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

On-chain Data Summary

Overview of on-chain activities and capital flows

In addition to the overall on-chain capital flow analysis, we further selected several key on-chain activity indicators to assess the real usage popularity and activity level of various blockchain ecosystems. These indicators include daily transaction volume, daily fee income, 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 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 flows are accompanied by actual usage demand and user growth, thus identifying networks with sustainable development potential.

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

According to data platform statistics, as of June 30, 2025, Solana maintains its position as the leading mainstream public chain with a monthly transaction volume exceeding 2.97 billion, demonstrating strong on-chain throughput capabilities and a high level of ecological interaction. Its high-frequency trading is no longer limited to hot applications such as Meme and Bot, but is continuously extending to deeper scenarios such as stablecoins, RWA, and financial instruments. In the past week, institutions have accelerated their layout in the RWA and stablecoin sectors: a fintech company with a market capitalization of $90 billion announced it will deploy stablecoins on Solana; a certain crypto investment firm launched a tokenized product for SpaceX stocks, further expanding Solana's application boundaries in the private placement market.

Apart from Solana, Base has also maintained a strong growth trend, with a cumulative transaction volume of 292 million in June, significantly leading a certain Layer 2 (62.7 million) and a certain sidechain (101 million), firmly occupying the forefront of the second tier of Layer 2. Recently, Base has continued to expand 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. At the same time, a certain large bank has also launched a pilot for the deployment of deposit tokens on Base, promoting the on-chain of bank-level assets and 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 pace, with monthly transaction volumes of 41.95 million and 10.28 million respectively. Although they do not match the frequency of high-performance public chains, they still hold an important position in supporting high-value assets and core interactions in DeFi.

Overall, Solana and Base demonstrated significant advantages in trading data in 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 transaction volume not only reflects technical strength and user activity but also indicates the direction of future ecological competition. It will still be necessary to combine interaction quality and real user data to continuously validate sustainability and ecological depth.

On-chain income pattern reshuffled again: Ethereum regains the top spot, Base's 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 income, generating $39.07 million in a single month, solidifying its leading position in the high-value interaction field. 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-earning public chain for that month, demonstrating its strong trading momentum and application explosiveness at specific stages.

Bitcoin ranks third with 14.75 million USD, and although its transaction volume and active addresses are not as high as Solana, it still maintains a strong ability to generate transaction fees as a mainnet for value storage and 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 USD in May to 4.87 million USD in June. Although it still significantly leads a certain Layer 2 (1.68 million USD) and a certain sidechain (approximately 230,000 USD), its growth momentum has slightly slowed, necessitating observation of its real-world applications and the sustainability of capital influx.

From the trend observation, the fee curves of Ethereum and Bitcoin are relatively stable, indicating their primary service of high-value interaction demands; Solana's fees, on the other hand, show a fluctuating upward trend, closely related to the activity of high-frequency scenarios within its ecosystem. Base's short-term pullback 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 the on-chain economic activity but also reflects the changes in the 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 that emerging public chains face when challenging the dominant revenue positions of Ethereum and Bitcoin.

Active Address Analysis: Solana leads, Base closely follows.

According to data from the data platform, as of June 30, 2025, Solana continues to lead the public chain rankings with an average of 4.8 million active addresses per day, far ahead of other Layer 1 chains and significantly surpassing most Layer 2 networks. Solana's user activity primarily 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 ranked second with an average of 1.71 million daily active addresses, demonstrating strong growth momentum. Its user count continued to rise in June, primarily driven by three factors: the expansion of the L2 native ecosystem; the introduction of payment users following the implementation of stablecoins (USDC) in real merchant scenarios; and the migration of structural funds and applications driven by traditional financial institutions' on-chain pilot projects. The user growth of Base is reflected not only in quantity but also in the increase in interaction frequency and the number of active on-chain contracts, gradually forming a full-stack ecological prototype from finance to social.

A certain sidechain and Bitcoin rank third and fourth with daily average active addresses of 570,000 and 500,000, respectively. The former, as a stable Ethereum sidechain, still maintains a certain foundation within 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 relatively steady address growth.

Ethereum's user activity is relatively lagging behind that of a certain Layer 2, with daily average addresses of 440,000 and 320,000 respectively, indicating that user interaction willingness has contracted under the influence of high transaction costs and a lack of emerging application drivers. Especially in themes like Meme, Bot, and RWA, users have gradually shifted towards emerging chains with lower costs and richer applications, reflecting a shift in the competitive landscape between chains.

Overall, the daily active address data for June clearly reflects that the divergence trend between Layer 1 and Layer 2 is accelerating. High-frequency main chains and L2 driven by real-world applications are replacing traditional technically strong chains as the focal point of ecological attention. User activity not only serves as a prerequisite for transaction growth but also represents the direction of future ecological 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, a certain sidechain lays out in the DeFi track.

According to data from the platform, as of nearly one month ago, Ethereum has maintained its dominant position with a net inflow of 5.1 billion USD, demonstrating strong capital-raising capabilities; a certain sidechain follows closely with a recorded net inflow of 263 million USD, continuing a moderate growth trend. In contrast, the Layer 2 network Base has experienced a staggering net outflow of 5 billion USD, becoming the most notable 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 ETH spot ETFs, and ongoing institutional accumulation, among multiple favorable factors, combined with the resurgence of DeFi sector enthusiasm and marginal easing of regulatory policies, further consolidating its "high liquidity + high consensus" core position.

The capital inflow of a certain sidechain may be related to its recent ecological layout. The platform has launched the DeFi-focused Layer2 network Katana in collaboration with a certain crypto market maker, focusing on solving the issues of asset fragmentation and unsustainable returns. Katana adopts a centralized screening mechanism and uses VaultBridge to return funds to the mainnet lending after rebate on-chain, forming an efficient closed loop that attracts institutions and high-net-worth users. This move not only strengthens the positioning of the chain in the DeFi field but also brings a more differentiated Layer2 narrative. The recent net inflow of $263 million recorded by a certain sidechain 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 phase adjustment rather than a weakening of the ecosystem. In fact, in mid-June, Base experienced a strong influx of funds, benefiting from deep integration with a trading platform, collaborations with an e-commerce platform to expand USDC payment scenarios, and a major bank testing deposit tokens on-chain, among other favorable developments, which quickly heated up the ecosystem. Currently, Base's TVL reaches $3.4 billion, with a stablecoin market cap of $4.1 billion, and core protocols performing strongly. Short-term capital flows may be affected by market rotations and arbitrage, but in the medium to long term, Base still has the potential for continued expansion and capital inflow.

The current capital flow reflects a structural differentiation among mainstream public chains. Ethereum continues to solidify its core position through technological upgrades and institutional benefits. A certain sidechain is strengthening its voice in the DeFi field by leveraging Katana, while Base, despite experiencing short-term net outflows, still maintains a solid ecological foundation underpinned by multiple real-world applications and institutional collaborations, showing potential for capital inflow and re-expansion in the future. Overall, capital is engaging in a new round of allocation and rotation centered around the three core aspects of "technical strength + scenario implementation + capital integration."

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

Bitcoin Key Indicator Analysis

As the Bitcoin price continues to consolidate at historical high levels, on-chain data shows several structural changes, reflecting deep adjustments in market participation structure and funding 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 (CBD) heatmap. By cross-examining these three indicators, we aim to clarify the reasons behind the current cooling of on-chain activities and institutional funding.