Summary
• In April, Solana maintained an average of over 93 million transactions per day, totaling 2.8 billion by April 30, continuing to lead the entire chain.
• In April, among the capital flow data of various public chains, as of April 28, Ethereum recorded a net inflow of over $904 million, ranking first across the network.
• Wallet addresses holding more than 10,000 BTC, with cumulative scores between 0.9 and 1, indicating almost a completely net buying state.
• Bitcoin's UTXO net growth value continues to turn positive, indicating a recovery of momentum, while the number of new addresses remains at an average of 300,000, with the rebound 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 approximately 0.84%.
• $TRUMP leveraged a golf dinner and White House tour to ignite market enthusiasm, with prices soaring over 50% and both on-chain holdings and activity increasing.
On-chain data summary
Overall on-chain situation
On-chain daily transaction volume
In April, Solana maintained an average of over 93 million transactions per day, totaling 2.8 billion by April 30, continuing to lead the entire chain. 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 exceeded 2.9 million and 1 million, respectively, showing relatively stable trends. TON and Bitcoin's transaction volumes were low, basically maintaining between 200,000 and 400,000 transactions.
Overall, Solana remains at the top, while emerging chains Base and Sui, though still small in scale, exhibit frequent interactions and strong ecological momentum. Base benefits from the support of the Coinbase ecosystem and the active push of meme coins, maintaining an average daily transaction volume exceeding 7 million and even recording nearly $350,000 in daily gas revenue in mid-April, showing commercial potential. Sui, on the other hand, leverages the advantages of Move language development and use cases like gaming and NFTs, achieving an average daily transaction volume of 6.1 million, maintaining high-frequency interactions. Both are rapidly expanding in a low-fee, high-interactivity on-chain environment, representing the most promising emerging public chains.
Daily gas fees of each chain
During April, Solana's gas revenue continued to lead, with daily fees exceeding $1.2 million, accumulating to $37.5 million by April 30. Bitcoin and Ethereum followed closely behind, with average daily revenues approximately between $500,000 and $700,000. Base spiked to nearly $350,000 in mid-April, showing strong performance. Sui, Polygon PoS, and TON's daily fees remained below $50,000, maintaining low levels. Overall, leading chains continue to excel in fee revenue, while emerging chains like Base are gradually showing commercial potential.
User base and ecological dynamics behind Solana's high-frequency interactions
During April, Solana not only maintained an average of 93 million transactions per day, but also kept daily active addresses above 4 million, averaging about 4.5 million per month, indicating that trading activity is not driven solely by bots or a single protocol but is based on a broad user base. Especially on April 11, active addresses once exceeded 6.2 million, further highlighting the explosive concentration of ecological activity.
In addition, Solana's average daily gas revenue exceeds $1.2 million, far higher than most public chains, indicating that on-chain transactions are not only frequent but also supported by real fees, not 'zero-cost volume'. This trend is closely related to MEV reward mechanisms like Jito, with many high-frequency traders and arbitrage bots active on-chain, driving up fees. Platforms for issuing meme coins like Pump.fun continue to attract creator inflow, combined with the transaction volume supported by aggregation platforms like Jupiter, keeping on-chain interactions at high levels over the long term.
Public chain bridge net flow
In the capital flow data of various public chains in April, as of April 28, Ethereum recorded a net inflow of over $904 million, ranking first across the network, reversing the trend of continuous outflows in the previous three months and re-establishing its core position as a 'value reservoir'. This reflow trend may be related to a rise in market risk appetite, stabilization of L2 on-chain activities, and warming expectations for ETFs, attracting long-term capital back to the main chain.
Among emerging public chains, Sonic performed well, attracting over $124 million in net inflow in a single month, jumping to second place in the rankings, reflecting its high-performance architecture and low-cost trading attracting new capital attention, with ecological growth potential recognized by the market. Meanwhile, Base and Arbitrum recorded net inflows of approximately $64.8 million and $62.1 million, respectively, indicating that some L2 networks still maintain a net inflow of funds, benefiting from a stable developer base and user growth. Smaller ecological chains like Sui and Hyperliquid maintained slight net inflows, reflecting their ability to attract funds in vertical scenarios (such as trading and gaming).
In contrast, Berachain has seen a net outflow of up to $704 million, the highest among all chains. OP Mainnet and Polygon PoS also experienced outflows of $400 million and $57 million, respectively, indicating that some capital is being adjusted to other public chains or off-chain markets in the short term. Overall, the capital flow structure in April showed signs of recovery, with Ethereum making a strong comeback, Sonic rising sharply, while some early hot projects face pressure for capital redistribution, leading to subtle changes in the competitive landscape among public chains.
Analysis of key Bitcoin indicators
The following will filter and analyze several key indicators of Bitcoin and summarize market trends based on this.
Trends in Bitcoin buying across different holding scales: large funds continue to net buy, rebound signals are clear.
According to Glassnode data, during the recent rebound in Bitcoin prices, large capital holders have shown a clear pattern of continuous buying:
• Wallet addresses holding more than 10,000 BTC, with cumulative scores between 0.9 and 1, indicating almost a completely net buying state.
• Addresses holding 1,000 to 10,000 BTC, with cumulative scores between 0.7 and 0.8, indicating that this group is actively accumulating.
• Medium holders holding 10 to 1,000 BTC have seen their cumulative scores rebound to about 0.5, indicating a shift from neutral to a buying inclination.
This means that during the rebound process following the correction in Bitcoin prices since mid-April, large funds (whales) took the lead in entering the market and continued to absorb chips, gradually boosting market confidence. Such funds have a significant impact on price trends, and their concentrated accumulation behavior is often viewed as an important signal for medium to long-term price increases.
UTXO net growth turns positive, Bitcoin's on-chain activity rebounds.
UTXO (Unspent Transaction Output) is the most basic accounting unit in Bitcoin, considered as 'change' that has not yet been used, controlled by the private key of the corresponding address until used for the next transaction. Its mechanism ensures the transparency and traceability of the blockchain and is the core of Bitcoin's decentralized structure. Changes in the total number of UTXOs reflect on-chain activity, an increase usually indicates rising transaction frequency, new address additions, or capital dispersion, representing network activity; a decrease may indicate transaction consolidation, reduced users, or market observation, reflecting a slowdown in network usage.
According to on-chain data from Glassnode, since April 11, the net growth of UTXO has continued to turn positive, with a significant increase in the green bar portion, indicating that network activity is gradually recovering and on-chain trading behavior is becoming more frequent. Meanwhile, the total amount of UTXO has also begun to rebound, echoing the upward trend in Bitcoin prices, suggesting that the market may be experiencing a new growth cycle or is in the early stages of recovery. This indicator provides important references for on-chain capital flow and user participation, often regarded as a leading signal for assessing market heat and on-chain health.
It is worth noting that although UTXO turned to positive growth in April, reflecting an increase in on-chain trading activity, the number of new addresses did not see significant growth. According to Glassnode data, the number of new addresses during April remained at about 300,000 to 350,000 per day, lacking a significant breakthrough, indicating that this round of on-chain recovery is more derived from the return of existing users and increased transaction frequency, rather than the entry of new investors.
This structural characteristic indicates that the current market is still in a recovery phase dominated by existing users, and new users have not formed a trend of expansion. Although on-chain indicators are generally positive, to support a longer-term price uptrend, it is still necessary to continuously monitor whether the number of new addresses increases in tandem with rising prices to verify whether the market has entered a new phase of 'incremental capital-driven' growth.
The proportion of profitable Bitcoin addresses rose to 93%, market sentiment warmed up.
As existing users return and increase interaction frequency, market sentiment is also gradually warming as prices rise, which can be further observed from changes in the proportion of profitable addresses. According to Glassnode data, during the recent rebound in Bitcoin prices, the proportion of holding addresses in profit on-chain has risen in tandem. This indicator (Percent of Addresses in Profit) represents the proportion of addresses where the current price is higher than the average purchase price of the address, which can be used to measure the overall 'holding profit state' of the market.
From the chart, since Bitcoin prices began to rise in mid-April, this ratio has rapidly rebounded, currently reaching 93%. This means that most investors have returned to a profitable state, and the floating loss pressure caused by earlier adjustments is rapidly diminishing. This trend usually indicates that market sentiment is shifting from pessimistic to neutral or even bullish, not only helping to stimulate new buying momentum but may also be accompanied by some profit-taking. If prices continue to operate at high levels and drive the proportion of profitable addresses further up, the market may enter the initial stage of a new rising cycle.
Market trend summary
In April, the on-chain ecology showed differentiation, with Solana leading in both transaction volume and gas revenue, demonstrating strong main chain strength; Base and Sui's activity increased, revealing potential. Although Ethereum led in capital inflows, its on-chain activity remained relatively stable; Berachain, Polygon PoS, and others faced pressure from capital outflows. Overall, mainstream chains consolidate their leading positions, while competition among emerging chains intensifies.
Comprehensive on-chain data shows that Bitcoin is currently in the early stage of a structural rebound, with large holders entering first and continuously accumulating, becoming an important driving force for this round of price recovery. On-chain unspent transaction outputs (UTXO) turned to positive growth since mid-April, and the frequency of transactions and network activity have risen in tandem, indicating a recovery of on-chain momentum. However, it should be noted that Glassnode data shows that the number of new addresses during April did not see a significant increase, maintaining an average of between 300,000 and 350,000 per day, indicating that the current recovery is mainly driven by existing users, and has not welcomed a widespread influx of new funds.
Meanwhile, the proportion of profitable addresses has rapidly rebounded to 93%, reflecting that most investors have returned to a profitable state, panic sentiment has significantly eased, and sentiment is gradually turning neutral to bullish. If prices and on-chain activity indicators continue to strengthen and drive the simultaneous growth of new users, the market is likely to welcome the influx of incremental capital and enter the next round of upward cycles.
Dynamics of popular projects and tokens
Overview of popular project data
LaunchLab
Solana's leading decentralized exchange Raydium officially launched its token issuance platform LaunchLab on April 16, providing creators and developers with low-threshold, uncensored on-chain token issuance and liquidity launch tools. Users can issue tokens using various pricing curves (linear, exponential, logarithmic) and quoting assets (such as SOL), and integrate AMM V4 with locking mechanisms; creators can also continue to receive 10% of AMM trading fees after the token 'graduates'.
Launched for nearly two weeks, as of April 28, the LaunchLab platform has created a total of 25,207 tokens, of which only 211 (0.84%) successfully raised funds and migrated to AMM liquidity pools, indicating a high success threshold. The peak of token creation was concentrated on April 27, with over 7,500 created in a single day; while the peak of graduated tokens was concentrated on April 25 and 26, with a total of over 110 graduates over those two days. Overall, although LaunchLab has lowered the barriers to token issuance, the success of projects still heavily relies on team strength and market recognition.
As of April 28, the two major token issuance platforms on Solana's chain formed a stark contrast:
• Pump.fun created 29,612 tokens, of which 1,327 successfully graduated, with a graduation rate of 4.5%.
• Raydium's LaunchLab created 4,272 tokens, of which 104 successfully graduated, with a graduation rate of 2.4%, significantly lower than Pump.fun.
The number of new coins created by Pump.fun has long accounted for the majority of the total issuance on the Solana chain, even maintaining a high percentage after the launch of LaunchLab. Especially in early March and late April, Pump.fun's daily issuance share exceeded 65%, showing it still leads in terms of issuance quantity and user activity. Although LaunchLab offers a more flexible issuance mechanism and economic incentives, in terms of penetration and market dominance, Pump.fun remains the most significant coin issuance platform on Solana.
Overall, LaunchLab, as a new token issuance platform launched by Raydium, has rapidly gathered a large number of creators and project parties in a short period, demonstrating strong ecological appeal and on-chain innovation vitality. Although the overall graduation rate is still at an early development stage, the platform has successfully lowered the barriers to issuance, enriching the application and asset diversity on the Solana chain, laying a solid foundation for the incubation and growth of more quality projects in the future. With the continuous improvement of market mechanisms and the gradual maturity of the community ecology, LaunchLab is expected to become an important force in promoting financial innovation and increasing user participation on the Solana chain.
Overview of popular token data
$TRUMP - The TRUMP token is a meme coin themed around a political figure, deployed on high-performance blockchains like Solana, favored by developers due to its low transaction costs and convenient issuance mechanism. This token is derived from the public image of current U.S. President Donald Trump, widely used in the PolitiFi (political finance) sector, combining community culture, hot events, and social media dissemination to successfully attract market attention.
On-chain activity
The recent price surge of $TRUMP was primarily driven by market news, with President Trump announcing on April 24 that he would host a dinner with the top 220 $TRUMP holders in a golf club near Washington in May, particularly inviting the top 25 holders to a private reception and tour of the White House. This news quickly spread across social platforms, igniting market sentiment and driving the price of $TRUMP up over 50%, making it one of the core hotspots in the recent meme coin market.
This event not only significantly boosted the on-chain activity of $TRUMP but also rekindled market attention to the potential of the PolitiFi sector. Investors began to actively participate in the ranking competition for holdings and focused on whether more similar incentive mechanisms would emerge in the future. On-chain data shows that since the announcement on April 24, the number of $TRUMP addresses holding over $1,000 rose from about 18,000 to 21,900, an increase of over 21%; the total number of holding addresses also climbed from 640,000 to 643,000, further confirming that market heat has spread from the core community to a broader user base, showcasing the strong dissemination and attraction capability of political meme coins driven by topics.
It is noteworthy that, according to Chainalysis data, since $TRUMP's launch, its issuance team has accumulated over $320 million in revenue from transaction fees, reflecting that the project, beyond speculation, also possesses strong capital attraction capabilities. On May 5, Trump again promoted the upcoming dinner to be held on May 22, continuing to amplify market attention and topic volume. This phenomenon highlights the diversification trend of capital flow in the crypto market and reminds investors to maintain risk awareness when facing such volatile assets, cautiously assessing their long-term value and sustainability.
Conclusion
In April 2025, the on-chain ecology showed significant differentiation. Solana, with an average daily transaction volume exceeding 93 million and more than 4.5 million daily active addresses, continues to maintain its leading position among main chains, with average daily gas revenue exceeding $1.2 million, showing that its trading activities are based on a real user base, benefiting from active ecological interactions and a boom in coin creation.
Bitcoin's on-chain structure continues to improve, with large address accumulation, UTXO turning positive, and the proportion of profitable addresses rebounding (reaching 93%) jointly supporting the repair 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 mainly driven by existing users, and widespread new funds have not yet fully launched.
In terms of popular projects, Solana's LaunchLab quickly gathers creator resources, enriching the on-chain asset structure; the political meme coin $TRUMP, leveraging offline topics and community incentives, achieved a short-term price surge of over 50%, with a significant expansion of on-chain holders. According to Chainalysis data, its issuance team has accumulated over $320 million in transaction fee revenue, highlighting its dual advantages in dissemination and capital attraction.
Overall, on-chain activity and capital flow are synchronously recovering, and ecological development is gradually expanding from the base chain to the application layer. Coupled with the repair of market sentiment and the rise in risk appetite, it is worth continuously tracking the subsequent on-chain movements of mainstream assets and hot protocols.
References:
1.Artemis, https://app.artemisanalytics.com/chains
2.Artemis, https://app.artemisanalytics.com/chains
3.Artemis, https://app.artemis.xyz/project/solana?from=chains&tab=metrics
4.Artemis, https://app.artemisanalytics.com/flows
5.X, https://x.com/glassnode/status/1915315537657180420
6.Glassnode, https://studio.glassnode.com/dashboards/btc-addresses
7.Glassnode, https://studio.glassnode.com/charts/55872440-322a-49c4-7022-499d546b2f98?s=1729758433&u=1745483233
8.Glassnode, https://studio.glassnode.com/charts/addresses.NewNonZeroCount?ema=0&mAvg=0&mMedian=0&s=1730390400&u=1745809904&zoom=
9.Glassnode, https://studio.glassnode.com/charts/addresses.ProfitRelative?s=1729758967&u=1745483767&zoom=182
10.X, https://x.com/RaydiumProtocol/status/1912496080383799632
11.Dune, https://dune.com/maditim/raydium-launchpad
12.Dune, https://dune.com/cryptomancers/memecoins-cold-war
13.Dune, https://dune.com/cryptomancers/memecoins-cold-war
14.Bloomberg, https://www.bloomberg.com/news/articles/2025-04-23/president-trump-to-host-dinner-with-top-holders-of-his-memecoin
15.Dune, https://dune.com/gate_research/official-trump-token
16.Dune, https://dune.com/seoul/trump
17.Fortune, https://fortune.com/crypto/2025/05/06/trump-meme-coin-creators-320-million-fees-presidential-dinner-top-holders/