Andrew Melville
Research Analyst
Last Updated:
September 5, 2025
•
5 Minutes
DeFi Analytics 5th September 2025
This week's edition of our Crypto DeFi Analytics.
Chain Fee Generation
Daily Fee Generation – A spike in onchain gas fees on the 1st of September caused fees on Ethereum to drastically out-perform other large-cap layer 1s. However, fees generated across Solana and Tron have been at very similar levels throughout the end of August and into September apart from this event.
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 – The spike higher in mainnet gas fees was not seen on layer 2s. Blob gas (used by layer 2 sequencers to store side-chain data) remained well within its recent range since its expansion in the Pectra upgrade.
Hourly Average Blob Gas Usage per Ethereum Block
Hourly Average Excess Blob Gas per Ethereum Block
Beacon Chain Balance
Beacon Chain – Despite spikes higher in spot price, ETH staked on the Beacon chain has been largely unchanged since early July 2025.
Beacon Chain Summary
Beacon Chain Balance
Beacon Chain Validator States – We continue to see a consistent level of validators that have stopped their validation duties and are able to withdraw their ETH from the Beacon chain to the execution layer. We also see the amount of exiting validators remain high
Beacon Chain Validator States
Uniswap V3
Uniswap V3 Hourly Volumes - Arbitrum
Uniswap V3 Hourly Transaction Count - Arbitrum
Liquidations
Aggregate Liquidations across Aave & Compound
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DeFi Analytics 12th September 2025
This week's edition of our Crypto DeFi Analytics.
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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.