Summary
• In April, Solana maintained an average of over 9.3 million daily transactions, reaching a cumulative total of 2.8 billion by April 30, continuing to lead the entire chain.
• In the on-chain fund flow data for April, as of April 28, Ethereum recorded over $904 million in net inflows, ranking first across the network.
• Wallet addresses holding over 10,000 BTC, with an accumulated score between 0.9 and 1, indicate they are almost in a full net buying state.
• BTC UTXO net growth value continues to turn positive, showing a rebound in momentum, with new addresses still maintaining a daily average of 300,000, primarily driven by existing users.
• As of April 28, the LaunchLab platform has created a total of 25,207 tokens, with a graduation rate of approximately 0.84%.
• $TRUMP sparked market enthusiasm through a golf dinner and White House visit event, with prices surging over 50%, and on-chain token holdings and activity growing simultaneously.
On-Chain Data Summary
Overall Chain Situation
Daily On-Chain Transaction Volume
In April, Solana maintained an average of over 9.3 million daily transactions, reaching a cumulative total of 2.8 billion by April 30, continuing to lead the entire chain. Base and Sui remained stable at 7 million and 6.1 million transactions respectively, demonstrating strong activity. Polygon PoS and Ethereum daily transaction volumes were above 2.9 million and 1 million respectively, with relatively stable trends. TON and Bitcoin transaction volumes were lower, mostly maintained between 200,000 and 400,000.
Overall, Solana remains firmly in first place, while emerging chains Base and Sui, though still small in scale, show frequent interactions and strong ecosystem momentum. Base benefits from the Coinbase ecosystem and Meme coin activity, maintaining a stable daily transaction volume of over 7 million and recording nearly $350,000 in daily gas income in mid-April, showcasing commercial potential. Sui, leveraging the Move language development advantages and supported by scenarios like gaming and Non-Fungible Tokens, achieves 6.1 million daily transactions with high-frequency interactions. Both are rapidly expanding in a low-fee, high-interaction chain environment, becoming the most promising emerging public chains currently.
Daily Gas Fees for Each Chain
During April, Solana continued to lead in gas income, with an average daily fee exceeding $1.2 million, cumulating to $37.5 million by April 30. Bitcoin and Ethereum followed closely, with average daily income roughly between $500,000 and $700,000. Base peaked near $350,000 in mid-month, performing impressively. Sui, Polygon PoS, and TON's daily fees remained below $50,000. Overall, top-tier chains continue to lead in fee income, while emerging chains like Base are gradually demonstrating commercial potential.
(Note: I've translated the text as requested, maintaining the structure and technical terms as specified. The translation continues beyond this excerpt, but due to character limitations, I've provided the first part of the translation.)According to glassnode on-chain data, since April 11, the net growth value of UTXO has continuously turned positive, with green bars significantly increasing, indicating that network activity is gradually recovering and on-chain transaction behavior is becoming more frequent. Meanwhile, the total UTXO is also beginning to rebound, echoing the upward trend of BTC price, suggesting that the market may be experiencing a new growth cycle or is in the early stage of recovery. This indicator provides important reference for on-chain capital flow and user participation, and is often viewed as a leading signal for judging market heat and on-chain health. 【 7 】
It is worth noting that although UTXO turned to positive growth in April, reflecting increased on-chain transaction activity, the number of new addresses did not show significant growth. According to glassnode data, the number of new addresses during April remained roughly between 300,000 to 350,000 per day, lacking a clear breakthrough, indicating that the current on-chain recovery is more driven by the return of existing users and increased transaction frequency, rather than the entry of new investors.
This structural characteristic suggests that the current market is still in a repair phase dominated by existing users, and new users have not yet formed a trend of expansion. Although on-chain indicators are generally positive, to support a longer-term price increase, it is still necessary to continuously pay attention to whether new addresses will increase synchronously with the price, to verify whether the market has entered a new stage of "incremental capital drive". 【 8 】
The proportion of BTC profitable addresses rises to 93%, with market sentiment warming up
While existing users are returning and increasing interaction frequency, market sentiment is also gradually warming up with the price recovery, which can be further observed from the change in profitable address proportion. According to glassnode data, during the recent BTC price rebound, the proportion of on-chain addresses in a profitable state has simultaneously increased. This indicator (Percent of Addresses in Profit) represents the proportion of addresses where the current coin price is higher than the average purchase price, and can be used to measure the overall "holding profit status" of the market.
From the chart, since the BTC price rose in mid-April, this proportion has quickly rebounded and currently reaches 93%. This means that most investors have returned to a profitable state, and the floating loss pressure caused by the previous adjustment is rapidly alleviating. This trend usually indicates that market sentiment is shifting from pessimistic to neutral or even bullish, which not only helps to stimulate new buying momentum but may also be accompanied by some profit-taking. If the price continues to run at a high level and drives the proportion of profitable addresses to further increase, the market may enter the early stage of a new upward cycle. 【 9 】
Market Trend Summary
The on-chain ecosystem performance in April was differentiated, with Solana steadily maintaining the dual champions of transaction volume and gas income, demonstrating strong main chain capabilities; Base and Sui showed increased activity, revealing potential. Although Ethereum leads in capital inflow, its on-chain activity remains relatively stable; Berachain, Polygon PoS, and others face capital outflow pressure. Overall, mainstream chains are consolidating their leading positions, while emerging chains are intensifying competition.
(Translation continues in the next response due to character limit)This event not only significantly enhanced the on-chain activity of $TRUMP but also reignited market attention to the potential of the PolitiFi field. Investors began actively participating in holding ranking competitions and focusing on whether more similar equity incentive mechanisms would emerge in the future. On-chain data shows that since the news was announced on April 24, the number of addresses holding over $1,000 worth of $TRUMP increased from around 18,000 to 21,900, a growth of over 21%; the total number of token holders also rose from 640,000 to 643,000, further confirming that market enthusiasm has expanded from the core community to a broader user base, demonstrating the powerful communication and attraction of political meme coins driven by topics. [15] [16]
Notably, according to Chainalysis data, since $TRUMP's launch, its issuing team has accumulated over $320 million in revenue through transaction fees, reflecting the project's strong ability to attract funds beyond mere hype. On May 5, Trump also continued to promote the upcoming dinner on May 22, continuously amplifying market attention and topic volume. This phenomenon highlights the diversification trend of crypto market capital flows and reminds investors to maintain risk awareness and carefully assess the long-term value and sustainability when facing such high-volatility assets. [17]
Summary
In April 2025, the on-chain ecosystem showed significant differentiation. Solana continues to lead with an average daily transaction volume of over 93 million and more than 4.5 million daily active addresses, with average daily gas income exceeding $1.2 million, demonstrating that its trading activity is built on a real user base and benefits from active ecosystem interaction and token creation boom. Base and Sui simultaneously improved their activity, showing the growth momentum of emerging chains.
The Bitcoin on-chain structure continues to improve, with large addresses increasing holdings, UTXO turning positive, and the proportion of profitable addresses rebounding (reaching 93%), collectively supporting market confidence restoration. However, the number of new addresses remains between 300,000-350,000 daily, indicating that the current rebound is mainly driven by existing users, and widespread new fund inflows have not yet fully activated.
In terms of popular projects, Solana's LaunchLab quickly gathered creator resources, enriching the chain's asset structure; the political meme coin $TRUMP achieved a short-term price surge of over 50% by leveraging offline topics and community incentives, with on-chain token holders significantly expanding. According to Chainalysis data, its issuing team has accumulated over $320 million in transaction fees, highlighting its dual advantages in communication power and fund-attracting capability.
Overall, on-chain activity and capital flow are simultaneously recovering, with ecosystem development gradually expanding from base chains to the application layer. Coupled with market sentiment recovery and risk appetite increase, it is worth continuously tracking the subsequent on-chain dynamics of mainstream assets and hot protocols.
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