In November 2025, high-performance blockchains continued to dominate on-chain activity, with ecosystem stratification becoming increasingly evident. Solana maintained its lead in both transaction volume and active addresses through high-frequency interactions. Although Arbitrum remained in a low-activity range on the usage side, sustained net inflows driven by asset tokenization and institutional infrastructure expansion positioned it as a key focus of market capital. After breaking below short-term cost bases, BTC entered a repricing phase, with short-term turnover increasing while long-term holdings remained stable, shifting the market structure from strong-side consolidation to a pressure-driven equilibrium. The broadening BTCFi narrative also fueled a strong upswing in Starknet, drawing notable capital and user inflows. At the project level, Monad’s mainnet launch ignited the high-performance L1 narrative, rapidly expanding on-chain activity and application deployment, while Telcoin saw a significant revaluation driven by progress in its digital banking initiatives and the rollout of its compliant stablecoin, making it a highlight within the infrastructure sector this month.
- Overall On-Chain Activity: In November 2025, high-performance blockchains continued to dominate on-chain activity, with ecosystem stratification becoming increasingly pronounced. Solana maintained its lead in both transaction volume and active addresses through high-frequency interactions; Arbitrum, despite subdued usage metrics, recorded sustained net inflows driven by asset tokenization and institutional infrastructure expansion, making it a key target for capital rotation. The BTCFi narrative spillover fueled a strong upside move on Starknet, bringing notable capital and user inflows, while Base and Polygon PoS expanded steadily as mid-tier ecosystems with moderate growth momentum.
- BTC Key Indicator Analysis: BTC has entered a weaker “repricing–rebalancing” phase under overhead supply pressure, with the price falling below both the short-term holder cost basis and the active investor mean. This shift places short-term capital in a loss-making zone and accelerates turnover. Although long-term holding structures remain relatively stable, they are insufficient to support short-term momentum, pushing the market into a pressure-driven repricing process. On-chain data show that major cost supports remain concentrated in key mid-to-long-term zones, and a continued stay below short-term cost bases may further tighten market sentiment. BTC’s subsequent direction will depend on whether the market can effectively absorb overhead supply and rebuild incremental demand once sentiment stabilizes.
- Trending Project Overview: Monad’s mainnet launch ignited the high-performance L1 narrative, driving rapid growth in on-chain activity, TPS, and application deployments. Although heavy airdrop profit-taking created short-term price pressure, staking incentives and ecosystem liquidity initiatives continued to accelerate network engagement, positioning Monad as the most closely watched new L1 project of the month.
- Trending Token Overview: Telcoin saw a significant revaluation driven by progress in its digital banking initiatives and the rollout of its compliant stablecoin eUSD. The narrative of a “bank-grade stablecoin + on-chain financial access layer” gained strong market traction, with capital inflows and community engagement rising in tandem, making Telcoin a standout token in the infrastructure sector this month.
Discover more details today → Gate Research: BTCFi Expansion Fuels Starknet’s Rise, as High-Performance L1s and On-Chain Finance Narratives Gain Momentum｜Web3 On-Chain Data Insights for November 2025
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Gate Team
December 11, 2025
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