DeFi Analytics 9th May 2025

Chain Fee Generation

Daily Fees Generated across Ethereum & Solana - On the back of Ethereum's rally, daily fee generation surged, spiking past previous figures for the month. On May 7th, Ethereum generated $734k in fees, compared to over $400k on May 5th and over $3 million on May 8th, a fourfold increase overnight. This followed a broader macro sentiment that boosted crypto prices and, in turn, blockchain activity across the ecosystem. Alongside this, Ethereum’s Pectra Upgrade was successfully rolled out on May 7th, 2025. The upgrade introduces changes expected to significantly impact DeFi activity and overall network dynamics.

Despite Ethereum's major gains in daily fee generation, Solana, which also benefited from the positive sentiment, still outperformed Ethereum, generating $3.2 million on May 7th.

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Daily Fees Generated across Ethereum & Solana

Ethereum Gas Market

ETH Gas Fees - In the last full screenshot pre-Pectra, demand, shown through hourly average gas fees burned per block, saw a slight peak to 0.2 ETH on May 7th, a figure seen previously. Similarly, the cost to transfer ETH (21,000 Gas) peaked to approximately $0.50.

Hourly Average Gas Fees Burnt per Block

Hourly Average Cost to Transfer ETH (21,000 Gas)

ETH Blob Gas - Hourly average Blob gas usage also remained steady at the 400k mark and the hourly average of excess Blob gas per block stayed elevated throughout the week, representative of the pre- Pectra landscape.

‍Hourly Average Blob Gas Usage per Ethereum Block

Hourly Average Excess Blob Gas per Ethereum Block

Beacon Chain Balance

Beacon Chain - The Beacon Chain saw one of the largest deposits this month, at nearly 80k ETH, bringing the total balance to back over 34.4M. Withdrawals remained minimal.

Beacon Chain Summary

Beacon Chain Timeseries

Beacon Chain - Interest in joining the network has strongly rebounded (Pending Initialized), with a sharp uptick in new validators entering the queue over this last week. Despite this, the Beacon Chain continues to show a strong net outflow of validators, with large numbers of validators now in the final phase of exiting the network (Withdrawal Possible). Exit activity is dominated by voluntary exits (Exited Unslashed) and slashing incidents remain minimal

Beacon Chain Validator States

Uniswap V3

Uniswap V3 Hourly Volumes  - Arbitrum

Uniswap V3 - In the run up to the May 8th rally, hourly volumes remained low and stable with no standout peaks. However, hourly transaction count shows a spike to 10k, capturing the increased demand as the beginning of a crypto rally pursues.

Uniswap V3 Hourly Transaction Count  - Arbitrum

Liquidations

Aggregate Liquidations across Aave & Compound - Aave users faced significant liquidations on May 5th as BTC's spot price temporarily dipped below $95k, an assumed support level. As BTC attempted to regain momentum toward the end of the week, we observe a smaller, yet still noticeable, wave of liquidations.