Analysis of On-Chain Activities of Korean Users on Mainstream Blockchains

In the first half of 2025, the activities of cryptocurrency users in South Korea expanded from centralized exchanges to the on-chain ecosystem, marking the maturity of the market and the diversification of user participation.

Main Findings

1. Korean users exhibit different behavioral characteristics in the Ethereum, Base, and Solana ecosystems:

   • Ethereum: Users hold large-scale assets and maintain stable participation in the mainnet.
   • Base: Users gradually increase their participation through decentralized applications.
   • Solana: Attracts the most users, has high activity but a relatively high churn rate.

2. The South Korean cryptocurrency market has formed a multi-tiered structure, which is no longer solely centered around exchanges.

3. Users exhibit different investment tendencies on different Blockchains, which cannot be summarized by a single characteristic.

Detailed Analysis

Activity Time

• Ethereum and Base users are mainly active from 9 AM to 11 PM.
• Solana users are active from midnight to 8 AM, in sync with the global market rhythm.

Capital Distribution

• Ethereum: Total assets of approximately $400 million, with a large proportion held by whales and middle-class accounts.
• Solana: 99.9% are retail accounts, with a few whales holding large amounts of assets.
• Base: Attracting medium-sized investors

User Activity Trends

• Ethereum: Trading volume has remained stable over the long term, with users placing more emphasis on practical activities.
• Base and Solana: Sensitive to market sentiment and short-term events.
• The number of active users on Base is steadily increasing, while the user churn rate on Solana is relatively high.

dApp usage

• Solana: transaction-centric, focused on DeFi
• Ethereum and Base: Diversified remittance and deposit activities, high usage rate of stablecoins
• The Kaito InfoFi service on Base has attracted a large number of users.

Conclusion

1. South Korean users demonstrate strong adaptability to the global market.
2. There are significant differences in investment strategies and risk preferences on different blockchains.
3. Show a high interest in incentive-based services.

These characteristics indicate that Korean users are a complex group, and project teams need to develop customized strategies that align with user traits, viewing users as partners in the development of the ecosystem.