Web3 on-chain Data Analysis: Solana Trading Activity Increased in April, Ethereum Funds Flowing Back In

Summary

In April, Solana's average daily trading volume exceeded 93 million transactions, totaling 2.8 billion transactions, continuing to lead the entire chain. Ethereum recorded a net inflow of $904 million, ranking first in capital inflow. Bitcoin large holding addresses showed a clear buying trend, with UTXO net growth turning positive, indicating a rebound in on-chain activity. The LaunchLab platform created over 25,000 tokens in two weeks since its launch, with a graduation rate of approximately 0.84%. $TRUMP stimulated market enthusiasm through offline activities, with prices soaring over 50%, and on-chain activity also increased accordingly.

on-chain Data Summary

on-chain overall situation

on-chain daily trading volume

In April, the average daily transaction volume of Solana exceeded 93 million, with a total of 2.8 billion transactions for the month, continuing to lead. Base and Sui remained stable in the range of 7 million and 6.1 million transactions, respectively, showing high activity. Polygon PoS and Ethereum had daily transaction volumes of approximately 2.9 million and 1 million transactions, respectively, remaining relatively stable. TON and Bitcoin had lower transaction volumes, maintaining between 200,000 and 400,000 transactions.

Overall, Solana remains in the lead, while the emerging chains Base and Sui, although smaller in scale, have frequent interactions and strong ecological momentum. Base, supported by the Coinbase ecosystem and driven by Meme coins, has an average daily trading volume of over 7 million transactions. Sui, leveraging the advantages of the Move language, achieves an average daily trading volume of 6.1 million transactions, supported by scenarios such as gaming and NFTs. Both demonstrate significant growth potential.

Daily Gas fees on each chain

Solana Gas revenue leads, averaging over $1.2 million daily, with a monthly total of $37.5 million. Bitcoin and Ethereum follow closely, averaging $500,000 to $700,000 daily. Base peaked at nearly $350,000 in the middle of the month. Sui, Polygon PoS, and TON average less than $50,000 daily. Leading chains continue to dominate Gas revenue, while emerging chains like Base are gradually showing commercial potential.

The User Base and Ecological Dynamics Behind High-Frequency Interactions on Solana

In April, the average daily active addresses on Solana remained above 4 million, with a monthly average of about 4.5 million, indicating that trading activity is based on a broad user base. On April 11, active addresses once exceeded 6.2 million, highlighting the vibrancy of the ecosystem. The average daily Gas revenue surpassed $1.2 million, far exceeding that of most public chains, reflecting genuine trading demand. This is closely related to MEV reward mechanisms like Jito, meme coin platforms like Pump.fun, and aggregation trading platforms like Jupiter.

Public Chain Bridge Net Flow

As of April 28, Ethereum recorded a net inflow of $904 million, reversing the outflow trend of the previous three months. Sonic performed outstandingly, attracting a net inflow of $124 million. Base and Arbitrum saw net inflows of approximately $64.8 million and $62.1 million, respectively. Berachain experienced an outflow of $704 million, marking the largest net outflow. OP Mainnet and Polygon PoS saw outflows of $400 million and $57 million, respectively. The overall capital flow structure is showing signs of recovery, and the competitive landscape of public chains is changing.

Bitcoin Key Indicator Analysis

Different Position Size Buying Trend

Large funds continue to net buy, rebound signals are clear:

• Addresses holding more than 10,000 BTC have accumulated scores between 0.9-1, indicating almost complete net buying.
• Addresses holding 1,000-10,000 BTC, with a cumulative score between 0.7-0.8, are actively increasing their holdings.
• Medium-sized holders who hold 10-1,000 BTC have seen their cumulative scores rebound to around 0.5, shifting towards a buying preference.

Large funds enter the market first and continue to build positions, boosting market confidence, which is usually seen as a medium to long-term bullish signal.

UTXO net growth turns positive, on-chain activity rebounds

Since April 11, the net growth value of UTXO has continued to turn positive, indicating a rebound in network activity and an increase in on-chain transactions. The total amount of UTXO has also started to rise, echoing the price trend of Bitcoin, which may indicate that the market is entering the early stage of a new growth cycle.

However, the number of new addresses remains in the range of 300,000 to 350,000 per day, showing no significant growth, indicating that this round of recovery mainly comes from the return of existing users and increased transaction frequency, rather than new investors entering the market. The current market is still in a recovery phase dominated by existing users, and has not yet formed a trend of expansion for new users.

The profit address ratio of Bitcoin has risen to 93%, and market sentiment is warming up.

Recently, the price of Bitcoin has rebounded, and the proportion of profitable addresses has quickly risen to 93%. This means that most investors have returned to a profit state, alleviating the floating loss pressure caused by earlier adjustments. This trend indicates that market sentiment is shifting from pessimistic to neutral or even slightly bullish, which may help stimulate new buying momentum, but it may also be accompanied by some profit-taking.

Market Trend Summary

In April, the on-chain ecosystem showed differentiation, with Solana firmly holding the title of dual champion in trading volume and Gas revenue; Base and Sui saw an increase in activity; Ethereum led in capital inflows but maintained stable on-chain activity; Berachain, Polygon PoS, and others faced pressure from capital outflows.

Bitcoin is in the early stage of a structural rebound, with large holders entering the market first and continuously accumulating. UTXO turned to positive growth since mid-April, and trading frequency and network activity have rebounded. However, the number of new addresses has not significantly increased, and the current recovery is mainly driven by existing users. The proportion of profitable addresses has risen to 93%, and market sentiment is gradually shifting to a neutral-bullish stance. If the price and on-chain activity indicators continue to strengthen and encourage new user growth, the market is likely to enter the next round of rising cycle.

Popular Projects and Token Dynamics

Overview of Popular Project Data

LaunchLab

Raydium launched the token issuance platform LaunchLab on April 16, providing creators and developers with low-threshold, uncensored on-chain token issuance and liquidity launch tools. As of April 28, the platform has created a total of 25,207 tokens, of which 211 (0.84%) successfully raised funds and migrated to AMM liquidity pools. The peak of token creation occurred on April 27, with over 7,500 in a single day; the peak of graduate tokens was on April 25 and 26, with a total of over 110 in two days.

On April 28, a comparison of the two major cryptocurrency platforms of Solana:

• Pump.fun created 29,612 tokens, 1,327 graduates, with a graduation rate of 4.5%.
• LaunchLab created 4,272 tokens, 104 graduates, graduation rate 2.4%.

Pump.fun has long occupied the majority share of the issuance on the entire Solana chain, maintaining its lead even after the launch of LaunchLab. In early March and late April, Pump.fun's daily issuance share once exceeded 65%, showing a clear advantage in both issuance quantity and user activity.

LaunchLab quickly gathers creators and project parties, showcasing a strong ecological appeal. Although the graduation rate is at an early development stage, it has successfully lowered the barriers to entry and enriched the diversity of applications and assets on the Solana blockchain. The improvement of randomization and the maturity of the ecosystem are expected to promote financial innovation on the Solana blockchain and enhance user participation.

Overview of Popular Token Data

$TRUMP

$TRUMP is a political-themed meme coin deployed on high-performance blockchains like Solana, widely used in the PolitiFi sector. On April 24, Trump announced that he would have dinner with the first 220 $TRUMP holders and invited the top 25 holders to a private reception and a tour of the White House. The news propelled the price of $TRUMP to rise over 50% in the short term.

Since the announcement of the message, the number of $TRUMP addresses holding more than $1,000 has increased from 18,000 to 21,900, a growth of 21%; the total number of holding addresses has risen from 640,000 to 643,000. According to Chainalysis data, the $TRUMP issuing team has accumulated over $320 million in revenue through transaction fees. On May 5, Trump once again promoted the dinner on May 22, continuing to amplify market attention.

Summary

In April 2025, the on-chain ecosystem differentiation is明显. Solana's average daily transaction volume is 93 million, with 4.5 million daily active addresses, continuing to lead. Base and Sui's activity levels have increased, showcasing the growth potential of emerging chains. The on-chain structure of Bitcoin has improved, with large addresses increasing their holdings, UTXO turning positive, and the proportion of profitable addresses rising to 93%, supporting the recovery of market confidence. The number of new addresses remains at an average of 300,000 to 350,000 per day, indicating that the rebound is still primarily driven by existing users.

LaunchLab quickly gathers creator resources to enrich the asset structure on the Solana chain. $TRUMP achieves a short-term price surge of over 50% through offline events, significantly expanding on-chain users. Overall, on-chain activity and capital flow are synchronously rebounding, with ecosystem development extending from the base layer to the application layer. Coupled with the repair of market sentiment, it is worth continuously monitoring the subsequent trends of mainstream assets and hot protocols.