June 2025 On-chain Data Interpretation: Ethereum Reclaims Top Revenue Spot, Bitcoin's Institutional Trend Strengthens

Summary

• Solana continues to lead in trading volume and active addresses, followed closely by Base; Ethereum regains the top spot in fee revenue thanks to high-value interactions.

• Ethereum leads in fundraising, Polygon expands its DeFi narrative with Katana, while Base, despite a short-term pullback, still has long-term growth potential in its ecosystem.

• The on-chain transaction volume of BTC has sharply decreased, with high-value transactions accounting for 89%. Under the pattern of "price increase and volume decrease", on-chain activities are rapidly advancing towards institutionalization.

• BTC cost basis distribution reveals key support, with 93,000-100,000 USDT becoming the core on-chain defense.

• PumpSwap trading volume surpassed 38 billion, with the number of users exceeding 9 million, continuing to lead the new landscape of the Solana DEX market.

• The on-chain transaction volume of the Sei chain has exploded in sync with TVL, creating a resonance between ecological expansion, technological advantages, and favorable policy capital.

On-chain Data Summary

On-chain activity and fund flow overview

In addition to conducting an overall analysis of on-chain capital flow, we further selected several key on-chain activity indicators to assess the true usage enthusiasm and activity levels of various blockchain ecosystems. These indicators include daily transaction volume, daily Gas fees, daily active addresses, and net flow of cross-chain bridging, covering multiple dimensions such as user behavior, network usage intensity, and asset liquidity. Compared to merely observing capital inflows and outflows, these on-chain native data can more comprehensively reflect the fundamental changes in public chain ecosystems, helping to determine whether the capital flow is accompanied by actual usage demand and user growth, thereby identifying networks with sustainable development potential.

On-chain transaction volume comparison: Solana significantly leads in on-chain activity over Base.

According to data from the data platform, as of June 30, 2025, Solana ranks first among mainstream public chains with a monthly transaction volume exceeding 2.97 billion, demonstrating strong on-chain throughput capabilities and an active level of ecological interaction. Its high-frequency trading is no longer limited to popular applications such as Meme and Bot, and is continuously extending to deeper scenarios such as stablecoins, RWA, and financial instruments. In the past week, institutions have accelerated their布局 in the RWA and stablecoin fields: a fintech company with a market value of $90 billion announced that it will deploy stablecoins on Solana; a crypto investment company launched a tokenization product for SpaceX stocks, further expanding Solana's application boundaries in the private equity market.

Apart from Solana, Base has also maintained a strong growth momentum, with a cumulative transaction volume of 292 million in June, clearly leading Arbitrum (62.7 million) and Polygon PoS (101 million), firmly ranking at the forefront of the second tier of Layer 2. Recently, Base has been continuously expanding real-world application scenarios. In June, a certain e-commerce platform announced support for USDC payments on the Base blockchain, covering merchants in over 30 countries worldwide, marking its formal entry into the mainstream payment system. At the same time, a large bank has also launched a pilot project for the deployment of deposit tokens on Base, promoting the on-chain of bank-grade assets, further strengthening its practicality in RWA and financial scenarios.

In contrast, traditional Layer 1 public chains such as Ethereum and Bitcoin maintain a steady transaction rhythm, with monthly transaction volumes of 41.95 million and 10.28 million, respectively. Although their frequency does not match that of high-performance public chains, they still hold an important position in carrying high-value assets and core interactions in DeFi.

Overall, Solana and Base showed significant advantages in trading data in June, steadily consolidating their dominant positions in the high-frequency interaction ecosystem. In contrast, some Ethereum scaling solutions are experiencing a slowdown in momentum, as capital and user attention gradually shift towards emerging high-performance chains. The evolution of on-chain transaction volume not only reflects technical strength and user activity but also hints at the direction of future ecosystem competition. It will still be necessary to combine interaction quality and real user data in order to continuously verify their sustainability and ecological depth.

on-chain income landscape reshuffled again: Ethereum regains the top spot, Base growth slows down.

According to data from the data platform, as of June 30, 2025, Ethereum has regained the top position in on-chain transaction fee revenue, with a monthly revenue of $39.07 million, solidifying its leading position in the high-value interaction space. Solana recorded a revenue of $30.54 million this month, slightly lower than Ethereum, ranking second. However, looking back at May, Solana briefly surpassed Ethereum, with a monthly transaction fee reaching $53.06 million, becoming the highest revenue public chain for that month, demonstrating its strong trading momentum and application explosion at certain stages.

Bitcoin ranks third with $14.75 million, although the number of transactions and active addresses are both less than those of Solana. However, as a mainnet that serves as a store of value and where the BTC L2 ecosystem is gradually emerging, it still maintains a strong ability to generate transaction fees. Base's revenue this month has shown a month-on-month decline, falling from $5.87 million in May to $4.87 million in June. Although it still significantly outpaces Arbitrum ($1.68 million) and Polygon PoS (approximately $230,000), its growth momentum has slightly slowed, and the sustainability of its real-world applications and capital inflow needs to be observed.

From the trend observation, the fee curves of Ethereum and Bitcoin are relatively stable, indicating that they mainly serve high-value interaction demands; the fees of Solana, on the other hand, show a fluctuating upward trend, closely related to the activity of high-frequency scenarios in its ecosystem. The short-term pullback of Base also reflects that its user growth and capital inflow are still in the early integration stage.

Overall, fee income is not only a reflection of on-chain economic activity but also indicates changes in ecological structure and user behavior patterns. The strong rebound of Ethereum and the short-term correction of Base reveal the phase variables and competitive pressures emerging public chains face when challenging the dominant position of Ethereum and Bitcoin in revenue.

Active Address Analysis: Solana leads, Base closely follows.

According to data from the data platform, as of June 30, 2025, Solana maintains its position as the top public chain with an average of 4.8 million active addresses daily, far ahead of other Layer 1s and significantly surpassing most Layer 2 networks. Solana's user activity benefits mainly from Meme coins, automated trading bots, stablecoin payments, and high-frequency interactions in emerging RWA scenarios. Its on-chain interactions have expanded from speculative applications to real asset landing and payment ecology, demonstrating a clear advantage in user retention.

Base ranks second with an average of 1.71 million daily active addresses, showcasing strong growth momentum. Its user base continued to rise in June, primarily driven by three factors: the expansion of the L2 native ecosystem; the introduction of payment users from stablecoin (USDC) landing in real merchant scenarios; and the structural fund and application migration driven by traditional financial institutions' on-chain pilot programs. The growth of Base's users is reflected not only in the quantity but also in the increased interaction frequency and the number of active on-chain contracts, gradually forming a full-stack ecological prototype from finance to social.

Polygon PoS and Bitcoin ranked third and fourth respectively with 570,000 and 500,000 daily active addresses. The former, as a stable Ethereum sidechain, still maintains a certain foundation in the NFT, gaming, and small to medium-sized developer communities; the latter, however, is limited by its low-frequency transfer characteristics and its positioning as a store of value, leading to relatively stable address growth.

The user activity of Ethereum and Arbitrum is relatively lagging, with daily average addresses of 440,000 and 320,000 respectively, indicating a contraction in user interaction willingness under the influence of high Gas costs and a lack of emerging application drivers. Especially in themes such as Meme, Bot, and RWA, users have gradually shifted towards emerging chains with lower costs and richer applications, reflecting a change in the competitive landscape between chains.

Overall, the daily active address data for June clearly reflects that the differentiation trend between Layer 1 and Layer 2 is accelerating. High-frequency main chains and L2 driven by real-world applications are replacing traditional technology-driven strong chains as the focus of ecological attention. User activity is not only a prerequisite for transaction growth but also represents the future direction of ecological capital and developer resource aggregation, making it worthwhile to continuously track the subsequent development quality and user retention performance.

Public Chain Capital Flow Analysis: Ethereum Leads, Base Pulls Back, Polygon Positions in DeFi Track

According to data from the platform, as of the past month, Ethereum has maintained its dominant position with a net inflow of $5.1 billion, demonstrating strong capital absorption capability; Polygon PoS follows closely with a net inflow of $263 million, continuing a moderate growth trend. In contrast, the Layer 2 network Base experienced a capital outflow of up to $5 billion, becoming the most significant public chain in this round of capital withdrawal. This round of capital flow continues the structural trend of the previous weeks: Ethereum benefits from the Pectra upgrade, continuous net inflows into the ETH spot ETF, and ongoing institutional accumulation, combined with a resurgence in the DeFi sector's popularity and a marginal easing of regulatory policies, further consolidating its core position of "high liquidity + high consensus."

The capital inflow to Polygon may be related to its recent ecological layout. Polygon Labs has partnered with a cryptocurrency market maker to launch Katana, a DeFi-focused Layer 2 network, which aims to address issues of asset fragmentation and unsustainable yields. Katana employs a centralized screening mechanism and uses VaultBridge to return funds to the mainnet for lending, creating an efficient closed loop that attracts institutions and high-net-worth individuals. This move not only strengthens Polygon's positioning in the DeFi space but also brings a more differentiated Layer 2 narrative. The recent net inflow of $263 million recorded by Polygon may reflect the market's positive expectations for the Katana model and its future potential.

Despite the recent large-scale net outflow of funds from Base, this is more likely due to a temporary correction rather than a weakening of the ecosystem. In fact, in mid-June, Base experienced a strong inflow of funds, benefiting from the deep integration with a certain trading platform, collaboration with a certain e-commerce platform to expand USDC payment scenarios, and a large bank testing deposit tokens on-chain, among other positive developments, causing a rapid increase in ecosystem activity. Currently, Base's TVL reaches $3.4 billion, with stablecoin market capitalization at $4.1 billion, and core protocols such as Aerodrome, Spark, StarGate, and Moonwell are performing strongly. Short-term fund flows may be affected by market rotation and arbitrage, but in the medium to long term, Base still has the potential for continuous expansion and fund repatriation.

The current capital flow reflects a structural differentiation among mainstream public chains. Ethereum continues to solidify its core position with technical upgrades and institutional benefits, while Polygon strengthens its voice in the DeFi field with the Katana layout. Although Base has experienced short-term net outflows, its ecological fundamentals remain robust, bolstered by multiple real-world applications and institutional collaborations, indicating potential for capital inflow and re-expansion in the future. Overall, capital is now revolving around the three core elements of "technical strength + scenario implementation + capital integration" for a new round of allocation and rotation.

While funds rotate across chains, Bitcoin, as the core asset of the market, also releases several key signals through its on-chain structural indicators. This article will focus on three representative indicators—transaction count and transaction amount, entity-adjusted transfer structure, and cost basis distribution (CBD)—to assess whether there is structural support behind the current market conditions and to observe whether institutional behavior continues to deepen the prevailing trends.

Bitcoin Key Indicator Analysis

As Bitcoin prices continue to consolidate at historical high levels, on-chain data shows several structural changes, reflecting a deep adjustment in market participation structure and capital behavior. To gain a more comprehensive understanding of the current market context and potential risk directions, this article will focus on three key on-chain indicators for analysis: the number of on-chain transactions and the average transaction amount.