Despite deleveraging in February, on-chain activity remained resilient as capital and user engagement shifted toward more efficient networks and primary settlement layers. Ethereum's transaction fees grew significantly and transitioned from net outflows to a major destination for capital inflows, solidifying its position in high-value asset domains, while Arbitrum became the primary source of capital outflows. Solana continued to dominate high-frequency trading, though the value per transaction declined. The report indicates that the market is in a mid-cycle rebalancing phase, with capital concentrating in networks with higher certainty, and institutional DeFi is emerging as a sustainable core development direction.
Despite deleveraging in February, on-chain activity remained resilient as capital and user engagement shifted toward more efficient networks and primary settlement layers. Ethereum's transaction fees grew significantly and transitioned from net outflows to a major destination for capital inflows, solidifying its position in high-value asset domains, while Arbitrum became the primary source of capital outflows. Solana continued to dominate high-frequency trading, though the value per transaction declined. The report indicates that the market is in a mid-cycle rebalancing phase, with capital concentrating in networks with higher certainty, and institutional DeFi is emerging as a sustainable core development direction.