Summary
Solana continues to lead in trading volume and active addresses, with Base closely following; Ethereum has regained the top spot in fee income due to high-value interactions.
Ethereum leads in capital attraction, Polygon strengthens its DeFi narrative through Katana, while Base, despite a short-term pullback, still possesses long-term growth potential in its ecological foundation.
BTC's on-chain trading volume has plummeted, with the proportion of high-value transactions rising to 89%, accelerating the on-chain activity towards institutionalization under a 'price rise, volume shrink' pattern.
BTC's cost basis distribution reveals key support, with the 93,000–100,000 USDT range becoming the core on-chain defense line.
PumpSwap's trading volume has surpassed $38 billion, with user numbers exceeding 9 million, continuing to lead the new paradigm in the Solana DEX market.
Sei's on-chain trading volume and TVL have both exploded, resonating between ecosystem expansion, technological advantages, and policy capital benefits.
On-chain data summary
Overview of on-chain activities and fund flows
In addition to analyzing the overall on-chain fund flow, we have further selected several key on-chain activity indicators to assess the real usage heat and activity level of various blockchain ecosystems. These indicators include daily transaction volume, daily Gas fees, daily active addresses, and the 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 the public chain ecosystem, helping to determine if capital flows are accompanied by actual usage demand and user growth, thereby identifying networks with sustainable development.
On-chain trading volume comparison: Solana and Base show significantly greater on-chain activity.
According to Artemis data, as of June 30, 2025, Solana has maintained its position as the leading public chain in monthly trading volume with over 2.97 billion transactions, demonstrating strong on-chain throughput capacity and active levels of ecosystem interaction. Its high-frequency trading is no longer limited to memes and bots, but is continuously extending into deeper scenarios such as stablecoins and RWA and financial tools. Over the past week, institutions have accelerated their layout in the RWA and stablecoin sectors: Fiserv, with a market cap of $90 billion, announced that it would deploy stablecoins on Solana; Republic Crypto launched rSpaceX stock tokenization products, further expanding Solana's application boundaries in the private equity market.
Apart from Solana, Base has also continued its strong growth trend, with a cumulative trading volume of 292 million transactions in June, significantly leading Arbitrum (62.7 million transactions) and Polygon PoS (101 million transactions), firmly ranking at the forefront of Layer 2. Recently, Base has continued to expand its real application scenarios. In June, the e-commerce platform Shopify announced support for USDC payments on the Base chain, covering merchants in over 30 countries worldwide, marking its official entry into the mainstream payment system. Meanwhile, JPMorgan has also initiated a pilot deployment of its deposit token, JPMD, on Base, promoting the on-chain transition of bank-level assets and further enhancing its applicability in RWA and financial scenarios.
In contrast, traditional Layer 1 public chains like Ethereum and Bitcoin maintain steady trading rhythms, 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 high-value asset settlement and core interactions in DeFi.
Overall, Solana and Base displayed significant advantages in trading data for June, steadily consolidating their dominant positions in high-frequency interactive ecosystems. In contrast, some Ethereum scaling solutions have shown declining momentum, with capital and user attention gradually rotating towards emerging high-performance chains. The evolution of on-chain trading volume not only reflects technological strength and user activity but also hints at the direction of future ecological competition. Subsequent validation of sustainability and depth of the ecosystem should be combined with interaction quality and real user data.
On-chain income pattern reshuffles again: Ethereum reclaims the top spot, Base's growth slows
According to Artemis data, as of June 30, 2025, Ethereum has regained the top position in on-chain fee income rankings, with a monthly revenue of $39.07 million, solidifying its leading position in high-value interaction fields. Solana recorded a revenue of $30.54 million this month, slightly below Ethereum, ranking second. However, reviewing May, Solana briefly surpassed Ethereum with a monthly fee of $53.06 million, becoming the public chain with the highest revenue that month, showing its strong trading momentum and application explosiveness during specific phases.
Bitcoin ranks third with $14.75 million; although the number of transactions and active addresses are not as many as Solana, it still retains strong fee-generating capability as a value storage and as the BTC L2 ecosystem gradually sprouts. Base's revenue this month has shown a month-on-month decline, dropping from $5.87 million in May to $4.87 million in June. Although it still significantly outperforms Arbitrum ($1.68 million) and Polygon PoS (approximately $230,000), its growth momentum has slightly slowed, necessitating observation of its real application and the sustainability of capital inflows.
From a trend perspective, the fee curves of Ethereum and Bitcoin are relatively stable, representing their primary service for high-value interaction demands; Solana's fees 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 inflows are still in the early integration stage.
Overall, fee income not only reflects the activity level of the on-chain economy but also indicates the transformation of ecological structures and user behavior paths. Ethereum's strong rebound and Base's short-term pullback reveal the phase variables and competitive pressures emerging public chains face while challenging Ethereum and Bitcoin's dominance in income.
Active address analysis: Solana leads, Base closely follows
According to Artemis data, as of June 30, 2025, Solana has maintained an average of 4.8 million active addresses per day, continuing to lead the public chain space, not only far ahead of other Layer 1 chains but also significantly exceeding most Layer 2 networks. The user activity of Solana mainly benefits from high-frequency interactions in meme coins, automated trading bots, stablecoin payments, and emerging RWA scenarios, with its on-chain interactions expanding from speculative applications to real asset landings and payment ecosystems, showing a clear advantage in user retention.
Base ranks second with an average of 1.71 million active addresses, demonstrating strong growth momentum. Its user base has continued to rise in June, primarily from three aspects: the expansion of the L2 native ecosystem; the introduction of stablecoin (USDC) payment user imports after landing in real merchant scenarios; and the structural capital and application migration driven by traditional financial institutions like JPMorgan testing on-chain.
Polygon PoS and Bitcoin rank third and fourth in daily active addresses, with 570,000 and 500,000 respectively; the former, as a stable Ethereum sidechain, still retains a certain foundation in the NFT, gaming, and small to medium developer communities, while the latter is limited by its low-frequency transfer characteristics and storage value positioning, with relatively stable address growth.
User activity of Ethereum and Arbitrum lags relatively, with average daily addresses of 440,000 and 320,000 respectively, indicating a contraction in user interaction willingness due to high Gas costs and lack of emerging application drives. Especially in meme, bot, and RWA themes, users are gradually migrating to emerging chains with lower costs and richer applications, reflecting a shift in the inter-chain competitive landscape.
Overall, June's daily active address data clearly reflects that the differentiation trend between Layer 1 and Layer 2 is accelerating, with high-frequency main chains and real application-driven L2 gradually replacing traditional technology-strong chains as the focus of ecological attention. User activity not only serves as a prerequisite for transaction growth but also represents the direction for future aggregation of ecological funds and developer resources, warranting continuous tracking of subsequent developmental quality and user stickiness performance.
Analysis of fund flows in public chains: Ethereum leads, Base retreats, Polygon lays out in the DeFi sector.
According to Artemis data, as of the last month, Ethereum has maintained a dominant position with a net inflow of $5.1 billion, demonstrating strong capital attraction; Polygon PoS follows closely, recording a net inflow of $263 million, continuing a moderate growth trend. In contrast, Layer 2 network Base has seen a net outflow of up to $5 billion, becoming the most significant public chain in this round of capital withdrawal. This round of capital flow continues the structural trend observed in previous weeks: Ethereum benefits from the Pectra upgrade, ongoing net inflows for ETH spot ETFs, and continuous institutional accumulation, compounded by the resurgence of DeFi sector heat and marginal easing of regulatory policies, further consolidating its core position of 'high liquidity + high consensus.'
Polygon's capital return may relate to its recent ecological layout. Polygon Labs, in collaboration with crypto market maker GSR, launched a DeFi-focused Layer 2 network, Katana, aimed at solving asset fragmentation and unsustainable yield issues. Katana employs a centralized screening mechanism and returns capital to the chain via VaultBridge after lending on the mainnet, forming an efficient closed loop that attracts institutions and high-net-worth users. This move not only strengthens Polygon's positioning in the DeFi sector but also brings a more differentiated Layer 2 narrative. The recent net inflow of $263 million into Polygon may reflect the market's positive expectations for the Katana model and its future potential.
Although Base has recently recorded a large-scale net outflow of funds, this is more likely a phase of adjustment rather than a sign of ecological weakness. In fact, in mid-June, Base welcomed a strong influx of funds, benefiting from deep integration with Coinbase, collaboration with Shopify to expand USDC payment scenarios, and multiple positive developments from JPMorgan's trial of deposit tokens on-chain, rapidly heating up the ecosystem. Currently, Base's TVL reaches $3.4 billion, with stablecoin market capitalization at $4.1 billion, and core protocols like Aerodrome, Spark, Stargate, and Moonwell performing strongly. Short-term fund flows may be influenced by market rotation and arbitrage, but in the medium to long term, Base still has the potential for continued expansion and capital return.
This round of capital flow reflects a structural differentiation among mainstream public chains, with Ethereum continuing to solidify its core position through technological upgrades and institutional benefits, Polygon enhancing its voice in the DeFi field through the Katana layout, while Base, despite a short-term net outflow, maintains a robust ecological foundation, with potential for capital return and re-expansion under multiple real applications and institutional collaborations. Overall, capital is revolving around the three core aspects of 'technical strength + scene landing + capital integration' for a new round of allocation and rotation.
As capital rotates across chains, Bitcoin, as the core asset of the market, also releases several key signals through its on-chain structural indicators. This article will focus on three representative indicators—transaction counts and transaction amounts, entity-adjusted transfer structure, and cost basis distribution (CBD)—to assess whether there is structural support behind the current market situation, and to observe whether the institutional behavior trend continues to deepen.
Analysis of key Bitcoin indicators
As Bitcoin's price continues to consolidate within its historical high range, on-chain data shows several structural changes, reflecting deep adjustments in market participation structures and capital behaviors. To gain a more comprehensive understanding of the current market backdrop and potential risk directions, this article will focus on three key on-chain indicators: changes in on-chain transaction counts and average transaction amounts, entity-adjusted transfer amount structure, and cost basis distribution heat map. By cross-referencing these three indicators, we hope to clarify the reasons behind the current cooling of on-chain activity, the enhanced dominance of institutional capital in the market, and the structural significance of the support ranges, thus providing more valuable data references for judging subsequent trends.
Bitcoin's on-chain transaction volume plummets, revealing a 'price rise, volume shrink' pattern.
According to Glassnode data, although Bitcoin's price has continued to rise since the end of 2024 to 2025, currently hovering around 100,500 USDT, the on-chain transaction volume shows a clear downward trend, forming a 'price rise, volume shrink' divergence pattern. During the second half of 2024, the average daily transaction count on the Bitcoin network remained between 500,000 and 700,000, maintaining a relatively high level of overall activity. However, since the beginning of 2025, the number of on-chain transactions has continuously declined, now dropping to between 350,000 and 400,000 transactions, marking the lowest level in nearly two years.
The main reason for this trend is the significant reduction in non-monetary transaction activities. Previously, transactions relying on Taproot and other non-monetary trading, such as Inscriptions and Runes, had a short-term explosion, significantly raising overall transaction volume. However, entering 2025, this demand has clearly cooled down, becoming a key factor in the shrinkage of on-chain transactions. In contrast, monetary transactions involving actual value transfer remain stable.
Meanwhile, the average transaction amount on the Bitcoin network has risen to approximately $36,200, indicating that although the number of transactions has decreased, the value carried by each transaction has significantly increased. This trend suggests that large institutions or high-net-worth individuals continue to frequently use the Bitcoin network for high-value capital settlements.
Overall, current on-chain activities of Bitcoin exhibit a pattern of 'retail withdrawal, institutional dominance.' Although the number of transactions has decreased, the overall economic settlement volume remains strong. This structural change warrants continuous attention, especially as prices approach historical highs; if on-chain activity fails to increase in tandem, the market may face certain pullback risks.
BTC's high-value transaction proportion rises to 89%, with on-chain activity accelerating towards institutionalization.
The structure of transfer amounts on-chain (entity-adjusted) is used to measure the relative proportion of transfers in the Bitcoin network across different amount ranges, reflecting the structural changes in fund flows within the Bitcoin network, especially in observing the degree of institutional capital participation.
According to Glassnode data, in June 2025, the Bitcoin network is showing a high trend of institutionalization, particularly in the dominant position of high-value transactions in overall on-chain settlements. The structure of on-chain transfer amounts shows that transactions over $100,000 now account for 89% of total transactions, compared to 66% in November 2022, an increase of 23 percentage points. This metric identifies and excludes non-actual capital flows such as internal consolidations by exchanges, retaining only the real transfer data after entity adjustment, thereby more accurately reflecting changes in the structure of on-chain economic activity. This means that the vast majority of the settlement volume in the Bitcoin network is now dominated by high-net-worth participants and institutions, while the proportion of small retail transactions is gradually being marginalized.
From the distribution of transaction intervals in the chart, it can be observed that the proportion of large transactions ranging from $1 million to $10 million, as well as those exceeding $10 million, continues to rise, indicating that network resources are gradually concentrating on high-value transfers. Meanwhile, the proportion of small transactions below $10,000 continues to shrink, diminishing its presence in the overall on-chain settlement volume.
Overall, the Bitcoin network is transitioning from a 'mass payment tool' to a 'high-value settlement network.' This not only explains the current structural change of 'decreasing transaction counts while economic settlement volume remains strong,' but also further confirms that institutional capital's dominant position in the Bitcoin market is becoming increasingly consolidated. If this trend continues to develop, the on-chain use and economic positioning of Bitcoin will further shift towards 'digital gold' and 'value settlement layer.'
The cost basis distribution of BTC reveals key support, with the 93,000–100,000 USDT range becoming the core on-chain defense line.
The Bitcoin cost basis distribution (CBD) indicator reveals the average buying cost of holders at different price levels, showing the on-chain supply volume at various price ranges. In the heat map, the closer the color is to red, the more BTC's cost is concentrated in that price band, thus serving as an important position with potential support or pressure.
Apart from the acceleration of institutionalization in on-chain transaction structures, the distribution of funding costs also provides another key perspective for observing market structure and support strength. Against the backdrop of Bitcoin's price oscillating at high levels, the dense area of the on-chain cost base has become an important indicator for observing market sentiment, defense strength, and potential pullback risks. The following analysis will further explore the current on-chain support band situation of Bitcoin based on cost basis distribution (CBD).
According to Glassnode data, the current price trend of BTC is oscillating around the key structural support range of 93,000 to 100,000 USDT, which is one of the densest areas of on-chain cost distribution. From the chart, it can be observed that since the peak was established in the first quarter of 2025, a substantial amount of Bitcoin's holding costs have fallen within this range, forming a solid on-chain support band. This also explains why Bitcoin was able to quickly halt its decline and rebound when it recently fell to around 99,000 USDT, indicating that this area has a stabilizing effect on market sentiment.
As long as the price remains above this cost-intensive zone, the overall bull market structure is still expected to be maintained. However, if the price breaks below this range, not only will it mean that many holders will fall into an unrealized loss state, but it could also trigger a chain reaction of selling pressure, exacerbating the market's downward risks.
Therefore, the CBD heat map not only helps reveal the historical distribution of on-chain funds at different price levels but also provides investors with key support and risk warning references. If Bitcoin can continue to stabilize above 100,000 USDT, the market is expected to restart its upward trend, challenging the 110,000 USDT phase high; conversely, if it falls below the 93,000–100,000 USDT range, caution should be taken regarding the potential for structural weakness and deeper adjustments in the market.
Market trend summary
In June 2025, considering key on-chain indicators such as comprehensive trading volume, fee income, active addresses, and fund flows, Solana continues to maintain its lead in on-chain activity and ecosystem heat, showing high user stickiness and interaction density through high-frequency interactions in memes, bots, stablecoin payments, and RWA scenarios. Although Base has experienced a phase of net capital outflow, under the drives of stablecoins, institutional pilots, and social ecosystems, on-chain interaction data still maintains a growth trend, gradually establishing its leading position in the Layer 2 sector. Ethereum benefits from technical upgrades and institutional favors, solidifying its core position and attracting mainstream capital back. Overall, on-chain ecosystem competition is accelerating from 'technological leadership' to 'user-driven' and 'scene landing,' with future capital allocations revolving around high-frequency interaction capabilities, real application scenarios, and capital bearing efficiency.
Regarding Bitcoin, although it is still in a high oscillation range, on-chain data indicates a structural transformation: decreasing transaction frequency and increasing unit amounts, reflecting a decline in retail activity and an increasing proportion of institutional and high-net-worth accounts; furthermore, analysis of on-chain transfer amount structure and historical holding cost distribution indicates that market support is focusing on the 93,000–100,000 USDT range, gradually reinforcing its positioning as a 'high-value settlement network.' If the price stabilizes and maintains structural support, conditions for continued upward trends still exist; conversely, if it breaches crucial support levels, on-chain data may first reveal signals of market structural weakening.
Hot project and token dynamics
Overview of hot project data
PumpSwap
PumpSwap, launched in March 2025, is a meme token issuance and trading platform based on the Solana public chain, focusing on features such as one-click token creation, trading as mining, and community liquidity guidance. The platform continues Solana's efficient and low-cost technological advantages, combined with user-friendly interface design and strong interactive community culture, quickly attracting a large number of users and creators to participate.
In terms of product mechanisms, PumpSwap simplifies the token issuance process, allowing any user to deploy their own meme token within minutes, while also providing automatic generation of trading pairs and initial liquidity allocation, significantly lowering the threshold for token creation. The platform also introduces trading mining, leaderboard rewards, and other mechanisms to encourage users to participate in early trading and community dissemination, further amplifying the exposure and liquidity of hot projects.
According to Dune data, as of June 30, 2025, PumpSwap's cumulative trading volume has surpassed $38 billion, indicating that it has gradually established itself as the main trading market after meme coins are launched. The trading volume over the past seven days reached $1.98 billion, with nearly 24-hour trading volume hitting $242 million. Although it has retreated from the highs seen in early May, it still remains in a highly active range.
Looking at the daily transaction volume trend, since its official launch in mid-March, the platform's overall transaction activity has rapidly increased, peaking at $600 million in early May. Although volatility has intensified afterward, it has overall maintained a range of $200 million to $500 million per day, reflecting that even though the heat of meme coins has slightly receded, the platform still maintains stable liquidity and trading demand. Additionally, the cumulative transaction volume continues to rise steadily, with no obvious signs of liquidity depletion or user loss. Considering that all projects that complete the Pump.fun fundraising curve will automatically migrate to PumpSwap, the platform's capacity for capital reception and trading momentum is expected to be further enhanced, consolidating its dominant position in DEX on Solana.
Market share
In terms of market share, PumpSwap has established a key position in Solana's DEX sector. According to Dune data, as of June 30, 2025, PumpSwap's DEX market share reached 22.0%, ranking second, only behind Raydium (34.3%), and ahead of Whirlpool (18.3%) and Meteora (12.6%) among competing platforms. Since its launch in mid-March, PumpSwap's market share has continuously increased, fully demonstrating its dominant capability in the meme coin sector.
User activity and growth
From the perspective of daily active wallet numbers, PumpSwap's user growth has been rapid. Since March, the number of active addresses on the platform has continuously risen, stabilizing above 200,000 daily since mid-April, reaching a phase peak in May. By June 30, the number of active users exceeded 300,000, with returning users exceeding 200,000 and new users nearly 100,000, showcasing strong user stickiness and the ability to continuously attract new users.
Trading behavior and scale
In terms of trading behavior, PumpSwap also shows explosive growth. According to daily swap data, since mid-May, the number of transactions on the platform has increased significantly, and by the end of June, the average daily swap count has exceeded 25 million, setting a new historical high. As of now, the platform's cumulative transaction count has surpassed 1 billion, becoming one of the most frequently used DEX platforms on the Solana chain.
Meanwhile, the total number of active wallets on PumpSwap has exceeded 9 million, indicating that the platform has successfully built a large trading user base for meme coins, forming strong network effects and trading liquidity. Combined with its strong binding relationship with Pump.fun, there remains significant growth potential for future market share and user activity.
Overall chain comparison and development trends
According to Dune's Solana DEX data, as of June 30, 2025, the total trading volume on Solana's DEX reached $12.5 billion, with PumpSwap alone accounting for $10.5 billion, capturing over 84% market share, far exceeding Raydium ($764 million) and Orca ($559 million), showcasing its absolute leading position in trading. Historical data reveals that Solana's DEX activity experienced explosive growth at the end of 2024; although the subsequent overall trading volume has slightly adjusted, it has shown significant recovery since the second quarter of 2025, with PumpSwap's strong rise being a key factor driving this growth.
From the market structure perspective, apart from PumpSwap, Raydium, Orca, and Meteora still maintain certain shares, contributing $764 million, $559 million, and $291 million in trading volume respectively. At the same time, the original meme issuance platform Pump.fun has also recorded $169 million, showing that meme capital flow is highly concentrated in its ecosystem.
Overall, the surge in trading volume on PumpSwap not only reflects the strong attractiveness of its product design and user experience but also indicates the sustained high demand for meme coin trading. As more Pump.fun projects complete their migration, PumpSwap's market share and trading activity still have room for continuous growth, further consolidating its position as a core DEX platform on Solana.
In summary, PumpSwap has rapidly risen to become one of the largest DEX platforms in the Solana ecosystem, thanks to its simplified token issuance process, trading mining mechanism, and strong interactive community culture, achieving significant growth in trading volume, market share, active wallets, and transaction counts. As more Pump.fun projects migrate and ecosystem integration advances, PumpSwap is expected to continue expanding its market leadership advantage, becoming a critical infrastructure in the meme coin sector.
Overview of hot token data
$SEI - SEI is the native token of Sei Network, a high-performance public chain built on the Cosmos SDK, designed for decentralized trading scenarios with sub-second block times and high throughput capabilities. SEI is primarily used for paying Gas fees, staking mining, governance voting, and ecosystem incentives. With the introduction of EVM compatibility in the V2 upgrade, Sei further expands into the Ethereum ecosystem, strengthening its cross-chain capabilities and trading efficiency, becoming an important representative of high-performance trading public chains.
SEI heat surges, driven by price, policy, and community.
SEI has quickly become the focal point of market attention due to its strong price surge and continuous policy benefits. According to CoinGecko data, its price surged more than 50% in mid-June, leading to simultaneous explosions in community buzz and participation: the number of token mentions and active creators grew by over 300% in three months, and overall participation soared by over 700%. This surge in social heat reflects that SEI is not only performing strongly in the trading market but also generating a highly propagative effect on social media, further attracting retail attention and capital inflow.
The surge in token heat is closely related to the policy narrative behind the chain itself. On June 20, the official announcement on the X platform stated that Sei Network was chosen as one of the candidate blockchains for the WYST pilot by the Wyoming Stablecoin Committee, making it an important infrastructure for the first state government-led fiat-backed stablecoin project in the US. WYST is expected to adopt LayerZero's cross-chain bridging technology, and Sei was one of the only two blockchains selected in the last round of evaluations, highlighting its strategic status in the US crypto infrastructure.
Additionally, institutions like Circle and Valour have publicly included Sei in their cooperations or investment portfolios, making it one of the few emerging public chains with 'on-chain expansion + policy support + financial landing' triple benefits. This dual verification of policy expectations and real-world landing not only strengthens SEI's growth prospects but also provides continued momentum for its price performance and community activity.
Sei's TVL hits a new high, with on-chain ecosystems and policy capital benefits resonating.
This surge in heat is not unfounded; the chain itself has also made simultaneous progress in technical performance, ecosystem expansion, and capital support, building a solid foundation for SEI's current market performance. As of June 30, 2025, Sei's total locked value (TVL) has surpassed $609 million, setting a new historical high. From the trend shown in the chart, Sei's TVL has been gradually rising since the fourth quarter of 2024, especially entering an explosive phase in 2025, exhibiting a clear trend of accelerated capital inflow. This reflects not only Sei's expansion in diverse ecosystems such as DeFi and GameFi but also shows that its infrastructure and performance optimization are gradually gaining market recognition.
On the off-chain level, Sei is also continuously expanding its financial capital cooperation layout: Canary Capital has submitted an SEI ETF application to US regulators, while Valour in Europe has launched related ETP products, further expanding the reach of global institutional investors. Additionally, Circle has publicly disclosed its status as one of Sei's major investors in its IPO documents, providing stronger endorsement for its development in the stablecoin sector. In terms of the on-chain ecosystem, several dApps have achieved new daily income highs, with some projects entering the top hundred in terms of total revenue across the chain, significantly enhancing ecosystem activity and providing strong support for continuous growth in TVL.
Overall, Sei Network is currently at the intersection of on-chain ecosystem expansion and off-chain policy and capital benefits, with technical accumulation and market strategies gradually translating into substantive liquidity and user bases, making its future development momentum worth looking forward to.
Sei's on-chain trading volume has exploded, with its ecosystem and technological advantages being released simultaneously.
In addition to the continuous growth in funds locked, Sei also shows outstanding performance in on-chain trading activity. Trading volume, as an important indicator of the ecosystem's actual usage and user participation, continues to expand, further validating Sei's actual attractiveness on the user side and the efficient performance of its trading infrastructure. According to DefiLlama data, as of June 30, Sei Network has entered the top fifteen blockchains in terms of DEX trading volume, with daily trading volume exceeding $94 million, setting a new historical high. Since April 2025, its on-chain DEX trading volume has steadily increased, showing a stepped upward trend, and recently has recorded high performance in the range of $60 million to $100 million for several consecutive days, indicating a significant increase in trading activity and capital usage frequency, further confirming the prosperous development of the Sei ecosystem and the continuous rise of market heat.
This surge in trading volume is usually closely related to liquidity expansion, the launch of new protocols, or user migration. For Sei, in addition to strong performance from native dApps, several mainstream projects have been successively deployed to the chain, gradually forming a multi-chain strategy. Moreover, the rise in token prices and positive policy developments have combined to promote the overall release of trading momentum. If Sei can maintain its leading position among high-activity public chains, its DEX performance is expected to stabilize at a high level, continuously attracting users and developers.
DappRadar data also shows that Sei is currently among the top five L1 public chains in terms of active wallet numbers, ranking first in the gaming sector, with on-chain daily transaction counts exceeding 1.3 million, placing it among the top ten across all chains. These performances reflect not only Sei's rapid growth in the on-chain ecosystem but also reinforce its technological advantages in modular architecture and low-latency infrastructure, winning more attention and cooperation opportunities in the capital market and application landing.
Sei is currently at the intersection of on-chain ecosystem expansion, off-chain policy support, and capital attention. Whether in terms of TVL, trading volume, or activity, it has all reached historical highs, showcasing its strong momentum and growth potential as a high-performance trading public chain. As EVM compatibility increases, stablecoin collaborations land, and global financial products (like ETFs and ETPs) continue to advance, Sei is not only making continuous breakthroughs at the technological level but is also gaining more space in compliance and capital markets. If the ecosystem continues to expand and the policy benefits persist, Sei is expected to further consolidate its leading position in the upcoming high-performance Layer 1 competition.
Summary
In June 2025, there were significant changes in the on-chain income structure of mainstream public chains. Ethereum regained its top position in fee income, with monthly revenues exceeding $39 million, demonstrating that its dominant position in high-value interaction scenarios remains solid. Driven by multiple benefits including the Pectra upgrade, ongoing net inflows for spot ETFs, and a resurgence in DeFi sector heat, Ethereum continues to attract significant capital, maintaining its core position as a high-value settlement network. Solana recorded 2.9 billion transactions in June, with 4.8 million active addresses, while its fee income decreased to $30.54 million, still demonstrating strong ecological stickiness. Base's income fell to $4.87 million, with 1.71 million active addresses and nearly 300 million transactions, firmly remaining the leader in L2.
Although Bitcoin is in a high oscillation state, on-chain data shows that its market structure is accelerating its transition: the number of transactions is decreasing while the average transaction amount is increasing, reflecting a decline in retail activity and an increase in the trend of institutional dominance; the proportion of high-value transactions has reached 89%, with on-chain activity moving towards a 'high-value settlement network.' Furthermore, the 93,000–100,000 USDT range is currently the main cost-intensive zone, forming key support. If the price holds steady in this range, there is still potential for upward movement; conversely, if it breaks below, it could trigger a structural pullback. Overall, the three key on-chain indicators synchronously reveal that Bitcoin is at a critical turning point, worthy of ongoing attention.
In terms of project hotness, PumpSwap and Sei have become the most watched projects on-chain. The former is the fastest-rising meme trading platform on Solana, with trading volume surpassing $38 billion, active addresses exceeding 9 million, and market share rising to second place in DEX; the latter has seen its TVL surpass $600 million, with daily trading volume reaching $94 million, supported by policies and driven by ETFs, placing it among the top high-performance public chains. Meanwhile, the SEI token community's heat has also soared, with mentions and creator numbers on social platforms increasing by over 300% in three months, significantly enhancing its market attention and capital attraction.
Overall, the restructuring of on-chain revenue, user structure, and hot ecosystems is synchronously reshaping, with the crypto market shifting from a technology-driven to an application-driven model. Subsequent attention should be paid to the capital acceptance capacity in high-frequency scenarios and changes in user stickiness of mainstream public chains.
References:
Artemis, https://app.artemisanalytics.com/chains
Artemis, https://app.artemisanalytics.com/chains
Artemis, https://app.artemisanalytics.com/chains
Artemis, https://app.artemisanalytics.com/flows
DefiLlama, https://defillama.com/chain/base
Glassnode, https://studio.glassnode.com/charts/transactions.Count?a=BTC&ema=0&mAvg=7&mMedian=0&mScl=lin&pScl=lin&resolution=24h&s=1719383580&sma=7&u=1750919580&zoom=365
Glassnode, https://studio.glassnode.com/charts/253007be-d331-4f23-67dd-0667a6b4bb3e
Glassnode, https://studio.glassnode.com/charts/5b3faf7a-2e08-4b35-719c-4e602701cf47?s=0&u=1750351295
Glassnode, https://studio.glassnode.com/charts/transactions.TransfersVolumeBySizeEntityAdjustedRelative?a=BTC&mScl=lin&pScl=lin&resolution=24h&s=1592584904&sma=7&u=1750351304
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Dune, https://dune.com/adam_tehc/pumpswap
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LunarCrush, https://lunarcrush.com/discover/$sei?metric=close%2Cinteractions%2Cposts_active&interval=3m
X, https://x.com/SeiNetwork/status/1935759503179620584
DefiLlama, https://defillama.com/chain/sei?
X, https://x.com/SeiNetwork/status/1938386931374829587
DefiLlama, https://defillama.com/chain/sei?tvl=false&dexs=true
DappRadar, https://dappradar.com/chain/sei?range-cs=30d&range-ha=1y
Gate Research Institute is a comprehensive blockchain and cryptocurrency research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend predictions, and macroeconomic policy analysis.
Disclaimer
Investing in the cryptocurrency market involves high risks; users are advised to conduct independent research and fully understand the nature of the assets and products they purchase before making any investment decisions. Gate does not assume any responsibility for losses or damages arising from such investment decisions.
