Analysis Report on On-chain Activities of Korean Users: Ethereum, Base, and Solana Ecosystems in the First Half of 2025

Summary

This report analyzes the on-chain activities of Korean users in the Ethereum, Base, and Solana ecosystems during the first half of 2025. As the market matures, the activities of Korean cryptocurrency users have expanded from centralized exchanges to on-chain ecosystems. User behavior across different blockchains shows significant differences, necessitating systematic user segmentation to formulate effective market strategies.

1. Overview of On-Chain User Activity in South Korea in the First Half of 2025

Korean users are gradually expanding from exchanges to on-chain ecosystems, marking the gradual maturation of the market. On-chain activities are growing rapidly, forming a multi-layered market structure. The IXO 2025 event held in January 2025 further confirms this market shift, with the number of digital asset investors in Korea exceeding 10 million, and the cryptocurrency market has established connections with mainstream audiences.

International participants are beginning to gain a deeper understanding of the participation of on-chain users in South Korea, no longer viewing the country as an exchange-centered market structure. However, systematically acquiring relevant on-chain data remains a significant challenge. This report provides a reference for a deeper understanding of the South Korean market by collecting on-chain activity data from approximately 80,000 wallets.

2. Characteristics of Korean Users: Ethereum, Base, and Solana

2.1 Event Time

• Ethereum, Base: 9 AM to 11 PM
• Solana: Midnight to 8 AM

Korean users exhibit significant differences in participation patterns across different blockchains. Ethereum and Base users concentrate their activities during regular hours, while Solana users remain active during the early morning hours. This indicates that Korean users have a high adaptability to the global market, with active investment tendencies that transcend the limitations of time zone adjustments.

2.2 Capital Distribution

The distribution of funds across different blockchains varies significantly. The total assets held by Korean users on Ethereum amount to approximately $400 million, which is about nine times the total assets on Base and Solana. Ethereum attracts conservative large investors who prioritize stability, while Solana attracts a large number of retail investors seeking high returns. Base attracts medium investors who fall between the two.

2.3 User Activity Trends

The trading volume of Ethereum remains stable over the long term, with users focusing more on practical activities. The trading pairs of Base and Solana are sensitive to overall market sentiment and short-term events. Solana has a higher user churn rate due to its specific event structure. Base benefits from a diverse range of applications and services, with the number of active users steadily increasing.

2.4 Application Usage

Solana on-chain activities are transaction-centric, with users primarily focused on DeFi trading. On Ethereum and Base, users are more actively participating in remittance and deposit activities, utilizing stablecoins for operations. A certain InfoFi service on Base is one of the main drivers attracting users. Korean users respond positively to the reward structure and tend to generate returns through token staking and incentive claims.

3. Summary

Korean users cannot be regarded as a homogeneous group. They demonstrate strong adaptability to the global market, with clear differentiation in strategies and investment tendencies across different chains, and show a high interest in incentive-based services.

Global projects considering entering the South Korean market need to develop customized strategies that align with user characteristics. Strategy development should prioritize selecting blockchains that are suitable for the target user segmentation. On the operational level, providing services based on the North American time zone will not pose significant problems. User acquisition and retention require a clear and sustainable incentive structure. Most importantly, these users should be viewed as partners in the ecosystem's development rather than just simple users.