Web3 on-chain Data Interpretation: Solana Performed Actively in April, Ethereum Funds Flow Back

Summary

In April, the daily average transaction volume of Solana exceeded 93 million, with a total of 2.8 billion transactions for the month, continuing to lead the entire chain.

As of April 28, Ethereum recorded a net inflow of over $904 million, ranking first across the entire network.

Wallet addresses holding over 10,000 BTC are almost in a state of full net buying.

The net growth value of BTC UTXO has turned positive, indicating a rebound in momentum, with new addresses maintaining an average of around 300,000 per day.

As of April 28, the LaunchLab platform has created a total of 25,207 tokens, with a graduation rate of about 0.84%.

$TRUMP saw a price surge of over 50% due to the golf dinner and White House tour events, with on-chain holdings and activity levels increasing simultaneously.

on-chain Data Summary

on-chain overall situation

on-chain daily trading volume

In April, Solana's daily average transactions exceeded 93 million, with a monthly total of 2.8 billion, continuing to lead. Base and Sui stabilized at around 7 million and 6.1 million transactions respectively, showing strong activity. Polygon PoS and Ethereum's daily transaction volumes were both above 2.9 million and 1 million respectively, remaining relatively stable. TON and Bitcoin's transaction volumes maintained between 200,000 and 400,000 transactions.

Overall, Solana remains in the lead. Although Base and Sui are still small in scale, they have frequent interactions and strong ecological momentum. Base benefits from the support of the Coinbase ecosystem and the activity of meme coins, with an average daily trading volume exceeding 7 million transactions and nearly $350,000 in daily Gas revenue in mid-April. Sui, leveraging the advantages of the Move language in scenarios such as gaming and NFTs, achieves an average daily trading volume of 6.1 million transactions. Both are rapidly expanding in a low-fee, high-interactivity environment, becoming representatives of the most promising emerging public chains.

Daily Gas Fees for Each Chain

In April, Solana's gas revenue led, averaging over $1.2 million per day, with a monthly total of $37.5 million. Bitcoin and Ethereum followed closely, averaging $500,000 to $700,000 per day. Base peaked at nearly $350,000 in the middle of the month. Sui, Polygon PoS, and TON had daily fees below $50,000. Overall, leading chains generated significant fee income, while emerging chains like Base showed commercial potential.

The User Base and Ecological Dynamics Behind Solana's High-Frequency Interactions

In April, Solana had an average of 93 million transactions per day, with daily active addresses maintaining over 4 million, averaging about 4.5 million per month, showing a broad user base. On April 11, active addresses exceeded 6.2 million, highlighting a concentrated surge in ecosystem activity. Daily Gas revenue surpassed $1.2 million, significantly higher than most public chains, indicating that transactions have real fee support. This is related to MEV reward mechanisms like Jito, meme coin platforms like Pump.fun, and aggregation trading platforms like Jupiter.

Public Chain Bridge Net Flow

As of April 28, Ethereum recorded a net inflow of over $904 million, leading the amount and reestablishing its position as a "value reservoir." Sonic attracted a net inflow of over $124 million, ranking second. Base and Arbitrum recorded net inflows of approximately $64.8 million and $62.1 million, respectively. Smaller ecosystems like Sui and Hyperliquid maintained slight net inflows. Berachain experienced an outflow of $704 million, while OP Mainnet and Polygon PoS had outflows of $400 million and $57 million, respectively. Overall, the funding flow structure showed a recovery in April, changing the competitive landscape of public chains.

Bitcoin Key Indicator Analysis

Bitcoin different position size buying trend: large funds continue to net buy

The wallet address holding over 10,000 BTC has a cumulative score between 0.9 and 1, indicating almost complete net buying.

Addresses holding between 1,000 to 10,000 BTC, with a cumulative score between 0.7 to 0.8, are actively accumulating.

Medium holders with 10 to 1,000 BTC have seen their scores rebound to around 0.5, shifting towards a buying preference.

Large funds have taken the lead in entering the market and continuously building positions, boosting market confidence, and are typically regarded as a signal for medium to long-term price increases.

UTXO net growth turns positive, Bitcoin on-chain activity rebounds

Since April 11, the net growth value of UTXO has continued to turn positive, indicating a rebound in network activity and a trend of increasing on-chain transactions. The total amount of UTXO has begun to rise, corresponding with the upward trend in Bitcoin prices, suggesting that it may be in an early recovery phase.

Although the UTXO has turned to positive growth, the number of new addresses has not seen significant growth, remaining in the daily range of 300,000 to 350,000. This indicates that the current recovery is more driven by the return of existing users and an increase in transaction frequency, rather than the entry of new investors. The current market is still in a recovery phase dominated by existing users, and new users have not yet formed a trend of expansion.

The proportion of profitable Bitcoin addresses rises to 93%, market sentiment warms up

Recently, during the rebound of Bitcoin prices, the proportion of addresses holding coins that are in profit on-chain has risen simultaneously. Since mid-April, this proportion has quickly recovered to 93%. Most investors have returned to a profitable state, alleviating the floating loss pressure caused by earlier adjustments. This trend indicates that market sentiment is shifting from pessimistic to neutral or even bullish, which could help stimulate new buying momentum, and may also be accompanied by some profit-taking.

Market Trend Summary

In April, the on-chain ecosystem showed differentiation, with Solana firmly holding the championship in both trading volume and Gas revenue; Base and Sui saw increased activity; Ethereum led in capital inflow but maintained steady on-chain activity; Berachain, Polygon PoS, and others faced capital outflow pressure.

Bitcoin is in the early stage of a structural rebound, with large holders entering the market first and continuing to build their positions. UTXO has turned to positive growth since mid-April, with an increase in transaction frequency and network activity. However, the number of new addresses has not shown significant improvement, and the current recovery is mainly driven by existing users. The proportion of profitable addresses has risen to 93%, and market sentiment has shifted to a neutral to bullish stance. If prices and on-chain activity indicators continue to strengthen and drive new user growth, the market is expected to welcome incremental capital inflow.

Popular Projects and Token Dynamics

Overview of Popular Project Data

LaunchLab

Raydium launched its token issuance platform LaunchLab on April 16, providing creators with low-threshold, uncensored on-chain token issuance tools. As of April 28, a total of 25,207 tokens have been created on the platform, with 211 of them successfully raising funds and migrating to the AMM liquidity pool, accounting for 0.84% of (. The peak of token creation occurred on April 27, with over 7,500 in a single day; the peak of graduation tokens was on April 25 and 26, with a total of over 110 in two days.

On April 28, a comparison of the two major token platforms on the Solana chain:

• Pump.fun created 29,612 tokens, 1,327 graduated, graduation rate 4.5%
• LaunchLab created 4,272 tokens, 104 graduated, graduation rate 2.4%

Pump.fun has long accounted for the majority share of the total supply on Solana, with its daily proportion exceeding 65% at the beginning of March and the end of April, leading in issuance quantity and user activity.

Overall, LaunchLab has gathered a large number of creators in the short term, showcasing its ecological appeal and innovative vitality. Although the graduation rate is at an early stage, the platform lowers the issuance threshold and enriches the on-chain application and asset diversity, laying the foundation for the incubation of high-quality projects in the future.

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) Overview of Popular Token Data

$TRUMP

$TRUMP is a political-themed meme coin deployed on high-performance blockchains like Solana. On April 24, Trump announced that he would have dinner with the previous 220 holders and invited the top 25 holders to a private reception and a tour of the White House. The news drove the price of $TRUMP up over 50%, making it a core hotspot in the recent meme coin market.

On-chain data shows that since the news was announced on April 24:

• The number of addresses holding a value of over $1,000 increased from 18,000 to 21,900, a growth of 21%
• The total number of wallet addresses increased from 640,000 to 643,000.

According to Chainalysis data, since the launch of $TRUMP, the issuing team has accumulated over $320 million in revenue through transaction fees, demonstrating a strong ability to attract capital. On May 5th, Trump promoted the dinner on May 22nd again, continuing to amplify market attention.

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Summary

In April 2025, the on-chain ecosystem will show significant differentiation. Solana has an average daily transaction volume of 93 million, 4.5 million daily active addresses, and an average daily Gas revenue of $1.2 million, maintaining its leading position among main chains. Base and Sui are experiencing increased activity, showcasing the growth potential of emerging chains.

Improvements in the on-chain structure of Bitcoin, with large addresses increasing holdings, UTXO turning positive, and the proportion of profitable addresses rising. ) supports the restoration of market confidence. The number of new addresses maintains a daily average of 300,000 to 350,000, indicating that the rebound is primarily driven by existing users.

LaunchLab quickly gathers creator resources, enriching the asset structure on the Solana chain. $TRUMP leverages offline topics and community incentives, with a price surge of 50%, significantly expanding on-chain users and accumulating over $320 million in fee revenue.

Overall, on-chain activity has rebounded in sync with capital flows, and the ecosystem has expanded from the base layer to the application layer. Coupled with the recovery of market sentiment and the rise in risk appetite, it is worth continuing to pay attention to the subsequent on-chain dynamics of mainstream assets and popular protocols.