Analysis of on-chain activities of Korean users in the Ethereum, Base, and Solana ecosystems

In the first half of 2025, the activities of cryptocurrency users in South Korea have expanded from centralized exchanges to the on-chain ecosystem. This shift marks the maturation of the market and the diversification of user participation methods.

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

Korean users are gradually shifting from traditional exchanges to on-chain activities, reflecting the maturity of the market rather than a transient phenomenon. Although the trading volume of centralized exchanges remains high, the rapid growth of on-chain activities indicates that the Korean crypto market has developed a multi-layered structure, no longer solely centered around exchanges.

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 surpassed 10 million, and the cryptocurrency market has established connections with mainstream audiences.

However, systematically obtaining and analyzing on-chain data of Korean users still faces challenges. This report aims to provide insights for readers who wish to gain a deeper understanding of the Korean market by collecting on-chain activity data from approximately 80,000 wallets.

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

2.1 Event Time

• Ethereum, Base: The main activity time is from 9 AM to 11 PM.
• Solana: Activities are concentrated from midnight to 8 AM

Korean users exhibit significant differences in participation patterns across different blockchains. Ethereum and Base users primarily trade during daily activity hours, while Solana users remain active late at night, aligning with North American time zones. This indicates that Korean users are highly adaptable to the global market, unaffected by time zone restrictions.

2.2 Fund Distribution

The distribution of funds among different blockchains for Korean users is significantly different:

• Ethereum: Total assets approximately 400 million USD, with a significant proportion held by whales and middle-class accounts.
• Solana: 99.9% are retail wallets, but a few whale wallets hold a large amount of assets.
• Base: Attracted medium-sized investors

This distribution reflects the diversity of the user base in the Korean market, where different chains attract users with different investment tendencies.

2.3 User Activity Trends

• Ethereum: Transaction volume has been stable in the long term, with users placing more emphasis on practical applications and governance activities.
• Base and Solana: Sensitive to market sentiment and short-term events in trading pairs.

The trading trends of Base and Solana are similar, but there are differences in daily active users. Solana has a higher user churn rate, while the active user count of Base is steadily increasing.

dApp usage 2.4

• Solana: transaction-focused, primarily concentrated on DeFi trading
• Ethereum and Base: Users are more involved in remittance and deposit activities, with diversified use cases.

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 seek returns through token staking and incentive claims.

3. Summary

Korean users exhibit the following three main characteristics:

1. Strong global market adaptability, unrestricted by time zones.
2. There is a clear differentiation in strategies and investment tendencies across different chains.
3. Show a high interest in incentive-based services

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 suitable for the target user segmentation and establish a clear and sustainable incentive structure. Most importantly, these users should be regarded as partners in ecosystem development, rather than just simple users.