Interpretation of data on the link of Web3: Solana transactions are active in April, Ethereum funds are back
Reprinted from panewslab
05/10/2025·2Dsummary
•Solana maintained an average daily transaction of more than 93 million in April, and as of April 30, it had a total of 2.8 billion transactions, continuing to lead the entire chain.
• Among the capital flow data of various public chains in April, as of April 28, Ethereum recorded a net inflow of more than US$904 million, ranking first in the entire network.
•BTC holds more than 10,000 wallet addresses with cumulative points between 0.9 and 1, indicating that it is almost in full net buy.
•BTC UTXO's net growth value continued to turn positive, indicating a rebound in momentum, and the new addresses remained at an average of 300,000 per day, and the rebound was mainly driven by existing users.
•As of April 28, the LaunchLab platform has created a total of 25,207 tokens with a graduation rate of about 0.84%.
•$TRUMP stimulated the market boom with golf dinners and White House visits, with prices soaring by more than 50%, and on-chain coin holdings and activity increased simultaneously.
On-chain data summary
Overall situation on the chain
On-chain daily trading volume
In April, Solana maintained an average of more than 93 million transactions per day, and as of April 30, it had a total of 2.8 billion transactions, continuing to lead the entire chain. Base and Sui are stable in the range of 7 million and 6.1 million transactions, showing strong activity. The daily trading volumes of Polygon PoS and Ethereum are more than 2.9 million and 1 million transactions respectively, and the trend is relatively stable. TON and Bitcoin transaction volumes are low, basically maintaining between 200,000-400,000 transactions.
Overall, Solana is firmly ranked first, while the emerging chain Base and Sui are still small in overall scale, but they have frequent interactions and strong ecological momentum. Base benefited from the support of Coinbase ecosystem and the active promotion of Meme coins. Not only did the average daily transaction volume stabilize more than 7 million transactions, but it also recorded nearly US$350,000 in mid-April, showing commercialization potential. With the advantages of Move language development and support of usage scenarios such as games and NFT, Sui has an average daily transaction volume of 6.1 million transactions, maintaining high-frequency interaction. Both have rapidly expanded in a low-cost and high-interactive on-chain environment, becoming the representative of emerging public chains with the most growth potential. 【1】
Daily Gas Fees for Each Chain
During April, Solana's Gas revenue continued to lead, with an average daily expense of over US$1.2 million, and a total of US$37.5 million as of April 30. Bitcoin and Ethereum are following closely behind, with an average daily income of approximately $500,000-700,000. Base once surged to nearly $350,000 in the middle of the month, performing well. The average daily expenses of Sui, Polygon PoS and TON are still below $50,000, maintaining a low level. Overall, the leading chains continue to lead in handling fee revenue, while emerging chains such as Base have gradually shown commercialization potential. 【2】
The user base and ecological power behind high-frequency interactions
During April, Solana not only maintained an average of 93 million transactions per day, but also maintained an active daily address of more than 4 million, with an average of about 4.5 million per month, indicating that transaction activity is not driven only by robots or a single protocol, but is based on a broad user base. Especially on April 11, the active addresses once exceeded 6.2 million, further highlighting the concentrated outbreak of ecological popularity.
In addition, Solana's average daily Gas revenue exceeds US$1.2 million, far higher than most public chains, indicating that on-chain transactions are not only frequent, but also have real handling fee support, and is not "zero cost-effective". This trend is closely related to MEV reward mechanisms such as Jito. A large number of high-frequency traders and arbitrage robots are active on the chain, driving the increase in fees. Meme coin issuance platforms such as Pump.fun continue to attract creators to flow in. In addition, the Swap operation volume supported by aggregation trading platforms such as Jupiter enables on-chain interactions to maintain a high level for a long time. 【3】
Net traffic for public chain bridge
Among the data on fund flows of various public chains in April, as of April 28, Ethereum recorded a net inflow of more than US$904 million, ranking first in the entire network, reversing the trend of continuous outflow of funds in the first three months and re-establishing its core position as a "value precipitation site". This return trend may be related to macro backgrounds such as the rebound in market risk preferences, the stabilization of L2 on-chain activities, and the heating of ETF expectations, attracting long-term capital to return to the main chain.
Among emerging public chains, Sonic performed well, attracting net inflows of more than US$124 million in a single month, jumping to second place on the list, reflecting that its high-performance architecture and low-cost transactions have attracted the attention of new capital, and its ecological growth potential is recognized by the market. At the same time, Base and Arbitrum recorded net inflows of approximately US$64.8 million and US$62.1 million respectively, indicating that some L2 networks still maintain net inflows, benefiting from stable developer base and user growth. Small ecological chains such as Sui and Hyperliquid maintain a small net inflow, reflecting that they still have the ability to attract money in vertical scenarios (such as transactions and games).
Relatively speaking, Berachain experienced a net outflow of up to $704 million, the largest of all chains. OP Mainnet and Polygon PoS also leaked US$400 million and US$57 million respectively, indicating that some funds were transferred to other public or off-chain markets in the short term. Overall, capital flows rebounded structurally in April, Ethereum returned strongly, and Sonic emerged. Some early hot projects faced pressure to redistribute funds, and the competition pattern of public chains is quietly changing. 【4】
Analysis of Key Bitcoin Indicators
The following will filter and analyze several key Bitcoin indicators and summarize market trends based on them.
Billing trends in different holding scales of Bitcoin: large funds continue to buy net, and the rebound signal is clear
According to Glassnode data, during the recent rebound in Bitcoin prices, large capital holders have clearly shown continuous buying behavior:
• Holding over 10,000 BTC wallet addresses with cumulative scores ranging from 0.9 to 1, showing almost full net buy.
• Hold addresses of 1,000 to 10,000 BTC , with cumulative scores ranging from 0.7 to 0.8, indicating that the group is actively increasing.
•The cumulative score of medium-sized coin holders with 10 to 1,000 BTC rebounded to around 0.5, indicating that they changed from neutral to bias to buying.
This means that during the rebound of Bitcoin price since its correction in mid-April, big funds (whales) have taken the lead in entering the market and continue to absorb chips, driving market confidence to gradually recover. Such funds have always had a significant impact on price trends, and their concentrated position building behavior is usually regarded as an important signal of medium- and long-term rise. 【5】【6】
UTXO net growth turns positive, Bitcoin chain activity rebounds
UTXO (Unspended Transaction Output) is the most basic unit of accounting in Bitcoin and can be regarded as "change" that has not been used yet, controlled by the private key of the corresponding address until it is used in the next transaction. Its mechanism ensures the transparency and traceability of blockchain and is the core of Bitcoin’s decentralized structure. The total number of UTXOs reflects the activity on the chain. The increase usually indicates an increase in transaction frequency, an increase in new addresses or a dispersed funds, which represents an active network; the decrease may indicate transaction integration, a decrease in users or a wait-and-see market, reflecting a slowdown in network usage.
According to Glassnode on-chain data, since April 11, UTXO's net growth value has continued to turn positive, with the green columnar part increasing significantly, indicating that network activity is gradually recovering, and on-chain transaction behavior tends to be frequent. At the same time, the total UTXO volume has also begun to rebound, echoing the rising trend of Bitcoin prices, indicating that the market may be experiencing a new growth cycle or in an early recovery phase. This indicator provides an important reference for on-chain capital flow and user participation, and is often regarded as a leading signal for judging market popularity and on-chain health. 【7】
It is worth noting that although UTXO turned positive in April, reflecting an increase in on-chain transaction activity, the number of new addresses (Number of New Addresses) has not seen a significant increase. According to Glassnode data, the new addresses in April remained roughly in the range of 300,000 to 350,000 per day, lacking significant breakthroughs, indicating that this round of chain recovery is more due to the return of existing users and the increase in transaction frequency , rather than the entry of new investors.
This structural feature shows that the current market is still in the recovery stage dominated by existing users , and new users have not yet formed a trend expansion. Although the chain indicators are generally positive, if we want to support a longer-term price upward trend, we still need to continue to pay attention to whether the new addresses will increase simultaneously with the price rising to verify whether the market has entered a new stage of "incremental capital promotion". 【8】
Bitcoin profit address ratio rises to 93%, market sentiment warms up
While existing users are returning and increasing the frequency of interactions, market sentiment is gradually warming up with the price rebound. This can be further observed from the changes in the proportion of profit addresses. According to Glassnode data, during the recent rebound in Bitcoin prices, the proportion of coin holding addresses on the chain that are in a profitable state has risen simultaneously. This indicator (Percent of Addresses in Profit) represents the proportion of addresses whose current currency price is higher than the average buying price of the address, and can be used to measure the overall "coin holding profit status" of the market.
Judging from the chart, the proportion has rebounded rapidly since the Bitcoin price rose in mid-April, and has now reached 93%. This means that most investors have returned to profitability, and the pressure on floating losses caused by earlier adjustments is rapidly easing. This trend usually indicates that market sentiment is shifting from pessimism to neutral or even more large, which not only helps stimulate new buying momentum, but may also be accompanied by partial profit settlement. If the price continues to run at a high level and drives the proportion of profit addresses to further increase, the market may enter the early stage of a new round of rising cycle. 【9】
Market trend summary
In April, the ecological performance on the chain was differentiated, and Solana was firmly the champion of trading volume and Gas revenue, showing strong main chain strength; Base and Sui's activity increased, and its potential was revealed. Although Ethereum has led the inflow of funds, its on-chain activity is relatively stable; Berachain, Polygon PoS, etc. are facing pressure on capital outflows. Overall, mainstream chains have consolidated their leading position and competition in emerging chains has intensified.
According to the on-chain data, Bitcoin is currently in the early stage of a structural rebound. Large-scale coin holders are the first to enter the market and continue to build positions, becoming an important driving force for this round of price recovery. On-chain Unspended Transaction Output (UTXO) has turned positive since mid-April, and the transaction frequency and network activity have increased simultaneously, indicating that on-chain momentum has recovered. However, it should be noted that Glassnode data shows that the number of new addresses added during April did not increase significantly, with an average daily increase of between 300,000 and 350,000, 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 profit addresses quickly rebounded to 93%, reflecting that most investors in the market have returned to profitable state, panic has significantly eased, and the sentiment is gradually turning to neutral and tending to be more neutral. If prices continue to strengthen with the active indicators on the chain and drive the simultaneous growth of new users, the market is expected to further usher in incremental funds entering the market and enter the next round of upward cycle.
Popular projects and token dynamics
Overview of popular project data
LaunchLab
On April 16, the leading decentralized exchange of Solana's ecologically-leading decentralized exchange officially launched the token issuance platform LaunchLab, providing creators and developers with low-threshold, non-censored on-chain token issuance and liquidity startup tools. [10] Users can issue tokens using a variety of pricing curves (linear, index, logarithmic) and quotation assets (such as SOL), and integrate AMM V4 and lock-up mechanism; creators can also continue to receive 10% of the AMM transaction fee after the token "graduate".
In the past two weeks of online launch, as of April 28, the LaunchLab platform has created a total of 25,207 tokens, of which only 211 (0.84%) have successfully raised funds and moved to the AMM liquidity pool, indicating that the threshold for success is high. The token creation peak was concentrated on April 27, with more than 7,500 creations in a single day; while the graduation token peak was concentrated on April 25 and 26, with a total of more than 110 graduations in two days. Overall, although LaunchLab lowered the threshold for issuing tokens, the success of the project still depends on team strength and market recognition. 【11】
Taking April 28 as an example, the two major token issuance platforms on Solana’s chain are in sharp contrast:
•Pump.fun creates 29,612 tokens, of which 1,327 have successfully graduated with a graduation rate of 4.5%.
•Raydium’s LaunchLab creates 4,272 tokens, of which 104 have 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 most of the share of Solana's full chain
issuance, and its share remains at a high level even after LaunchLab was
launched. Especially at the beginning of March and the end of April,
Pump.fun's daily issuance accounted for more than 65%, indicating that it
still maintains its leading position in terms of releases and user activity.
Although LaunchLab provides more flexible issuance mechanisms and economic
incentives, from the perspective of penetration rate and market dominance,
Pump.fun is still the most important coin issuance platform on Solana. 【13】
Overall, LaunchLab, as a new token issuance platform launched by Raydium, quickly gathered a large number of creators and project parties in a short period of time, showing strong ecological appeal and on-chain innovation vitality. Although the overall graduation rate is still in its early stages of development, 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 high-quality projects in the future. With the continuous improvement of the market mechanism and the gradual maturity of the community ecology, LaunchLab is expected to become an important force in promoting Solana's on-chain financial innovation and user participation.
Overview of popular token data
$TRUMP — TRUMP token is a Meme coin with politicians as the theme. It is deployed on high-performance blockchains such as Solana. It is favored by developers for its low transaction costs and convenient issuance mechanism. The token is based on the public image of the current US President Trump. It is widely used in the PolitiFi (political and financial) sector, combining community culture, hot events and social media communication, and successfully attracting market attention.
On-chain activity
The surge in the price of $TRUMP in this round was mainly driven by market news. President Trump announced on April 24 that he would have dinner with the top 220 $TRUMP holders at a golf club near Washington in May, and specially invited the top 25 top holders to participate in private receptions and White House tours. The news quickly spread on social platforms, igniting market sentiment, and pushing the $TRUMP price by more than 50% in a short period of time, becoming one of the core hot spots in the Meme currency market recently. 【14】
This activity not only significantly increased the on-chain activity of
$TRUMP, but also led the market to refocus on the potential of the PolitiFi
field. Investors have begun to actively participate in the position ranking
competition and are paying attention to whether there are more similar equity
incentive mechanisms in the future. On-chain data shows that since the
announcement of the news on April 24, the number of $TRUMP addresses worth
more than $1,000 has increased from about 18,000 to 21,900, an increase of
more than 21%; the overall number of coin addresses has also climbed from
640,000 to 643,000, further confirming that the market popularity has spread
from core communities to a wider user group, showing the strong communication
and attraction ability of political Meme coins driven by topics. 【15】【16】
It is worth noting that according to Chainalysis data, since $TRUMP was launched, its issuing team has accumulated more than US$320 million in revenue through transaction fees, reflecting that the project has strong ability to attract money in addition to hype. On May 5, Trump also once again promoted the upcoming dinner on May 22, continuing to amplify market attention and topics. This phenomenon highlights the diversification trend of capital flows in the crypto market, and also reminds investors to maintain a risk awareness when facing such high-volatility assets and carefully evaluate their long-term value and sustainability. 【17】
Summarize
In April 2025, the on-chain ecology showed obvious differentiation. With its average daily transaction volume of more than 93 million transactions and more than 4.5 million daily active addresses, Solana continues to be the leader in the main chain, with an average daily Gas revenue exceeding US$1.2 million, indicating that its trading activities are based on real users and benefit from active ecological interaction and coin creation boom. Base and Sui's activity increased simultaneously, showing the growth momentum of emerging chains.
The on-chain structure of Bitcoin has also continued to improve, with the increase in holdings of large-scale addresses, the rebound in the ratio of UTXO to profitable addresses (up to 93%) jointly supporting the recovery 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 dominated by existing users, and the widespread new funds have not yet been fully launched.
In terms of popular projects, Solana's LaunchLab quickly gathers creator resources and enriches the on-chain asset structure; the political Meme currency $TRUMP achieves a short-term price surge of more than 50%, and the on-chain coin holders have significantly expanded. According to Chainalysis data, its issuing team has accumulated more than US$320 million in handling fee income, highlighting its dual advantages in communication power and money-making ability.
Overall, on-chain activity and capital flow are recovering simultaneously, and ecological development is gradually expanding from the basic chain to the application layer. Combined with the recovery of market sentiment and the rebound in risk appetite, it is worth continuously tracking the subsequent on-chain trends of mainstream assets and hot agreements.
References:
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13.Dune, https://dune.com/cryptomancers/memecoins-cold-war
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15.Dune, https://dune.com/gate_research/official-trump-token
16.Dune, https://dune.com/seoul/trump
