Web3 on-chain Data Interpretation: Active Solana Trading Performance in April, Significant Fund Inflow in Ethereum

On-chain Data Summary

on-chain overall situation

on-chain daily trading volume

In April, Solana's average daily trading volume exceeded 93 million transactions, reaching a cumulative total of 2.8 billion by the end of the month, continuing to lead among all public chains. Base and Sui stabilized at around 7 million and 6.1 million transactions respectively, showing high activity. Polygon PoS and Ethereum had daily trading volumes of over 2.9 million and 1 million transactions respectively, relatively stable. TON and Bitcoin had lower trading volumes, maintained between 200,000 and 400,000 transactions.

Overall, Solana remains in the top position, while emerging chains Base and Sui, despite being smaller in scale, have frequent interactions and strong ecological momentum. Base benefits from the ecological support of a certain trading platform and the active promotion of popular tokens, with an average daily trading volume consistently exceeding 7 million transactions. In mid-April, it even recorded an average daily Gas revenue of nearly $350,000, showcasing its commercialization potential. Sui, on the other hand, leverages its unique programming language advantages along with applications in gaming, NFTs, and other scenarios, achieving an average daily trading volume of 6.1 million transactions and maintaining high-frequency interactions. These two public chains are rapidly developing in an environment of low fees and high interactivity, becoming the most promising representatives of emerging public chains.

Daily Gas fees for each chain

In April, Solana's gas revenue continued to lead, averaging over $1.2 million per day, with a total of $37.5 million by the end of the month. Bitcoin and Ethereum followed closely behind, with average daily revenues between $500,000 and $700,000. Base reached nearly $350,000 mid-month, showing outstanding performance. Sui, Polygon PoS, and TON had average daily fees below $50,000. Overall, mainstream public chains maintained a lead in transaction fee revenue, while emerging chains like Base have gradually begun to show commercialization potential.

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

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

In addition, Solana's average daily Gas revenue exceeds $1.2 million, far higher than most public chains, indicating that on-chain transactions are not only frequent but also have real fee support, rather than being "zero-cost volume manipulation". This trend is closely related to certain reward mechanisms, with a large number of high-frequency traders and arbitrage bots active on-chain, driving up fees. Meanwhile, certain popular token issuance platforms continue to attract creators, coupled with the trading volume supported by aggregation trading platforms, which keeps on-chain interactions at a high level for an extended period.

Public chain bridging net inflow

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 entire network and reversing the trend of continuous outflows in the previous three months, re-establishing its core position as a "value reservoir." This return trend may be related to the recovery of market risk appetite, stabilization of on-chain activities in layer two networks, and the warming expectations of related investment tools, attracting long-term capital back to the main chain.

Among emerging public chains, a certain high-performance public chain has performed remarkably, attracting over $124 million in net inflow in a single month, rising to second place on the list. This reflects that its architecture and low-cost transactions have attracted new capital attention, and the growth potential of its ecosystem is recognized by the market. At the same time, Base and Arbitrum recorded approximately $64.8 million and $62.1 million in net inflows, respectively, indicating that some layer two networks still maintain a net inflow of funds, benefiting from a stable developer base and user growth. Smaller ecological chains like Sui and Hyperliquid have maintained a slight net inflow, reflecting their ability to attract capital in vertical scenarios.

In comparison, a certain public chain experienced a net outflow of up to $704 million, the highest among all chains. The OP Mainnet and Polygon PoS also saw outflows of $400 million and $57 million respectively, indicating that some funds have been temporarily reallocated to other public chains or off-chain markets. Overall, the funding flow structure improved in April, with Ethereum making a strong comeback and a certain emerging public chain rising unexpectedly, while some earlier hotspot projects are facing pressure from fund redistribution. The competitive landscape of public chains is quietly changing.

Bitcoin Key Indicator Analysis

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

According to on-chain data, during the recent rebound of Bitcoin prices, large capital holders have显著显示出持续买入的行为:

• Wallet addresses holding more than 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 between 0.7 and 0.8, indicating that this group is actively accumulating.

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

This means that during the rebound process after the Bitcoin price corrected in mid-April, large funds have taken the lead in entering the market and have continued to absorb chips, gradually boosting market confidence. Such funds have a significant impact on price trends, and their concentrated accumulation behavior is often seen as an important signal for medium to long-term price increases.

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

UTXO is the most basic accounting unit in Bitcoin, which can be seen as "change" that has not yet been used, controlled by the private key of the corresponding address, until it is used for the next transaction. Its mechanism ensures the transparency and traceability of the blockchain, which is the core of Bitcoin's decentralized structure. Changes in the total number of UTXOs reflect on-chain activity; an increase usually indicates a rise in transaction frequency, an increase in new addresses, or fund dispersion, representing network activity; a decrease may indicate transaction consolidation, a decline in users, or market observation, reflecting a slowdown in network usage.

According to on-chain data, since April 11, the net growth value of UTXO has continued to turn positive, with a noticeable increase in the green bar section, indicating that network activity is gradually recovering and on-chain trading behavior is becoming more frequent. Meanwhile, the total UTXO supply has also started to rise, echoing 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 flow and user participation, and is often regarded as a leading signal for assessing market heat and on-chain health.

It is worth noting that although UTXO turned positive in April, reflecting an increase in on-chain transaction activity, the number of new addresses did not see significant growth. According to on-chain data, the number of new addresses during April roughly maintained a range of 300,000 to 350,000 per day, lacking a significant breakthrough, indicating that this round of on-chain recovery is more attributed 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 more prolonged price increase, it is still necessary to continuously monitor whether the number of new addresses increases in tandem with rising prices, to verify whether the market has entered a new phase of "incremental capital driven."

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

While existing users are returning and increasing interaction frequency, market sentiment is gradually warming up as prices rebound. This can be further observed from the changes in the proportion of profitable addresses. According to on-chain data, during the recent rebound in Bitcoin prices, the proportion of addresses holding coins that are in profit has also risen. This indicator represents the percentage of addresses with current coin prices above the average purchase price of those addresses, and can be used to measure the overall "holding profit status" of the market.

According to the chart, since mid-April when the price of Bitcoin started to rise, the ratio has quickly rebounded and currently stands at 93%. This indicates that the majority of investors have returned to a profitable state, and the floating loss pressure caused by earlier adjustments is rapidly easing. This trend usually suggests that market sentiment is shifting from pessimistic to neutral or even slightly bullish, which not only helps to 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 stages of a new rising cycle.

Market Trend Summary

In April, the on-chain ecosystem showed differentiation, with Solana firmly holding the championship in both trading volume and Gas revenue, showcasing its 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; some public chains face pressure from capital outflows. Overall, mainstream chains are consolidating their leading position, while competition among emerging chains intensifies.

From 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 for this round of price recovery. On-chain Unspent Transaction Outputs (UTXO) have turned to positive growth since mid-April, with trading frequency and network activity rising in sync, indicating a recovery of on-chain momentum. However, it is worth noting that on-chain data shows that the number of new addresses added in April did not significantly increase, 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 has not yet seen a widespread influx of new funds.

Meanwhile, the proportion of profitable addresses has rapidly risen to 93%, reflecting that most investors in the market have returned to a profitable state, with panic sentiment significantly alleviated and the emotional landscape gradually shifting towards a neutral to bullish outlook. If the price continues to strengthen alongside on-chain active indicators, and drives a simultaneous increase in new users, the market is expected to welcome further incremental funds entering, leading into the next round of upward cycle.

Popular Projects and Token Dynamics

Overview of Popular Projects Data

LaunchLab

The leading decentralized exchange in the Solana ecosystem officially launched the token issuance platform LaunchLab on April 16, providing creators and developers with low-threshold, uncensored on-chain token issuance and liquidity launch tools. Users can issue tokens using various pricing curves (linear, exponential, logarithmic) and quote assets (such as SOL), and integrate AMM V4 with a locking mechanism; creators can also continue to receive 10% of AMM trading fees after the token "graduates."

In the nearly two weeks since its launch, 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 peak of graduated tokens was concentrated on April 25 and 26, with a total of over 110 graduated in those two days. Overall, although LaunchLab has lowered the threshold for token issuance, the success of the projects still highly depends on team strength and market recognition.

Taking April 28 as an example, two major token issuance platforms on the Solana blockchain present a stark contrast:

• A certain platform created 29,612 tokens, of which 1,327 successfully graduated, resulting in a graduation rate of 4.5%.

• LaunchLab created 4,272 tokens, of which 104 successfully graduated, with a graduation rate of 2.4%, Ming