethereum Block
Blob Gas Usage - Blob gas usage has steadily increased over this past month, with the hourly average usage shifting up approximately 100k. This is a reflection of the increase in Layer 2 uploads to Ethereum’s Layer 1 network.
Hourly Average Excess Blob Gas per Ethereum Block
Beacon Chain Balance
Beacon Chain - The Beacon Chain balance’s upwards growth has plateaued this week at just below 36.2M ETH.
Beacon Chain Summary
Beacon Chain Balance
Beacon Chain Validator States
Beacon Chain Validator States - The validator set is now dominated by voluntary exits (Active Exiting, Exited Unslashed) and ongoing withdrawals (Withdrawal Possible. Although some users will be looking to withdraw their ETH from the staking pool, the stagnation of the Beacon chain balance (Staked ETH) seen above suggests that a large majority have not yet completed the withdrawal process.
This comes alongside a Post-Pectra upgrade, consolidation of staked ETH into single validators, noted in previous weeks.
Uniswap V3
Uniswap V3 Hourly Volumes - Arbitrum
Uniswap V3 Hourly Transaction Count - Arbitrum
Liquidations
Aggregate Liquidations across Aave & Compound
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Asian Crypto Pulse
Bitcoin traded sideways near $118K, up 0.8%, with 7-day implied volatility easing from 36.7% to 33%. Ethereum rose over 1% to $3,800, with its 7-day volatility cooling from 70% to 63%. Option skews for BTC and ETH showed short-term sentiment shifts, while altcoins XRP and Solana gained traction. US job openings declined by 275,000 in June to 7.44M, signalling softer labour demand, and Fed rate-hike odds rose to nearly 98%. Strategy, the largest public Bitcoin treasury, purchased 21,021 BTC at $117,256 each, raising its total holdings to 628,791 BTC. The SEC approved in-kind creations/redemptions for Bitcoin and Ether ETPs, while Japan and South Korea advanced crypto regulatory and product initiatives.
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Trade Shifts, Crypto Gains
After weeks of negotiations, the US and the EU have reached a trade agreement that will see a majority of exports from the EU face a 15% tariff. President Trump called it the "biggest of all the deals" and according to the President, the trade deal will also see the EU purchase $750B of energy from the US and invest $600B in the US on top of existing investments. BTC recovered over the weekend from a drop to $115K which coincided with Galaxy Digital helping to facilitate the sale of 80,000 bitcoins "for a Satoshi-era investor" and it currently trades above $119K. ETH's term structure of volatility has inverted once more as front end volatility has jumped from 62% on Saturday to a current level of 71%, while its spot price reached $3,900, a level it last traded at in mid-December 2024. Bitcoin Hashrate is operating in all time high territory at over 1.02 ZH/s.
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Chasing Blocks
Bitcoin rebounded to $119K after briefly dipping near $117K, with its 7-day implied volatility stabilizing around 30%. Ethereum gained over 2% in 24 hours, nearing $3,900, and saw its volatility rise from 63% to 70%. Option skews for both BTC and ETH flipped sharply positive, signaling changing market sentiment. European stocks and S&P 500 futures rose modestly, while the dollar hit a five-week high. ARK Invest added $20M in BitMine shares—now the largest ETH treasury holder—despite the stock falling 11.8%.