Analysis of On-Chain Activities of Korean Users: Research on Ethereum, Base, and Solana Ecosystems in the First Half of 2025

Overview

In the first half of 2025, the activity of cryptocurrency users in South Korea expanded from centralized exchanges to the on-chain ecosystem, marking the maturation of the market and the diversification of user participation methods. Research shows that South Korean users exhibit unique behavioral characteristics across different blockchains such as Ethereum, Base, and Solana, which cannot be summarized by a single trait.

Key Findings

1. South Korean users hold a large amount of Ethereum assets and maintain stable mainnet participation.
2. Base users gradually increase their participation through decentralized applications.
3. Solana has attracted the most users, with high activity, but it has a relatively high user churn rate.

on-chain user activity analysis

Event Time

• Ethereum and Base: Main activities are concentrated from 9 AM to 11 PM.
• Solana: Activities are concentrated from midnight to 8 AM, in sync with the global market rhythm.

Fund Distribution

• Ethereum: Total assets of approximately 400 million USD, with a significant proportion held by whales and middle-class accounts.
• Solana: Retail investors account for 99.9%, but a small number of whales hold a large amount of assets.
• Base: Attracting medium investors

User Activity Trends

• Ethereum: The trading volume has been stable over the long term, and users focus on practical activities.
• Base and Solana: Trading volume is greatly influenced by market sentiment and short-term events.

dApp usage

• Solana: transaction-centric, active in DeFi
• Ether and Base: Diverse remittance and deposit activities, high stablecoin usage rate

Conclusion

1. South Korean users demonstrate a strong adaptability to the global market.
2. There are significant differences in investment strategies and risk preferences across different blockchains.
3. Users show a high interest in incentive-based services.

These findings provide important references for the project to formulate strategies targeting the South Korean market. The South Korean crypto market exhibits a multi-layered structure, and project teams need to develop effective market strategies through systematic user segmentation.