June 2025 On-chain Data Interpretation: Ethereum Reclaims Top Spot in Revenue, Bitcoin Institutionalization Trend Strengthens

Abstract

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

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

• The on-chain transaction volume of BTC has plummeted, with the proportion of high-value transactions rising to 89%. Under the pattern of "price rising and volume shrinking", on-chain activities are rapidly moving towards institutionalization.

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

• PumpSwap trading volume exceeds 38 billion, with user numbers breaking 9 million, continuously leading a new pattern in the Solana DEX market.

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

On-chain Data Summary

On-chain activities and capital flow overview

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

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

According to data from the data platform, as of June 30, 2025, Solana firmly holds the top position among mainstream public chains with a monthly transaction volume exceeding 2.97 billion, demonstrating strong on-chain throughput capability and active ecological interaction level. Its high-frequency trading is no longer limited to hot applications such as Meme and Bot, but is continuously extending to deeper scenarios like stablecoins, RWA, and financial instruments. In the past week, institutions have accelerated their layout in the RWA and stablecoin fields: Fiserv, with a market capitalization of $90 billion, announced that it will deploy stablecoins on Solana; Republic Crypto launched the rSpaceX stock tokenization product, further expanding Solana's application boundaries in the private placement market.

Apart from Solana, Base has also continued its strong growth trend, with a cumulative transaction volume of 292 million in June, significantly ahead of 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 its 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 official entry into the mainstream payment system. Meanwhile, a large bank has also initiated a pilot project for the deployment of deposit tokens on Base, promoting the on-chain of bank-level assets and further enhancing its practicality in RWA and financial scenarios.

In contrast, traditional Layer 1 public chains such as Ethereum and Bitcoin maintain a steady trading rhythm, with monthly transaction volumes of 41.95 million and 10.28 million, respectively. Although their frequency is not as high as 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 show significant advantages in trading data for June, steadily consolidating their dominant positions in the high-frequency interaction ecosystem. In contrast, the momentum of some Ethereum scaling solutions is slowing down, with funds and user attention gradually shifting towards emerging high-performance chains. The evolution of on-chain trading volume not only reflects technological strength and user activity but also indicates the direction of future ecological competition. Moving forward, it is still necessary to combine interaction quality and real user data to continuously validate their sustainability and ecological depth.

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

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

Bitcoin ranks third with $14.75 million, and although its transaction count and active addresses are not as strong as Solana, it still retains a strong ability to generate fees as a value store and with the gradual emergence of the BTC L2 ecosystem. Base's revenue this month has seen a month-on-month decline, dropping from $5.87 million in May to $4.87 million in June. Although it still significantly leads 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 curve of Ethereum and Bitcoin is relatively stable, representing their primary service for high-value interaction demands; the fee of Solana, on the other hand, shows a fluctuating upward trend, closely related to the activity of high-frequency scenarios in its ecosystem. Base's short-term correction also reflects that its user growth and capital inflow are still in the early integration stage.

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

Active Address Analysis: Solana leads, Base closely follows.

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

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

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

The user activity of Ethereum and Arbitrum is relatively lagging, with daily average addresses of 440,000 and 320,000, respectively. This shows that user interaction willingness has contracted under the influence of high Gas costs and a lack of emerging application drivers. Especially in topics such as Memes, Bots, and RWA, users have gradually shifted to 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 L2s driven by real-world applications are replacing traditional strong chains as the focal point of the ecosystem. User activity not only serves as a prerequisite for transaction growth but also represents the direction of future ecosystem capital and developer resource aggregation, making it worthwhile to continuously track the subsequent development quality and user stickiness performance.

Public chain capital flow analysis: Ethereum leads, Base pulls back, Polygon lays out DeFi track

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

The capital inflow to Polygon may be related to its recent ecological layout. Polygon Labs has partnered with a certain crypto market maker to launch the DeFi-focused Layer 2 network Katana, which aims to address issues of asset fragmentation and unsustainable yields. Katana employs a centralized screening mechanism and uses VaultBridge to funnel funds back to the mainnet for lending, creating an efficient closed loop that attracts institutions and high-net-worth users. 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 capital outflow from Base, this is more likely due to a temporary correction rather than a weakening ecosystem. In fact, in mid-June, Base experienced strong capital inflow, benefiting from the deep integration with a certain trading platform, collaboration with a certain e-commerce platform to expand USDC payment scenarios, and several positive developments such as a large bank testing deposit tokens on-chain, which rapidly increased the ecosystem's activity. Currently, Base's TVL has reached 3.4 billion USD, with a stablecoin market value of 4.1 billion USD, and the core protocols are performing strongly. Short-term capital flows may be affected by market rotation and arbitrage, but in the medium to long term, Base still has the potential for sustained expansion and capital inflow.

The current capital flow reflects the structural differentiation among mainstream public chains. Ethereum continues to solidify its core position with technological upgrades and institutional support, while Polygon strengthens its voice in the DeFi sector through its Katana layout. Although Base has seen short-term net outflows, its ecological fundamentals remain robust with multiple real-world applications and institutional collaborations, showing potential for capital inflow and re-expansion in the future. Overall, capital is embarking on a new round of allocation and rotation centered around the three core aspects of "technological strength + scenario implementation + capital integration."

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

Bitcoin Key Indicator Analysis

As the price of Bitcoin continues 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 changes in average transaction amounts, the entity-adjusted volume breakdown, and the cost basis distribution.