Analysis of On-Chain Activities of Korean Encryption Users in the First Half of 2025

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 maturity of the market and the diversification of participation methods. Users exhibited unique behavioral characteristics across different ecosystems such as Ethereum, Base, and Solana.

Main Findings

• Korean users hold a large amount of assets on Ethereum, maintaining stable mainnet participation.
• Base users gradually increase their participation through a variety of decentralized applications.
• Solana attracted the most active users, but due to fatigue caused by short-term events, the user churn rate is relatively high.

User Behavior Analysis

event time

• Ethereum and Base users are mainly active from 9 AM to 11 PM.
• Solana users remain highly active during the midnight to 8 AM time period, reflecting their adaptability to the global market.

Fund Distribution

• The total assets on Ethereum are approximately 400 million dollars, which is 9 times the sum of Base and Solana, mainly contributed by whale accounts.
• Solana exhibits an extreme polarization distribution, with 99.9% being retail accounts, while a few whale accounts hold a significant amount of assets.
• Base has attracted medium-sized investors.

User Activity Trends

• Ethereum's transaction volume has been stable over the long term, and users pay more attention to practical activities.
• Base and Solana are sensitive to market sentiment and short-term events, with significant fluctuations in trading volume.
• The number of active users on Base is steadily increasing, while Solana has a higher rate of user attrition due to short-term event structures.

usage of decentralized applications

• Solana users are primarily focused on DeFi trading, with SOL trading pairs dominating.
• More Ethereum and Base users are participating in remittance and deposit activities, using stablecoins for operations.
• The Kaito InfoFi service on Base has become one of the main drivers for attracting users.

Conclusion

South Korean encryption users exhibit complex and diverse characteristics:

1. Strong global market adaptability, not restricted by time zones.
2. Adopt different investment strategies on different chains, ranging from conservative to aggressive.
3. Show a high interest in incentive-based services.

The project team needs to develop customized strategies based on these characteristics, choose a suitable blockchain for the target users, design a clear and sustainable incentive structure, and regard Korean users as important partners in the ecosystem's development.