DeFi Analytics 25th April 2025

Chain Fee Generation

Daily Fees Generated across Ethereum & Solana - From April 19th to April 24th, Ethereum's daily fee generation experienced a sharp rebound, rising from a monthly low of approximately $280K to over $1.1M. This represents a significant recovery, with fees nearly quadrupling in just five days. In contrast, Solana’s daily fees remained consistently strong, fluctuating within a stable range of approximately $1.3M to $1.55M. Solana outperformed Ethereum every single day during this period, generating at least $300K more in daily fees. Even at Ethereum’s weekly peak of $1.1M, it only matched Solana’s lowest daily fee generation of over $1M during the same timeframe, highlighting Solana’s sustained outperformance.

Daily Fees Generated across Ethereum & Solana

Ethereum Gas Market

ETH Gas Fees - Hourly average gas fees burned per block saw a small peak this week to 0.2ETH. This remains minimal compared to peaks of 0.7ETH earlier this month. Similarly, the cost to transfer ETH (21,000 Gas) remains low, peaking at $0.40.

Hourly Average Gas Fees Burnt per Block

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

ETH Blob Gas - Hourly average Blob gas usage remains steady, fluctuating around the 400K mark. The hourly average of excess Blob gas per block dipped on April 20th and quickly rebounded to this month’s high at over 83M.

‍Hourly Average Blob Gas Usage per Ethereum Block

Hourly Average Excess Blob Gas per Ethereum Block

Beacon Chain Balance

Beacon Chain - Beacon Chain balance ended the week higher at 34.4M ETH as ETH deposits outweighed withdrawals. Despite the two single day peaks in deposits above 50k ETH, the total Beacon Chain balance overall remains rangebound between 34.3M and 34.6M ETH.

Beacon Chain Summary

Beacon Chain Timeseries

Beacon Chain - Ethereum’s Beacon Chain continues to show a net outflow of validators. Validators who exited the chain earlier are now eligible to withdraw their ETH ("withdrawal possible"). At the same time, a consistent and sizable number of validators have exited voluntarily without being penalised("exited unslashed"). There is almost no visible presence of slashing events, suggesting that validator behaviour remains largely compliant and secure ("exited slashed", "active slashed"). The number of validators queued to join also overall remains low, implying limited new demand ("pending queued") yet a modest but steady stream of new validators entering the activation process continues ("pending initialized").

Beacon Chain Validator States

Uniswap V3

Uniswap V3 Hourly Volumes  - Arbitrum

Uniswap V3 - Arbitrum’s hourly volumes peaked at $130M this week, as crypto experienced a relief rally. Hourly transaction counts however showed a slight recovery in volumes but overall moved sideways, fluctuating between approximately 4,000 and 8,000.

Uniswap V3 Hourly Transaction Count  - Arbitrum

Liquidations

Aggregate Liquidations across Aave & Compound - Aave users experienced liquidations this week as Crypto prices suffered slight corrections in an overall rally. Reflecting the bullish week, BTC’s price action has recovered losses and is now trading at levels seen before the early April price crash.

Ethereum’s Pectra Upgrade

Ethereum’s Pectra Upgrade - Ethereum’s upcoming Pectra upgrade, currently scheduled for May 7th, 2025, is poised to have a meaningful impact on DeFi activity and network dynamics. With Ethereum Improvement Proposals (EIPs) that aim to enhance network scalability, staking efficiency, and user experience, the upgrade introduces structural changes that could shift key DeFi metrics in the weeks after implementation.

For a deeper dive into the technical improvements and broader market implications of Pectra, including insights on validator changes and blob space adjustments, read our full Ethereum upgrade report here.