What it is
A sharp rise in the fees a protocol is generating, which is real demand showing up in real revenue.
Why it matters
Fees are the closest thing crypto has to honest demand: someone paid to use the thing. A fee surge with flat liquidity means the existing depth is working harder.
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.