What it is
A sharp rise in fees paid to use a protocol, which is evidence of paid activity but not automatically retained revenue or token demand.
Why it matters
Fees show that someone paid to use the product. A fee surge with flat liquidity means the existing reported depth is working harder, while revenue and tokenholder value capture still need separate evidence.
How we read it
We compare current fee generation to its recent run-rate and surface the outliers.
What it cannot tell you
One-off events (a big liquidation cascade, an incentive program) can spike fees without lasting demand. Look for whether it holds.