Analysis of South Korean Crypto Assets User Behavior: On-Chain Activity Report for the First Half of 2025

Overview

In the first half of 2025, the activities of cryptocurrency users in South Korea gradually expanded from centralized exchanges to on-chain ecosystems. This transition marks the maturation of the market and the diversification of user participation.

Research shows that Korean users exhibit unique behavioral characteristics across different blockchains such as Ethereum, Base, and Solana. Ethereum users hold larger asset scales and maintain stable mainnet participation. Base users gradually increase their participation through decentralized applications. Solana attracts the most users, has high activity, but also experiences a high user churn rate.

This report is based on on-chain activity data from approximately 80,000 wallets and provides an in-depth analysis of the behavior patterns of Korean users within these three ecosystems, offering insights for readers looking to understand the Korean market better.

Analysis of South Korean User Characteristics

Event Time

• Ethereum and Base: Main activities are concentrated from 9 AM to 11 PM.
• Solana: Activity peaks occur from midnight to 8 AM

This difference reflects the high adaptability of Korean users to the global market, especially Solana users who are not restricted by time zones and actively participate in global trading opportunities.

Fund Distribution

The distribution of funds on each blockchain varies significantly:

• Ethereum: Total assets of approximately $400 million, mainly consisting of large investors.
• Base: Attract medium-sized investors
• Solana: 99.9% are retail accounts, but a few whale accounts hold substantial assets.

This indicates that the Korean market has a diverse user base with varying investment tendencies.

User Activity Trends

• Ethereum: Trading volume remains stable over the long term, with users focusing more on practical activities.
• Base and Solana: Sensitive to market sentiment and short-term events in trading pairs.

It is worth noting that the number of active users on Base is steadily increasing, while Solana has a high user attrition rate.

Usage of Decentralized Applications

• Solana: transaction-oriented, mainly focused on DeFi trading.
• Ethereum and Base: Users are more involved in remittance and deposit activities, with diversified use cases.

In particular, a certain InfoFi service on Base has become one of the main driving forces attracting users, reflecting the positive response of Korean users to the reward structure.

Conclusion

Research shows that the user group of Crypto Assets in South Korea has the following characteristics:

1. Powerful global market adaptability, not limited by time zones.
2. Demonstrate different investment strategies and risk preferences on different blockchains
3. Show a high interest in incentive-based services

These findings have important implications for global projects looking to enter the South Korean market. Project teams need to develop customized strategies that align with user characteristics, choose suitable blockchains that match the target user segmentation, and design clear and sustainable incentive structures.

Most importantly, these users should be viewed as partners in the development of the ecosystem, rather than just simple users. A deep understanding of the diversity and complexity of Korean users will help formulate more effective market strategies.