Web3 on-chain data interpretation: In April, Solana showed active trading, Ethereum saw a fund inflow, and Bitcoin experienced a structural rebound ｜Gate Research Institute

2025-05-09 08:49:37

Summary

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 network.
Wallet addresses holding more than 10,000 BTC have a cumulative score between 0.9 and 1, indicating they are almost in a state of full net buying.
The net growth value of BTC UTXO continues to turn positive, indicating a recovery in momentum, with new addresses remaining at an average of 300,000 per day, and the rebound is mainly driven 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 a golf dinner and a White House visit to spark market enthusiasm, with prices soaring over 50% and on-chain holdings and activity increasing simultaneously.

On-chain Data Summary

Overall situation on the chain

On-chain daily trading volume Solana maintained an average of more than 93 million transactions per day in April, and reached 2.8 billion transactions as of April 30, continuing to lead the entire chain. Base and Sui remained stable at 7 million and 6.1 million transactions, respectively, showing strong activity. Polygon PoS and Ethereum have relatively stable daily trading volumes of more than 2.9 million and 1 million transactions, respectively. The trading volume of TON and Bitcoin is low, basically maintaining between 200,000 and 400,000 transactions.

Overall, Solana remains in first place, while the emerging chains Base and Sui, although still small in scale, demonstrate frequent interactions and strong ecological momentum. Base benefits from the support of the Coinbase ecosystem and the active promotion of Meme coins, achieving a daily trading volume consistently exceeding 7 million transactions, and in mid-April recorded nearly $350,000 in average daily Gas income, showcasing its commercial potential. Sui relies on the advantages of the Move language and use cases such as gaming and NFTs, with a daily trading volume reaching 6.1 million transactions, maintaining high-frequency interactions. Both are rapidly expanding in a blockchain environment characterized by low fees and high interactivity, representing the most promising emerging public chains today.

Daily Gas Fees for Each Chain In April, Solana's gas revenue continued to lead, with an average daily fee exceeding $1.2 million, totaling $37.5 million as of April 30. Bitcoin and Ethereum followed closely, with average daily revenues roughly between $500,000 and $700,000. Base peaked at nearly $350,000 in the middle of the month, showing impressive performance. The average daily fees for Sui, Polygon PoS, and TON remained below $50,000, staying at low levels. Overall, the leading chains continued to outperform in terms of fee income, while emerging chains like Base have gradually shown commercial potential.

The User Base and Ecological Dynamics Behind Solana's High-Frequency Interactions In April, Solana not only maintained an average of 93 million transactions per day, but its daily active addresses also remained above 4 million, with a monthly average of about 4.5 million, indicating that the trading activity is not solely driven by bots or a single protocol, but is based on a broad user base. Particularly on April 11, active addresses exceeded 6.2 million at one point, further highlighting the concentrated explosion of ecosystem activity.

In addition, Solana's average daily gas revenue exceeds $1.2 million, which is much higher than that of most public chains, indicating that on-chain transactions are not only frequent, but also supported by real fees, and are not "zero-cost brushing". This trend is closely related to MEV reward mechanisms such as Jito, where a large number of high-frequency traders and arbitrage bots are active on-chain, driving higher fees. Meme coin issuance platforms such as Pump.fun continue to attract creators, and the volume of swap operations supported by aggregation trading platforms such as Jupiter has kept on-chain interactions high for a long time. 【3】

Public Chain Bridge Net Flow In the funding flow data of various public chains for April, as of April 28, Ethereum recorded a net inflow of over 904 million USD, ranking first across the network. This reversed the trend of continuous outflow of funds in the previous three months and reestablished 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 the warming expectations for ETFs, attracting long-term capital back to the main chain.

In the emerging public chain space, Sonic has performed impressively, attracting over $124 million in net inflows in a single month, jumping to second place on the list. This reflects its high-performance architecture and low-cost trading, which have garnered the attention of new capital, with the market recognizing its ecological growth potential. At the same time, Base and Arbitrum recorded approximately $64.8 million and $62.1 million in net inflows, respectively, indicating that some L2 networks still maintain a net inflow of funds, benefiting from a stable developer base and user growth. Meanwhile, smaller ecological chains like Sui and Hyperliquid have maintained slight net inflows, reflecting their ability to attract capital in vertical scenarios such as trading and gaming.

Relatively speaking, Berachain experienced a net outflow of up to $704 million, the highest among all chains. The OP Mainnet and Polygon PoS also saw outflows of $400 million and $57 million, respectively, indicating that some funds are being temporarily reallocated to other public chains or off-chain markets. Overall, the funding flow structure showed signs of recovery in April, with Ethereum making a strong comeback and Sonic emerging as a dark horse, while some early hotspot projects are facing pressure for fund redistribution, leading to a subtle change in the competitive landscape of public chains. [4]

Bitcoin Key Indicators Analysis

The following will filter and analyze several key Bitcoin indicators and summarize market trends based on this.

Bitcoin Different Holding 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 investors have shown a clear trend of continued buying behavior:

Wallet addresses holding more than 10,000 BTC have a cumulative score between 0.9 and 1, indicating they are almost in a state of full net buying.
Addresses holding 1,000 to 10,000 BTC have a cumulative score between 0.7 and 0.8, indicating that this group is actively accumulating.
Medium-sized holders of 10 to 1,000 BTC have a cumulative score that rises to around 0.5, indicating a neutral to buy-biased pair.

This means that during the rebound process after Bitcoin's price correction in mid-April, large funds (whales) have taken the lead to enter the market and continuously accumulate positions, boosting market confidence gradually. Such funds have always had a significant impact on price trends, and their concentrated accumulation behavior is often seen as an important signal for medium to long-term rises.

UTXO net growth turns positive, Bitcoin on-chain activity rebounds UTXO (Unspent Transaction Output) is the most basic accounting unit in Bitcoin, which can be viewed as "loose change" that has not yet been used, controlled by the private key of the corresponding address, until it is used for the next transaction. Its mechanism ensures the transparency and traceability of the blockchain, and is the core of Bitcoin's decentralized structure. The changes in the total number of UTXOs reflect the on-chain activity, with an increase usually indicating a rise in transaction frequency, new addresses being created, or funds being dispersed, representing network activity; a decrease may indicate transaction consolidation, fewer users, or market hesitation, reflecting a slowdown in network usage.

According to on-chain data from Glassnode, since April 11, the net growth value of UTXO has continued to turn positive, with a significant increase in the green bar section, indicating that network activity is gradually recovering and on-chain trading behavior is becoming more frequent. At the same time, the total UTXO amount has also begun to rise, echoing the upward trend in Bitcoin prices, suggesting that the market may be experiencing 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 positive in April, reflecting an increase in on-chain transaction activity, the number of new addresses has not seen significant growth. According to Glassnode data, the number of new addresses during April remained roughly in the range of 300,000 to 350,000 per day, lacking a clear breakthrough. This indicates that the current on-chain recovery is more derived from 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 the repair 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 the number of new addresses increases in tandem with rising prices to verify whether the market has entered a new phase of "incremental capital-driven" growth. [8]

The proportion of Bitcoin profit addresses rises to 93%, market sentiment warms up While existing users are returning and increasing their interaction frequency, market sentiment is gradually warming up with the price rebound, which can be further observed from the changes in the proportion of profitable addresses. According to Glassnode data, during the recent Bitcoin price rebound, the proportion of addresses in profit on-chain has also increased. This metric (Percent of Addresses in Profit) represents the proportion of addresses where the current coin price is above the average purchase price of the address, and it can be used to measure the overall "holding profit status" of the market.

From the chart, since mid-April when the price of Bitcoin began to rise, the ratio has quickly rebounded and currently stands at 93%. This indicates that the majority of investors have returned to a profitable state, and the unrealized loss pressure caused by earlier adjustments is rapidly alleviating. This trend typically signals a shift in market sentiment 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 prices continue to operate at high levels and further increase the proportion of profitable addresses, the market may enter the early stage of a new upward cycle.

Market Trend Summary In April, the performance of on-chain ecosystems showed differentiation. Solana firmly maintained its position as the champion in both trading volume and gas revenue, showcasing its strong main chain capabilities; Base and Sui saw an increase in activity, revealing potential. Although Ethereum leads in capital inflow, its on-chain activity remained relatively stable; Berachain, Polygon PoS, and others are facing pressure from capital outflows. Overall, mainstream chains consolidate their leading positions while emerging chains intensify competition.

According to the on-chain data, Bitcoin is currently in the early stages of a round of structural rebound, with large coin holders taking the lead in entering the market and continuing to build positions, becoming an important driver of this round of price recovery. On-chain unspent transaction output (UTXO) has turned positive since mid-April, and the frequency of transactions has increased in tandem with network activity, indicating the recovery of on-chain momentum. However, it should be noted that Glassnode data shows that the number of new addresses did not increase significantly during April, with an average of between 300,000 and 350,000 per day, which means that the current recovery is mainly driven by existing users and has not yet ushered in a wide range of new funds.

At the same time, the proportion of profitable addresses quickly rebounded to 93%, reflecting that most investors in the market have returned to a profitable state, panic sentiment has significantly eased, and the overall sentiment is gradually shifting to a neutral-to-bullish stance. If prices and on-chain activity indicators continue to strengthen, leading to a simultaneous increase in new users, the market is expected to welcome further inflows of incremental funds, entering the next round of the 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 AMM trading fees after the tokens "graduate."

In nearly two weeks since its launch, 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 over 110 graduating in total over the two days. Overall, although LaunchLab has lowered the threshold for token issuance, the success of the projects still heavily relies on the strength of the team and market acceptance.

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, with a graduation rate of 2.4%, significantly lower than Pump.fun.【12]

The number of new coins created by Pump.fun has long occupied the majority share of the total issuance across the Solana chain. Even after the launch of LaunchLab, its share remains at a high level. Especially in early March and late April, the daily issuance share of Pump.fun once exceeded 65%, demonstrating its continued leadership in terms of issuance quantity and user activity. Although LaunchLab offers a more flexible issuance mechanism and economic incentives, from the perspective of penetration and market dominance, Pump.fun remains the main token issuance platform on Solana.

Overall, LaunchLab, as the new token issuance platform launched by Raydium, has quickly gathered a large number of creators and project parties in a short period, demonstrating strong ecological attractiveness and on-chain innovation vitality. Although the overall graduation rate is still in the early development stage, 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 quality projects in the future. As the market mechanism continues to improve and the community ecology gradually matures, LaunchLab is expected to become an important force in promoting financial innovation and enhancing user participation 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. It is favored by developers due to its low transaction costs and convenient issuance mechanism. The token is derived from 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 surge in the price of $TRUMP is mainly driven by market news. On April 24, President Trump announced that he would have dinner with the first 220 holders of $TRUMP at a golf club near Washington in May, and he specifically invited the top 25 holders to a private reception and a tour of the White House. This news quickly spread on social media, igniting market sentiment and pushing the price of $TRUMP up 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 market interest in the potential of the PolitiFi sector. Investors began to actively participate in the competition for holding rankings and are paying attention to whether there will be more similar incentive mechanisms in the future. On-chain data shows that since the announcement on April 24, the number of addresses holding more than $1,000 worth of $TRUMP has risen from about 18,000 to 21,900, an increase 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, demonstrating the strong dissemination and attraction capabilities of political Meme coins driven by topical discussions.

It is worth noting that, according to Chainalysis data, since the launch of $TRUMP, its issuing team has accumulated over $320 million in revenue through transaction fees, reflecting that the project not only has hype but also possesses a strong ability to attract funds. On May 5, Trump also promoted the upcoming dinner scheduled for May 22, continuously amplifying market attention and topic volume. This phenomenon highlights the diversification trend of capital flows in the cryptocurrency market and reminds investors to maintain risk awareness when facing such high-volatility assets, carefully assessing their long-term value and sustainability.

Summary

By April 2025, the on-chain ecosystem will show significant differentiation. Solana, with an average daily transaction volume exceeding 93 million and over 4.5 million daily active addresses, continues to maintain its leading position among main chains, with 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 frenzy. Base and Sui are also showing an increase in activity, 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%), all of which support the repair of market confidence. However, the number of new addresses remains at an average of 300,000 to 350,000 per day, indicating that the current rebound is still primarily driven by existing users, and widespread new capital has not yet fully activated.

In terms of popular projects, LaunchLab in the Solana ecosystem quickly gathers creator resources and enriches the on-chain asset structure. With the help of offline topics and community incentives, the political meme coin $TRUMP has achieved a short-term price surge of more than 50%, and the number of on-chain token holders has expanded significantly. According to Chainalysis data, its issuance team has accumulated more than $320 million in fee income, highlighting its dual advantages in communication and gold absorption.

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

Reference Material:

Gate Research Institute is a comprehensive blockchain and cryptocurrency research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend predictions, and macroeconomic policy analysis.

Disclaimer Investing in the cryptocurrency market involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate.io does not take responsibility for any losses or damages caused by such investment decisions.

SOL-0.51%

ETH-1.3%

BTC-0.44%

View Original

The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.

1 Likes