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

On-chain Data Summary

on-chain overall situation

on-chain daily trading volume

In April, Solana maintained an average of over 93 million transactions per day, accumulating 2.8 billion transactions as of April 30, continuing to lead the entire chain. Base and Sui stabilized in the ranges of 7 million and 6.1 million transactions respectively, showing strong activity. Polygon PoS and Ethereum had daily transaction volumes of over 2.9 million and 1 million transactions, respectively, with relatively stable trends. TON and Bitcoin had lower transaction volumes, maintaining between 200,000 and 400,000 transactions.

Overall, Solana remains in the lead, while the emerging chains Base and Sui, despite their smaller overall scale, demonstrate frequent interactions and strong ecological momentum. Base benefits from the support of large exchange ecosystems and the active promotion of Meme coins, with a daily trading volume consistently exceeding 7 million transactions, and in mid-April, it recorded a daily average Gas income of nearly $350,000, showcasing its commercialization potential. Sui, on the other hand, leverages the advantages of the Move language and supports use cases such as gaming and NFTs, achieving a daily trading volume of 6.1 million transactions, maintaining high-frequency interactions. Both are rapidly expanding in a low-fee, high-interactivity on-chain environment, becoming representatives of emerging public chains with the greatest growth potential.

Daily Gas fees for each chain

In April, Solana's gas revenue continued to lead, with an average daily fee exceeding $1.2 million, reaching a total of $37.5 million as of April 30. Bitcoin and Ethereum followed closely, with daily average revenues roughly between $500,000 and $700,000. Base surged to nearly $350,000 in the middle of the month, showing impressive performance. Sui, Polygon PoS, and TON's average daily fees remained below $50,000, maintaining a low level. Overall, leading chains continue to dominate in transaction fee revenue, while emerging chains like Base are gradually demonstrating commercial potential.

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

In April, Solana not only maintained an average of 93 million transactions per day, but its daily active addresses also remained above 4 million, averaging about 4.5 million for the month. This shows that the trading activity is not driven solely by bots or a single protocol, but is built on a broad user base. Especially on April 11, active addresses exceeded 6.2 million at one point, further highlighting the concentrated explosion of ecological heat.

In addition, Solana's daily average Gas revenue exceeds 1.2 million USD, far higher than most public chains, indicating that on-chain transactions are not only frequent but also have real fee support, rather than "zero-cost volume inflation." This trend is closely related to the MEV reward mechanism, with a large number of high-frequency traders and arbitrage bots active on-chain, driving up fees. Meanwhile, the meme coin issuance platform continues to attract creators, coupled with the swap transaction volume supported by aggregation trading platforms, keeping on-chain interactions at a high level for the long term.

Public Chain Bridging Net Flow

In the funding 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 outflow of funds over the previous three months, and re-establishing its core position as a "value reservoir." This reversal trend may be related to the rebound in market risk appetite, stabilization of L2 on-chain activities, and the warming expectations of ETFs, attracting long-term capital back to the main chain.

Sonic has performed impressively among emerging public chains, attracting over $124 million in net inflows in a single month, ranking second on the list, reflecting its high-performance architecture and low-cost transactions attracting new capital attention, with the potential for ecological growth recognized by the market. At the same time, Base and Arbitrum recorded net inflows of approximately $64.8 million and $62.1 million, respectively, showing that some L2 networks still maintain a net inflow of funds, benefiting from a stable developer base and user growth. Meanwhile, smaller ecological chains like Sui and Hyperliquid have maintained slight net inflows, reflecting their ability to attract funds in vertical scenarios.

Relatively speaking, Berachain experienced a net outflow of up to $704 million, the highest among all chains. OP Mainnet and Polygon PoS also saw outflows of $400 million and $57 million respectively, indicating that some funds were temporarily reallocated to other public chains or off-chain markets. Overall, the structural flow of funds improved in April, with Ethereum making a strong comeback and Sonic rising unexpectedly, while some early hot projects face pressure from fund redistribution, signaling a subtle change in the competitive landscape of public chains.

Bitcoin key indicator analysis

Bitcoin different position sizes buying trend: large funds continue to net purchases, rebound signal is clear

Recently, during the rebound of Bitcoin prices, large capital holders have clearly shown a sustained buying behavior:

• Wallet addresses holding over 10,000 BTC have a cumulative score between 0.9 and 1, indicating they are almost in a state of full net buying.

• Addresses holding between 1,000 and 10,000 BTC have a cumulative score ranging from 0.7 to 0.8, indicating that this group is actively increasing their holdings.

• Medium-sized holders holding 10 to 1,000 BTC have seen their cumulative score rise to around 0.5, indicating a shift from neutral to a buying bias.

This means that during the rebound process after the Bitcoin price correction in mid-April, large funds have taken the lead in entering the market and continuously absorbing chips, gradually boosting market confidence. Such funds have always had a significant impact on price trends, and their concentrated position-building behavior is usually regarded as an important signal for medium to long-term upward movement.

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

According to on-chain data, since April 11, the net growth value of UTXO has continuously turned 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 rise, corresponding with 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 flows and user participation, and is often seen 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 transaction activity, the number of new addresses did not show significant growth. During April, the number of new addresses remained roughly in the range of 300,000 to 350,000 per day, lacking a clear breakthrough, indicating that this round of on-chain recovery is more attributable to the return of existing users and an increase in 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 yet formed a trend of expansion. Although the on-chain indicators are generally improving, to support a longer-term price increase, continuous attention must be paid to whether the number of new addresses rises in sync with the price increase, to verify whether the market has entered a new phase of "incremental capital driven".

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

As existing users return and increase interaction frequency, market sentiment gradually warms up with the price recovery, which can be further observed from the changes in the proportion of profitable addresses. Recently, during the rebound of Bitcoin prices, the proportion of holding addresses in a profitable state on-chain has risen accordingly. This indicator represents the proportion of addresses where the current coin price is higher than the average purchase price of the address, and can be used to measure the overall "holding profit status" of the market.

According to the data, since mid-April when the price of Bitcoin began to rise, the ratio has quickly rebounded and currently stands at 93%. This indicates that the majority of investors have returned to a profit state, and the floating loss pressure caused by earlier adjustments is rapidly easing. This trend usually signals that market sentiment is shifting from pessimistic to neutral or even slightly bullish, which not only helps stimulate new buying momentum but may also be accompanied by some profit-taking. If the price continues to operate at high levels and drives the proportion of profitable addresses further up, the market may enter the early stage of a new rising cycle.

Market Trend Summary

In April, the on-chain ecological performance showed differentiation, with Solana firmly holding the dual championship in trading volume and Gas revenue, demonstrating strong main chain strength; Base and Sui's activity increased, revealing potential. Although Ethereum leads in capital inflow, its on-chain activity remains relatively stable; Berachain, Polygon PoS, and others face pressure from capital outflows. Overall, mainstream chains consolidate their leading position while emerging chains intensify competition.

Based on the comprehensive on-chain data, Bitcoin is currently in the early stages of a structural rebound, with large holders entering the market first and continuously accumulating, becoming an important driving force behind this price increase. The on-chain unspent transaction outputs have turned to positive growth since mid-April, and the trading frequency and network activity have risen in sync, indicating a recovery of on-chain momentum. However, it should be noted that the number of new addresses during April has not significantly increased, maintaining an average of between 300,000 and 350,000 per day, which means that the current recovery is mainly driven by existing users, and widespread new capital inflows have not yet arrived.

At the same time, the proportion of profitable addresses quickly rebounded to 93%, reflecting that the majority of investors in the market have returned to a profitable state, panic sentiment has significantly eased, and the sentiment is gradually shifting to a neutral to bullish stance. If prices and on-chain activity indicators continue to strengthen, and this drives synchronized growth in new users, the market is expected to further welcome incremental funds entering, entering the next round of the upward cycle.

Popular Projects and Token Dynamics

Overview of Popular Project Data

LaunchLab

The leading decentralized exchange in the Solana ecosystem officially launched its token issuance platform, LaunchLab, on April 16, providing creators and developers with low-barrier, uncensored on-chain token issuance and liquidity launch tools. Users can issue tokens using various pricing curves and quoted assets, integrating AMM V4 and lock-up mechanisms; creators can also continue to receive 10% of AMM trading fees after the token "graduates."

Launched nearly two weeks ago, 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 the AMM liquidity pool, indicating a high success threshold. The peak of token creation occurred on April 27, with over 7,500 created in a single day; while the graduation peak of tokens was concentrated on April 25 and 26, with more than 110 graduated in total over the two days. Overall, although LaunchLab has lowered the threshold for token issuance, the success of the project still highly depends on the team's strength and market recognition.

Taking April 28 as an example, the two major token issuance platforms on the Solana blockchain form a sharp 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, resulting in a graduation rate of 2.4%, significantly lower than Pump.fun.

The number of new coins created by Pump.fun has long occupied the majority of the total issuance on the Solana blockchain. Even after the launch of LaunchLab, its share has remained at a high level. Especially in early March and late April, Pump.fun's daily issuance share once exceeded 65%, demonstrating its continued leadership in terms of issuance volume and user activity. Although LaunchLab offers a more flexible issuance mechanism and economic incentives, in terms of penetration rate and market dominance, Pump.fun remains the primary coin issuance platform on Solana.

Overall, LaunchLab, as a new token issuance platform, has rapidly gathered a large number of creators and project parties in a short period of time, demonstrating strong ecological appeal and on-chain innovative vitality. Although the overall graduation rate is still in the early development stage, the platform has...