Analysis Report on the Behavior of Korean Crypto Assets Users on Different Blockchains

Key Points Overview

In the first half of 2025, the activities of cryptocurrency users in South Korea expanded from centralized exchanges to the blockchain ecosystem, marking the increasing maturity of the market and a more diversified way for users to participate.

Analysis shows that Korean users exhibit varying behaviors across different ecosystems such as Ethereum, Base, and Solana. Ethereum users hold large-scale assets and maintain stable engagement; Base gradually increases user retention through decentralized applications; Solana attracts the most users with high activity levels but has a higher user churn rate.

This differentiated performance indicates that the user group of crypto assets in South Korea is complex and diverse, making it difficult to summarize with a single characteristic. Project teams need to conduct systematic user segmentation and formulate effective market strategies by combining qualitative and quantitative analysis.

1. Overview of On-chain User Activity in South Korea in the First Half of 2025

Korean users are gradually expanding from exchanges to on-chain activities, indicating that the market structure is diversifying. Although the trading volume on centralized exchanges remains high, on-chain activities are growing rapidly, forming a multi-layered market structure.

The IXO 2025 event held in January 2025 further confirmed this market shift. The event organizers stated that the number of digital asset investors in South Korea has exceeded 10 million, and the Crypto Assets market has established connections with mainstream audiences.

International participants have begun to delve into the behavior of on-chain users in South Korea, no longer viewing the country as a market solely centered around exchanges. However, systematically acquiring relevant on-chain data still faces challenges.

This report aims to provide a reference for those who wish to gain a deeper understanding of the Korean market by analyzing on-chain activity data from approximately 80,000 wallets. The research covers data from the first half of 2025 and examines the behavior patterns of Korean users in the Ethereum, Base, and Solana ecosystems.

2. Characteristics of Korean Users: Comparison of Ethereum, Base, and Solana

2.1 Activity Time

• Ethereum, Base: Main activity time is from 9 AM to 11 PM
• Solana: Active hours concentrate from midnight to 8 AM

Korean users exhibit significant differences in their participation patterns across different Blockchains. Ethereum and Base users concentrate their transactions during daily activity hours, while Solana users remain highly active during the late night. This difference reflects that Solana has formed a transaction-centered ecosystem, with major activities synchronized with North American time zones.

Data shows that South Korean users have a high adaptability to the global market, with their active investment tendencies transcending time zone limitations. They are willing to engage in global opportunities at any time, and their behavior patterns are highly consistent with the rhythm of the global crypto market.

2.2 Fund Distribution

The distribution of funds on different Blockchains is significantly different:

• Ethereum: The total user assets are approximately $400 million, which is 9 times the sum of Base and Solana. Most assets are concentrated in a few giant whale wallets, with an average of $2.5 million held in each whale wallet.
• Solana: 99.9% are retail wallets, with an average holding of $30. A few whale wallets hold an average of over $8 million, creating extreme polarization.
• Base: Centered, attracting medium-sized investors.

These data reflect the differences in investment tendencies of Korean users on different chains. Ethereum attracts conservative large investors, Solana attracts retail investors seeking high returns, and Base attracts medium investors. This indicates that the Korean market has a diverse user base.

2.3 User Activity Trends

The trading volume of Ethereum has remained stable over the long term, unaffected by market fluctuations. Korean users place more emphasis on practical activities within the Ethereum ecosystem, such as using decentralized applications, asset custody, and participating in governance.

In contrast, the trading pair market sentiment and short-term events of Base and Solana are sensitive. When the price of Crypto Assets rose at the beginning of the year, the trading volume of these two chains surged; then it briefly declined, and again rose in May when Bitcoin broke through $100,000.

Although the trading trends of Base and Solana are similar, there is a difference in the number of daily active users. Solana has a higher user churn rate due to its short-term event structure. Base benefits from a diverse range of applications and services, leading to a steady increase in active users.

2.4 Decentralized Application Usage

The usage of decentralized applications by Korean users on different chains further reveals the differences:

• Solana: Transaction-focused, with users primarily concentrated in DeFi trading and low stablecoin usage.
• Ethereum and Base: Users are more involved in remittance and deposit activities, operating with USDT or USDC. There are diverse on-chain use cases existing on these.
• The Kaito InfoFi service on Base is one of the main driving forces attracting users.

Korean users respond positively to the reward structure and tend to earn profits through token staking and incentive claims.

3. Conclusion

This report analyzes the on-chain activities of approximately 80,000 Korean crypto assets users, helping to formulate more effective market entry strategies. The key findings are as follows:

1. Korean users demonstrate strong adaptability to the global market, with participation not restricted by time zones.
2. Users exhibit distinct differentiation in strategies and investment tendencies across different chains, forming a hierarchy based on investment objectives and risk preferences.
3. Users show a high interest in incentive-based services and actively participate in token staking and reward systems.

Global projects considering entering the South Korean market need to develop customized strategies that align with user characteristics. South Korea is a balanced market with no bias towards specific stages or types. Strategy development should prioritize blockchains that are suitable for the targeted user segmentation.

From an operational perspective, providing services based on the North American time zone will not cause significant issues. User acquisition and retention require a clear and sustainable incentive structure, with the effects of long-term participation being superior to short-term activities.

Most importantly, these users should be regarded as partners in the development of the ecosystem, rather than just simple users. Project parties need to deeply understand the diversity and complexity of Korean users and develop corresponding market strategies.