Bitcoin and Mainstream Public Chain On-Chain Data Interpretation: Ethereum Revenue Rebound, Base Rapid Rise

Summary

• Solana continues to lead in trading volume and active addresses, with Base closely following; Ethereum regains the top spot in fee income thanks to high-value interactions.

• Ethereum leads in capital absorption, Polygon expands its DeFi narrative through Katana, while Base, despite a short-term pullback, still has long-term growth potential in its ecosystem.

• The on-chain transaction volume of BTC has sharply decreased, with the proportion of high-value transactions rising to 89%. Under the pattern of "price rising and volume shrinking," on-chain activities are accelerating towards institutionalization.

• The distribution of BTC cost basis reveals key support, with 93,000-100,000 USDT becoming the core on-chain defense.

• PumpSwap trading volume surpasses 38 billion, with the number of users exceeding 9 million, continuously leading a new pattern in the Solana DEX market.

• The on-chain transaction volume of the Sei chain has exploded in sync with its TVL, creating a resonance between ecological expansion, technical advantages, and favorable policy capital.

On-chain Data Summary

On-chain activities and capital flow overview

In addition to conducting an overall analysis of on-chain capital flow, we further selected several key on-chain activity indicators to assess the real usage heat and activity of various blockchain ecosystems. These indicators include daily transaction volume, daily Gas fees, daily active address count, and net flow of cross-chain bridging, covering multiple dimensions such as user behavior, network usage intensity, and asset liquidity. Compared to merely observing capital inflows and outflows, these on-chain native data can more comprehensively reflect the fundamental changes in public chain ecosystems, helping to determine whether the capital flow is accompanied by actual usage demand and user growth, thereby identifying networks with sustainable development potential.

On-chain transaction volume comparison: Solana significantly leads Base in on-chain activity.

According to data, as of June 30, 2025, Solana ranks first among mainstream public chains with a monthly transaction volume exceeding 2.97 billion, demonstrating strong on-chain throughput capability and active ecological interaction levels. Its high-frequency trading is no longer limited to hotspots such as Meme and Bot applications, but is continuously extending to deeper scenarios like stablecoins, RWA, and financial instruments. In the past week, institutions have accelerated their layout in the RWA and stablecoin fields: Fiserv, with a market capitalization of $90 billion, announced that it will deploy stablecoins on Solana; Republic Crypto launched the rSpaceX stock tokenization product, further expanding Solana's application boundaries in the private placement market.

Apart from Solana, Base also continues its strong growth momentum, with a total transaction volume of 292 million in June, clearly leading other Layer 2 platforms and firmly positioned at the forefront of the second tier of Layer 2. Recently, Base has been continuously expanding real-world application scenarios. In June, the e-commerce platform Shopify announced support for USDC payments on the Base chain, covering merchants in over 30 countries worldwide, marking its official entry into the mainstream payment system. At the same time, JPMorgan has also launched a pilot deployment of the deposit token JPMD on Base, promoting the on-chain of bank-grade assets and further enhancing its practicality in RWA and financial scenarios.

In contrast, traditional Layer 1 public chains like Ethereum and Bitcoin maintain a steady trading rhythm, with monthly transaction volumes of 41.95 million and 10.28 million respectively. Although they are not as frequent as high-performance public chains, they still hold an important position in carrying high-value assets and core interactions in DeFi.

Overall, Solana and Base showed significant advantages in trading data in June, steadily consolidating their dominant positions in the high-frequency interaction ecosystem. In contrast, some Ethereum scaling solutions are losing momentum, with funds and user attention gradually shifting towards emerging high-performance chains. The evolution of on-chain transaction volume not only reflects technical strength and user activity but also indicates the direction of future ecological competition. Further, it is necessary to combine interaction quality and real user data to continuously validate their sustainability and ecological depth.

The on-chain income landscape has been reshuffled again: Ethereum regains the top spot, while Base's growth slows down.

According to the data, as of June 30, 2025, Ethereum has regained the top position in on-chain fee revenue, generating $39.07 million in a single month, solidifying its leading position in the high-value interaction sector. Solana recorded $30.54 million in revenue this month, slightly below Ethereum, ranking second. However, looking back at May, Solana briefly surpassed Ethereum, with a single-month fee of $53.06 million, becoming the highest revenue public chain of that month, demonstrating its strong trading momentum and application explosiveness at specific stages.

Bitcoin ranks third at $14.75 million, and although its trading volume and active addresses are not as strong as Solana's, it still maintains a strong ability to generate fees as a mainnet for value storage and the gradually emerging BTC L2 ecosystem. Base's revenue this month has seen a month-on-month decline, dropping from $5.87 million in May to $4.87 million in June. Although it still significantly leads other Layer 2 platforms, the growth momentum has slightly slowed down, requiring observation of its real-world applications and the sustainability of capital inflow.

From the trend observation, the fee curves of Ethereum and Bitcoin are relatively stable, indicating their main service for high-value interaction needs; the fees of Solana show a volatile upward trend, closely related to the activity of high-frequency scenarios in its ecosystem. The short-term pullback of Base also reflects that its user growth and capital inflow are still in the early integration stage.

Overall, fee income is not only a reflection of on-chain economic activity but also reveals the transformation of ecological structure and user behavior paths. The strong rebound of Ethereum and the short-term correction of Base highlight the phase variabilities and competitive pressures faced by emerging public chains as they challenge the dominant position of Ethereum and Bitcoin in terms of revenue.

Active Address Analysis: Solana leads, Base follows closely.

According to data, as of June 30, 2025, Solana has consistently maintained its position at the top of the public chain list with an average of 4.8 million active addresses per day, far ahead of other Layer 1s and significantly surpassing most Layer 2 networks. The user activity of Solana mainly benefits from the high-frequency interactions of Meme coins, automated trading bots, stablecoin payments, and emerging RWA scenarios. Its on-chain interactions have expanded from speculative applications to the grounding of real assets and payment ecosystems, demonstrating a clear advantage in user retention.

Base ranks second with an average of 1.71 million daily active addresses, demonstrating strong growth momentum. Its user base continued to rise in June, mainly from three aspects: the expansion of L2 native ecosystems; the onboarding of payment users brought by the implementation of stablecoins (USDC) in real merchant scenarios; and the structural funds and application migration driven by traditional financial institutions like JPMorgan trialing on-chain. The user growth of Base is not only reflected in the numbers but also in the increase in interaction frequency and the number of active on-chain contracts, gradually forming a full-stack ecological prototype from finance to social.

Polygon PoS and Bitcoin rank third and fourth with an average of 570,000 and 500,000 daily active addresses respectively. The former, as a stable Ethereum sidechain, still maintains a certain foundation in the NFT, gaming, and small to medium-sized developer communities; the latter, however, is limited by its low-frequency transfer characteristics and its positioning as a store of value, resulting in relatively steady address growth.

The user activity of Ethereum and Arbitrum is relatively lagging, with daily average addresses of 440,000 and 320,000 respectively, showing that under the influence of high Gas costs and a lack of emerging application drivers, users' willingness to interact has shrunk. Especially in the themes of Meme, Bot, and RWA, users have gradually shifted to emerging chains with lower costs and richer applications, reflecting a change in the competitive landscape between chains.

Overall, the daily active address data for June clearly reflects that the differentiation trend between Layer 1 and Layer 2 is accelerating. The high-frequency main chains and real application-driven L2 are replacing traditional technology strong chains as the focal point of the ecosystem. User activity not only serves as a prerequisite for transaction growth, but also represents the direction for the future concentration of ecosystem funds and developer resources, making it worthwhile to continue tracking the subsequent development quality and user stickiness.

Public chain capital flow analysis: Ethereum leads, Base pulls back, Polygon lays out DeFi track

According to the data, as of nearly a month ago, Ethereum has maintained its dominant position with a net inflow of $5.1 billion, demonstrating strong capital attraction ability; Polygon PoS follows closely with a recorded net inflow of $263 million, continuing a moderate growth trend. In contrast, the Layer 2 network Base has seen a net outflow of as much as $5 billion, becoming the most significant public chain for capital withdrawal in this round. The current capital flow continues the structural trend of the previous weeks: Ethereum benefits from multiple positive factors such as technological upgrades, sustained net inflow of ETFs, and continuous institutional accumulation, combined with the rebound in the DeFi sector's popularity and marginal easing of regulatory policies, further consolidating its core position of "high liquidity + high consensus."

The capital inflow of Polygon may be related to its recent ecological layout. Polygon Labs has launched the DeFi-focused Layer 2 network Katana in collaboration with crypto market maker GSR, aiming to address asset fragmentation and unsustainable yields. Katana employs a centralized screening mechanism and utilizes VaultBridge to return funds to the mainnet after lending, creating an efficient closed loop that attracts institutions and high-net-worth users. This move not only strengthens Polygon's positioning in the DeFi space but also brings a more differentiated Layer 2 narrative. The recent net inflow of $263 million recorded by Polygon may reflect the market's positive expectations for the Katana model and its future potential.

Despite the recent large-scale net outflow of funds from Base, this is more likely due to a phase correction rather than a weakening of the ecosystem. In fact, in mid-June, Base experienced strong capital inflows, benefiting from Coinbase's deep integration, the collaboration with Shopify to expand USDC payment scenarios, as well as several positive developments such as JPMorgan's on-chain testing of deposit tokens, which quickly heated up the ecosystem. Currently, Base's TVL reaches 3.4 billion USD, with a stablecoin market value of 4.1 billion USD. Core protocols like Aerodrome, Spark, StarGate, and Moonwell are performing strongly. Short-term capital flows may be influenced by market rotation and arbitrage, but in the medium to long term, Base still possesses the potential for continuous expansion and capital inflow.

The recent capital flow reflects a structural differentiation among mainstream public chains. Ethereum continues to solidify its core position with technological upgrades and institutional benefits, while Polygon strengthens its voice in the DeFi space through the Katana layout. Although Base has seen short-term net outflows, its ecological fundamentals remain robust under the support of multiple real-world applications and institutional collaborations, showing potential for capital return and further expansion in the future. Overall, capital is centered around a new round of allocation and rotation focusing on the three core aspects of "technological strength + scenario implementation + capital integration."

While funds rotate across chains, Bitcoin, as the core asset of the market, also releases multiple key signals through its on-chain structural indicators. This article will focus on three representative indicators - the number of transactions and transaction amounts, the adjusted transfer structure after accounting for entities, and the Cost Basis Distribution (CBD) - to assess whether there is structural support behind the current market situation, and to observe whether the trend led by institutional behavior continues to deepen.

Bitcoin Key Indicator Analysis

As the price of Bitcoin continues to consolidate within the historical high range, on-chain data shows several structural changes, reflecting a profound adjustment in market participation structure and funding behavior. To gain a more comprehensive understanding of the current market context and potential risk directions, this article will focus on three key on-chain indicators for analysis: the number of on-chain transactions and changes in average transaction amount, the entity-adjusted volume breakdown, and the cost basis distribution heatmap. By cross-examining these three indicators, we hope to clarify the reasons behind the current cooling of on-chain activity, the strengthening of institutional funding's dominance over the market, and the structural significance of the support range, thus providing insights for judging future trends.