Web3 on-chain data interpretation: In April, Solana saw active trading, Ethereum experienced capital inflow, and Bitcoin had a structural rebound.

Author: Gate Research Institute

Reprint: Lawrence, Mars Finance

Abstract

In April, Solana maintained an average of over 93 million transactions per day, reaching a total of 2.8 billion by April 30, continuing to lead across all chains.

As of April 28, in the funding flow data of various public chains for April, Ethereum recorded a net inflow of over 904 million USD, ranking first across the entire network.

Wallet addresses holding more than 10,000 BTC have a cumulative score between 0.9 and 1, indicating that they are almost in a state of full net buying.

The net growth value of BTC UTXO continues to turn positive, indicating a rebound in momentum, with new addresses maintaining an average of 300,000 daily, driven mainly by existing users.

As of April 28, the LaunchLab platform has created a total of 25,207 tokens, with a graduation rate of approximately 0.84%.

$TRUMP leveraged the golf dinner and White House tour events to spark market enthusiasm, with prices soaring over 50%, while on-chain holdings and activity levels increased simultaneously.

On-chain data summary

Overall situation on the chain

On-chain daily trading volume

In April, Solana maintained an average of over 93 million transactions per day, with a total of 2.8 billion transactions by April 30, continuing to lead across the entire chain. Base and Sui stabilized at 7 million and 6.1 million transactions respectively, demonstrating strong activity. Polygon PoS and Ethereum had daily transaction volumes of over 2.9 million and 1 million respectively, showing relatively stable trends. TON and Bitcoin had lower transaction volumes, generally maintaining between 200,000 and 400,000 transactions.

Overall, Solana remains in the lead, while the emerging chains Base and Sui, though still small in scale, exhibit frequent interactions and strong ecological momentum. Base benefits from the backing of the Coinbase ecosystem and the active promotion of Meme coins, maintaining a daily trading volume stable above 7 million transactions, and at one point in mid-April recorded nearly $350,000 in daily Gas revenue, showcasing its commercialization potential. Sui, on the other hand, leverages the development advantages of the Move language and supports use cases such as gaming and NFTs, achieving a daily trading volume of 6.1 million transactions and maintaining high-frequency interactions. Both are rapidly expanding in a low-fee, high-interactivity on-chain environment, becoming representatives of the most promising emerging public chains.

Daily Gas fees for each chain

During April, Solana continued to lead the way in gas revenue, averaging over $1.2 million per day and reaching $37.5 million as of April 30. Bitcoin and Ethereum are not far behind, with average daily revenues ranging from roughly $50–$700,000. At one point, Base soared to nearly $350,000 in the middle of the month, performing well. Sui, Polygon PoS and TON still have low daily fees of less than $50,000. Overall, the head chain continues to lead in terms of fee income, while emerging chains such as Base have gradually shown their potential for commercialization. 【2】

The user base and ecological dynamics behind high-frequency interactions on Solana.

In April, Solana not only maintained an average of 93 million transactions per day, but also kept its daily active addresses above 4 million, averaging about 4.5 million for the month. This shows that transaction activity is not driven solely by bots or a single protocol, but is built on a broad user base. Especially on April 11, the number of active addresses temporarily exceeded 6.2 million, further highlighting the concentrated surge in ecosystem activity.

In addition, Solana's daily average Gas revenue exceeds 1.2 million USD, which is significantly higher than most public chains, indicating that on-chain transactions are not only frequent but also supported by real transaction fees, rather than being "zero-cost volume manipulation." This trend is closely related to MEV reward mechanisms like Jito, with a large number of high-frequency traders and arbitrage bots active on the chain, driving up fees. Additionally, platforms like Pump.fun continue to attract creators, along with the trading volume supported by aggregation platforms like Jupiter, keeping on-chain interactions at a high level for an extended period.

Public chain bridge net inflow

In the funding flow data of various public chains for April, as of April 28, Ethereum recorded a net inflow of over $904 million, ranking first across the network. This reversed the trend of continuous outflow of funds in the previous three months, re-establishing its core position as a "value reservoir." This inflow trend may be related to the rebound in market risk appetite, stabilization of L2 chain activities, and warming expectations for ETFs, attracting long-term capital back to the main chain.

Among emerging public chains, Sonic has performed impressively, attracting over $124 million in net inflows in a single month, rising to second place on the list. This reflects its high-performance architecture and low-cost transactions that have attracted new capital attention, with its ecological growth potential being recognized by the market. Meanwhile, Base and Arbitrum recorded approximately $64.8 million and $62.1 million in net inflows, respectively, indicating that some L2 networks continue to maintain a net inflow of funds, benefiting from a stable developer base and user growth. Smaller ecological chains like Sui and Hyperliquid, on the other hand, maintain modest net inflows, reflecting their ability to attract capital in vertical scenarios (such as trading and gaming).

In comparison, Berachain experienced a net outflow of funds totaling up to 704 million USD, the highest among all chains. The OP Mainnet and Polygon PoS also saw outflows of 400 million USD and 57 million USD, respectively, indicating that some funds were temporarily reallocated to other public chains or off-chain markets. Overall, the funding flow structure showed a recovery in April, with Ethereum making a strong comeback and Sonic emerging as a dark horse, while some early hotspot projects faced pressure from fund redistribution, signaling a subtle change in the competitive landscape of public chains.

Bitcoin Key Indicator Analysis

The following will filter and analyze several key indicators of Bitcoin, and summarize the market trends accordingly.

Bitcoin different position size buying trend: large funds continue to net buy, rebound signal is clear.

According to Glassnode data, during the recent rebound in Bitcoin prices, large holders have shown a clear trend of continuous buying behavior:

• Wallet addresses holding over 10,000 BTC have a cumulative score between 0.9 and 1, indicating they are almost in a state of net buying.

• Addresses holding between 1,000 and 10,000 BTC, with a cumulative score between 0.7 and 0.8, indicate that this group is actively accumulating.

• Medium holders of 10 to 1,000 BTC have seen their accumulated score rise to around 0.5, indicating a shift from neutral to a buying inclination.

This means that during the rebound process after the Bitcoin price correction since mid-April, large funds (whales) have taken the lead to enter the market and continue to absorb chips, gradually boosting market confidence. Such funds have a significant impact on price trends, and their concentrated building positions are usually seen as an important signal for medium to long-term increases.

UTXO net growth turns positive, Bitcoin on-chain activity rebounds

UTXO (Unspent Transaction Output) is the most basic accounting unit in Bitcoin and can be seen as "change" that has not yet been used, controlled by the private key of the corresponding address, until it is used in the next transaction. Its mechanism ensures the transparency and traceability of the blockchain and is the core of Bitcoin's decentralized structure. The total number of UTXOs reflects on-chain activity; an increase usually indicates a rise in transaction frequency, an increase in new addresses, or a dispersion of funds, representing network activity; a decrease may indicate transaction consolidation, a reduction in users, or market observation, reflecting a slowdown in network usage.

According to on-chain data from Glassnode, since April 11, the net growth of UTXO has continuously turned positive, with the green bar section significantly increasing, indicating that network activity is gradually recovering and on-chain trading behavior is becoming more frequent. Meanwhile, the total amount of UTXO has also started to rise, echoing the upward trend in Bitcoin prices, suggesting that the market may be undergoing a new growth cycle or is in the early stages of recovery. This indicator provides important reference for on-chain capital flow and user participation, and is often seen as a leading signal for assessing market heat and on-chain health.

It is worth noting that although UTXO turned to positive growth in April, reflecting an increase in on-chain transaction activity, the number of new addresses did not see significant growth. According to Glassnode data, the number of new addresses during April roughly maintained a range of 300,000 to 350,000 per day, lacking a clear breakthrough, indicating that this round of on-chain recovery is more driven by the return of existing users and an increase in transaction frequency, rather than the entry of new investors.

This structural feature indicates that the current market is still in a recovery phase dominated by existing users, and new users have not yet formed a trend of expansion. Although on-chain indicators are generally improving, to support a longer-term price increase, it is still necessary to continuously monitor whether new addresses rise in sync with price increases to verify whether the market has entered a new phase of "incremental capital driven".

The proportion of profitable Bitcoin addresses has risen to 93%, and market sentiment is warming up.

While existing users are returning and increasing interaction frequency, market sentiment is gradually warming up as prices rise, which can be further observed from the changes in the proportion of profitable addresses. According to Glassnode data, during the recent rebound of Bitcoin prices, the proportion of holding addresses in a profitable state on-chain has also risen simultaneously. This indicator (Percent of Addresses in Profit) represents the proportion of addresses where the current coin price is higher than the average purchase price of the addresses, and can be used to measure the overall "holding profit status" of the market.

From the chart, since mid-April when the price of Bitcoin started to rise, this ratio has quickly rebounded and currently stands at 93%. This means that the majority of investors have returned to a profitable state, and the floating loss pressure caused by earlier adjustments is rapidly easing. This trend usually indicates that market sentiment is shifting from pessimistic to neutral or even bullish, which not only helps to stimulate new buying momentum but may also be accompanied by some profit-taking. If the price continues to operate at a high level and drives the proportion of profitable addresses further up, the market may enter the early stage of a new upward cycle.

Market Trend Summary

In April, the on-chain ecosystem showed differentiation, with Solana firmly holding the title of both trading volume and Gas revenue champion, demonstrating its strong main chain strength; Base and Sui saw an increase in activity, showing potential. Although Ethereum leads in capital inflow, its on-chain activity remains relatively stable; Berachain, Polygon PoS, and others are facing pressure from capital outflows. Overall, mainstream chains are consolidating their leading positions while emerging chains are intensifying competition.

According to comprehensive on-chain data, Bitcoin is currently in the early stages of a structural rebound, with large holders entering the market first and continuously accumulating, becoming a significant driving force behind this price recovery. On-chain unspent transaction outputs (UTXO) have turned to positive growth since mid-April, with transaction frequency and network activity increasing simultaneously, indicating a recovery in on-chain momentum. However, it is important to note that Glassnode data shows that the number of new addresses did not significantly increase during April, maintaining an average of between 300,000 and 350,000 per day, which means that the current recovery is primarily driven by existing users and has not yet welcomed a broad influx of new capital.

Meanwhile, the proportion of profitable addresses has rapidly risen to 93%, reflecting that the majority of market investors have returned to a profitable state, panic sentiment has significantly eased, and the overall sentiment is gradually shifting towards a neutral to bullish stance. If the price and on-chain activity indicators continue to strengthen and drive a simultaneous increase in new users, the market is expected to further welcome incremental capital inflow, entering the next round of upward cycle.

Popular Projects and Token Dynamics

Overview of Popular Project Data

LaunchLab

The leading decentralized exchange in the Solana ecosystem, Raydium, officially launched its token issuance platform LaunchLab on April 16, providing creators and developers with low-threshold, uncensored on-chain token issuance and liquidity launch tools. Users can issue tokens using various pricing curves (linear, exponential, logarithmic) and quote assets (such as SOL), and integrate AMM V4 with a locking mechanism; creators can also continue to receive 10% of the AMM trading fees after the token "graduates."

Launched for nearly two weeks, as of April 28, the LaunchLab platform has created a total of 25,207 tokens, of which only 211 (0.84%) successfully raised funds and migrated to the AMM liquidity pool, indicating a high success threshold. The peak of token creation occurred on April 27, with over 7,500 created in a single day; while the peak of graduating tokens was concentrated on April 25 and 26, with a total of over 110 graduating in two days. Overall, although LaunchLab has lowered the threshold for token issuance, the success of the project still highly depends on team strength and market recognition.

Taking April 28 as an example, the two major token issuance platforms on the Solana chain present a stark contrast:

• Pump.fun created 29,612 tokens, of which 1,327 successfully graduated, with a graduation rate of 4.5%.

• Raydium's LaunchLab created 4,272 tokens, of which 104 successfully graduated, resulting in a graduation rate of 2.4%, significantly lower than Pump.fun.【12]

The number of new coins created by Pump.fun has long accounted for the majority of the total issuance on the Solana blockchain, and even after the launch of LaunchLab, its share remains at a high level. Especially in early March and late April, Pump.fun's daily issuance share once exceeded 65%, demonstrating that it continues to lead in terms of issuance volume and user activity. Although LaunchLab offers a more flexible issuance mechanism and economic incentives, in terms of penetration and market dominance, Pump.fun remains the main coin issuance platform on Solana.

Overall, as a new token issuance platform launched by Raydium, LaunchLab has quickly gathered a large number of creators and project parties in a short period of time, showing strong ecological attraction and on-chain innovation vitality. Although the overall graduation rate is still in the early stages of development, the platform has successfully lowered the issuance threshold, enriched the application and asset diversity on the Solana chain, and laid a solid foundation for the incubation and growth of more high-quality projects in the future. With the continuous improvement of the market mechanism and the gradual maturity of the community ecosystem, LaunchLab is expected to become an important force to promote financial innovation and user engagement on the Solana chain.

Overview of Popular Token Data

$TRUMP —— The TRUMP token is a meme coin themed around a political figure, deployed on high-performance blockchains like Solana, favored by developers for its low transaction costs and convenient issuance mechanism. This token is based on the public image of the current U.S. President Donald Trump and is widely used in the PolitiFi (political finance) sector, successfully attracting market attention by combining community culture, trending events, and social media dissemination.

On-chain activity

The recent price surge of $TRUMP was mainly driven by market news, as President Trump announced on April 24 that he would have dinner with the top 220 $TRUMP holders at a golf club near Washington in May, and he specifically invited the top 25 holders to a private reception and a White House tour. This news quickly spread on social media, igniting market sentiment and driving the price of $TRUMP up by more than 50% in a short period, making it one of the core hotspots in the recent Meme coin market.

This event not only significantly increased the on-chain activity of $TRUMP, but also rekindled the market's attention on the potential of the PolitiFi sector. Investors have started to actively participate in the ranking competition for holdings and are paying attention to whether there will be more similar incentive mechanisms in the future. On-chain data shows that since the news was announced on April 24, the number of addresses holding more than $1,000 worth of $TRUMP has increased from about 18,000 to 21,900, a growth of over 21%; the total number of holding addresses has also climbed from 640,000 to 643,000, further confirming that market enthusiasm has spread from the core community to a broader user base, showcasing the strong communication and attraction ability of political Meme coins driven by the topic.

It is noteworthy that, according to Chainalysis data, since the launch of $TRUMP, its issuing team has accumulated over $320 million in revenue through transaction fees, reflecting the project's strong capital-raising ability beyond mere speculation. On May 5, Trump also promoted the upcoming dinner scheduled for May 22, continuing to amplify market attention and discussion. This phenomenon highlights the diversification trend in the flow of funds within the cryptocurrency market and reminds investors to maintain risk awareness when facing such highly volatile assets, carefully assessing their long-term value and sustainability.

Summary

In April 2025, the on-chain ecosystem showed a clear differentiation. Solana, with an average daily transaction volume exceeding 93 million and over 4.5 million daily active addresses, continued to maintain its leading position among main chains, with average daily gas revenue surpassing 1.2 million USD, indicating that its trading activity is built on a real user base and benefits from active ecological interactions and a coin creation boom. The activity of Base and Sui has also increased simultaneously, demonstrating the growth momentum of emerging chains.

The on-chain structure of Bitcoin continues to improve, with large addresses increasing their holdings, UTXO turning positive, and the ratio of profitable addresses rising (reaching 93%), collectively supporting the restoration of market confidence. However, the number of new addresses remains between 300,000 and 350,000 daily on average, indicating that the current rebound is still mainly driven by existing users, and widespread new capital has not yet fully started.

In terms of popular projects, Solana's ecosystem LaunchLab quickly gathers creator resources, enriching the on-chain asset structure; the political Meme coin $TRUMP leverages offline topics and community incentives to achieve a short-term price surge of over 50%, significantly expanding the number of on-chain holders. According to Chainalysis data, its issuing team has accumulated over $320 million in transaction fee revenue, highlighting its dual advantages in influence and fundraising capability.

Overall, on-chain activity and capital flow are synchronously recovering, with ecosystem development gradually expanding from the base layer to the application layer. Coupled with market sentiment recovery and a rise in risk appetite, it is worth continuously tracking the subsequent on-chain trends of mainstream assets and hot protocols.