Abstract

• Solana continues to lead in transaction volume and active addresses, with Base close behind; Ethereum regains the top spot in fee revenue through high-value interactions.
• Ethereum leads in capital inflows, Polygon expands its DeFi narrative via Katana, while Base, despite a short-term pullback, retains strong long-term growth fundamentals.
• Bitcoin’s on-chain transaction count drops sharply, while high-value transactions surge to 89%; under the “price up, volume down” pattern, on-chain activity is accelerating toward institutionalization.
• BTC’s cost basis distribution reveals key support zones, with the 93,000–100,000 USDT range emerging as the core on-chain defense level.
• PumpSwap surpasses $38 billion in trading volume and 9 million users, continuing to reshape the Solana DEX market landscape.
• Sei sees simultaneous surges in trading volume and TVL, driven by a combination of ecosystem expansion, technical strengths, and policy and capital tailwinds.

On-Chain Insights Overview

Overview of On-Chain Activity and Capital Flow

In addition to analyzing overall on-chain capital flows, we further selected several key on-chain activity metrics to assess the actual usage and engagement levels across blockchain ecosystems. These indicators include daily transaction volume, daily gas fees, daily active addresses, and net cross-chain bridge flows—capturing user behavior, network utilization intensity, and asset mobility. Compared to observing capital inflows and outflows alone, these native on-chain data points provide a more comprehensive reflection of fundamental shifts in blockchain ecosystems. They help determine whether capital flows are accompanied by genuine user demand and growth, enabling identification of networks with sustainable development potential.

Transaction Volume Comparison: Solana and Base Lead in On-Chain Activity

According to Artemis data, as of June 30, 2025, Solana maintained its leading position among major blockchains with over 2.97 billion monthly transactions, demonstrating strong throughput capacity and active ecosystem engagement.【1】Its high-frequency transaction activity has expanded beyond meme coins and bots, increasingly encompassing stablecoins, real-world assets (RWA), and financial instruments. In the past week, institutional deployments in the RWA and stablecoin sectors accelerated: $90 billion fintech giant Fiserv announced it would issue a stablecoin on Solana, while Republic Crypto launched its rSpaceX tokenized equity product—further extending Solana’s reach in the private market.

Base also continued its strong growth momentum, recording 292 million transactions in June—significantly ahead of Arbitrum (62.7 million) and Polygon PoS (101 million), securing a leading position within the second tier of Layer 2s. Recently, Base has been expanding into real-world application scenarios. In June, Shopify announced support for USDC payments on Base, enabling crypto commerce for merchants in over 30 countries—marking its entry into mainstream payments. At the same time, JPMorgan initiated a pilot deployment of its deposit token (JPMD) on Base, pushing bank-grade assets on-chain and reinforcing Base’s practical role in RWA and financial infrastructure.

In contrast, legacy Layer 1 chains like Ethereum and Bitcoin maintained steady transaction volumes, with 41.95 million and 10.28 million monthly transactions respectively. Although they lag in frequency compared to high-performance chains, their significance in high-value asset settlement and core DeFi operations remains critical.

Overall, Solana and Base exhibited strong transaction metrics in June, steadily solidifying their leadership in high-frequency interaction ecosystems. Meanwhile, some Ethereum scaling solutions appear to be losing momentum, with capital and user attention increasingly rotating toward emerging high-performance chains. The evolution of on-chain transaction volume reflects not only technical capacity and user engagement, but also signals the future direction of ecosystem competition. Going forward, it will be essential to evaluate the sustainability and depth of these ecosystems by incorporating metrics on interaction quality and real user activity.

On-Chain Revenue Landscape Reshuffled: Ethereum Regains Top Spot, Base Growth Slows

According to Artemis data, as of June 30, 2025, Ethereum reclaimed the top position in on-chain fee revenue, generating $39.07 million in monthly earnings—reinforcing its leadership in high-value transaction interactions. Solana followed closely with $30.54 million in revenue, slightly below Ethereum. 【2】Notably, in May, Solana briefly surpassed Ethereum with a record $53.06 million in monthly fees, becoming the highest-earning blockchain that month—demonstrating its strong transactional momentum and application-driven activity during peak periods.

Bitcoin ranked third with $14.75 million in revenue. Although its transaction count and active addresses lag behind Solana, it maintains a solid fee-generating capacity due to its role as a value store and the gradual emergence of the BTC Layer 2 ecosystem. Base, on the other hand, saw a month-over-month decline in revenue—from $5.87 million in May to $4.87 million in June. While still significantly ahead of Arbitrum ($1.68 million) and Polygon PoS (approximately $230,000), Base’s growth momentum appears to be tapering off, warranting attention to the sustainability of its real-world adoption and capital inflows.

From a trend perspective, Ethereum and Bitcoin show relatively stable fee curves, indicating their focus on high-value transactions. In contrast, Solana’s fee trajectory exhibits more volatility and upward momentum, driven by its active high-frequency use cases. Base’s short-term pullback suggests that user acquisition and capital inflows are still in an early integration phase.

Overall, fee revenue is not only a reflection of on-chain economic activity but also an indicator of shifts in ecosystem structures and user behavior patterns. Ethereum’s strong rebound and Base’s short-term deceleration highlight the transitional challenges and competitive pressures that emerging blockchains face as they attempt to rival the revenue dominance of Ethereum and Bitcoin.

Active Address Analysis: Solana Leads, Base Close Behind

According to Artemis data, as of June 30, 2025, Solana maintained its position as the leading blockchain in terms of daily active addresses, averaging 4.8 million per day. This figure not only surpasses other Layer 1s by a wide margin but also significantly exceeds most Layer 2 networks. Solana’s high user activity is driven by frequent interactions across meme coins, automated trading bots, stablecoin payments, and emerging real-world asset (RWA) applications. Its on-chain usage has expanded from speculative activity to practical asset deployment and payment use cases, giving it a distinct advantage in user retention.【3】

Base followed closely with 1.71 million daily active addresses, showing robust growth momentum. This user surge in June was driven by three primary factors: expansion of native Layer 2 ecosystems; increased USDC usage in real-world merchant payments; and structural capital and application migration, led by pilots from traditional financial institutions such as JPMorgan. Base’s growth is not only reflected in user numbers but also in interaction frequency and the rising count of active contracts—laying the foundation for a full-stack ecosystem spanning finance and social applications.

Polygon PoS and Bitcoin recorded 570,000 and 500,000 daily active addresses, respectively, placing third and fourth. Polygon PoS continues to serve as a stable Ethereum sidechain, retaining a foothold in NFTs, gaming, and smaller developer communities. Bitcoin’s address growth remains steady due to its infrequent transfer model and store-of-value positioning.

Ethereum and Arbitrum lag behind with 440,000 and 320,000 daily active addresses, respectively. High gas costs and the lack of compelling new use cases have contributed to lower user interaction. In trending sectors like memes, bots, and RWAs, users have increasingly migrated to lower-cost, feature-rich emerging chains—highlighting a shift in competitive dynamics among blockchains.

Overall, the June data reveals a clear divergence between Layer 1 and Layer 2 ecosystems. High-frequency Layer 1s and real-world application–driven Layer 2s are emerging as the new focal points of blockchain activity, overtaking technically strong but slower-moving incumbents. Daily active address growth is not only a precursor to transaction volume but also a key indicator of where future capital and developer attention will concentrate.

Public Chain Capital Flow Analysis: Ethereum Leads, Base Sees Outflows, Polygon Expands DeFi Presence

According to Artemis data, over the past month, Ethereum maintained its dominant position with a net capital inflow of $5.1 billion, demonstrating strong capital-attracting power. Polygon PoS followed with $263 million in net inflows, continuing a moderate growth trend. In contrast, Layer 2 network Base experienced a net outflow of $5 billion, marking it as the most significant capital exodus among major chains during this period.【4】This round of capital movement continues previous structural trends: Ethereum benefited from multiple positive catalysts, including the Pectra upgrade, ongoing net inflows into ETH spot ETFs, and increased institutional accumulation. Coupled with a resurgence in DeFi activity and a marginal easing of regulatory pressure, these factors reinforced Ethereum’s core position as a “high-liquidity, high-consensus” network.

Polygon’s capital inflows may be tied to recent ecosystem developments. Polygon Labs, in partnership with market maker GSR, launched Katana—a DeFi-focused Layer 2 network aimed at addressing asset fragmentation and unsustainable yields. Katana uses a centralized screening mechanism and a VaultBridge model to recycle liquidity back to the mainnet’s lending protocols, distributing returns on-chain. This efficient loop is attracting institutions and high-net-worth users. The initiative has strengthened Polygon’s position in the DeFi sector and introduced a differentiated Layer 2 narrative. The recent $263 million net inflow may reflect growing market optimism around Katana’s model and long-term potential.

Despite the recent large-scale outflow from Base, this is likely a temporary correction rather than a sign of ecosystem weakness. In mid-June, Base saw strong inflows driven by deep Coinbase integration, expanded USDC payment support through Shopify, and JPMorgan’s on-chain testing of deposit tokens. Base currently holds $3.4 billion in TVL and $4.1 billion in stablecoin market cap, with leading protocols such as Aerodrome, Spark, Stargate, and Moonwell performing strongly. Short-term capital movements may be influenced by market rotation and arbitrage activity, but Base still holds long-term potential for renewed inflows and ecosystem growth. 【5】

Overall, this round of capital flows highlights structural differentiation among major chains. Ethereum continues to solidify its core position through technical upgrades and institutional momentum. Polygon is reinforcing its DeFi presence via Katana, while Base, despite short-term outflows, maintains a fundamentally strong ecosystem backed by real-world use cases and institutional collaboration. Capital allocation is increasingly centered around the trio of “technical strength, real-world adoption, and capital integration.”

As capital flows rotate across chains, Bitcoin, as the market’s core asset, is also exhibiting several critical on-chain signals. This report focuses on three key indicators—transaction count and value, entity-adjusted transfer structure, and Cost Basis Distribution (CBD)—to assess whether the current market trend has structural support and to examine whether the institutional dominance in Bitcoin activity is continuing to strengthen.

Key Bitcoin Metrics Analysis

As Bitcoin continues to consolidate near its historical high price range, on-chain data reveals several structural shifts, reflecting significant changes in market participant composition and capital behavior. To better understand the current market context and potential risk outlook, this report analyzes three key on-chain metrics: the change in transaction count and average transaction value, the entity-adjusted volume breakdown, and the Cost Basis Distribution (CBD) heatmap. By observing these indicators collectively, we aim to uncover the underlying causes of cooling on-chain activity, assess the growing dominance of institutional capital, and identify structurally significant support zones—providing valuable insights into potential future market trends.

BTC On-Chain Volume Plummets, Indicating a “Price Up, Volume Down” Divergence

According to Glassnode data, although Bitcoin’s price has steadily climbed since late 2024 and currently holds around 100,500 USDT, its on-chain transaction volume has shown a clear downward trend—creating a divergence pattern of “rising price, falling volume.” In the second half of 2024, the Bitcoin network maintained an average of 500,000 to 700,000 daily transactions, indicating relatively high activity. However, since early 2025, transaction counts have steadily declined, currently falling to the 350,000–400,000 range per day—marking the lowest level in nearly two years.【6】

This trend is primarily driven by a sharp decline in non-monetary transaction activity. Previously, non-monetary uses such as Inscriptions and Runes—which rely on Taproot—saw short-term bursts in demand that significantly inflated overall transaction volume. However, since the beginning of 2025, demand for these activities has noticeably cooled, becoming a key factor behind the recent decline in on-chain transactions. In contrast, monetary transactions involving real value transfers have remained relatively stable.

Meanwhile, the average transaction value on the Bitcoin network has risen to approximately $36,200, indicating that although the number of transactions has decreased, each one carries significantly more value. This suggests that large institutions or high-net-worth individuals continue to use the Bitcoin network for high-value settlements.【7】【8】

Overall, Bitcoin’s current on-chain activity reflects a shift toward an “institution-led, retail-exiting” structure. Although transaction counts are down, the total settlement volume remains robust. This structural change warrants continued attention—especially as Bitcoin hovers near its all-time highs. If on-chain activity fails to rise in tandem, the market could face an increased risk of correction.

High-Value Bitcoin Transactions Reach 89% as On-Chain Activity Becomes Increasingly Institutionalized

The Relative Transfer Volume Breakdown by Size (Entity-Adjusted) metric measures the proportion of Bitcoin’s total settlement volume attributed to transfers of different transaction sizes. By categorizing transaction amounts and excluding non-economic movements—such as internal exchange shuffling—the metric isolates real transfers, providing a more accurate view of actual economic activity on the Bitcoin network. It is particularly useful in assessing the degree of institutional participation.

According to data from Glassnode, Bitcoin’s on-chain activity in June 2025 shows a clear trend toward institutionalization, with high-value transactions becoming increasingly dominant in total settlement volume. The metric reveals that transactions exceeding $100,000 now account for 89% of all value settled on-chain—up from 66% in November 2022, a full 23 percentage point increase. By filtering out internal exchange flows, the entity-adjusted data more accurately reflects genuine economic usage. This suggests that a majority of Bitcoin’s settlement volume is now driven by high-net-worth individuals and institutions, while smaller retail transactions are becoming increasingly marginal.【9】

The charted data further shows that transactions ranging from $1 million to $10 million, and those above $10 million, have grown steadily in share, while transfers under $10,000 continue to decline, reflecting the diminishing role of small-scale usage in the network.

Overall, Bitcoin is shifting from a “mass payment tool” toward a “high-value settlement network.” This structural change explains the current dynamic of “fewer transactions, but strong economic volume,” and further reinforces the growing dominance of institutional capital. If this trend continues, Bitcoin’s on-chain function and economic identity are likely to evolve further toward being a “digital gold” and a “settlement layer for large-value transfers.”

Cost Basis Distribution Reveals Key Support Zone: $93,000–$100,000 Becomes the Core On-Chain Defense Range for BTC

The CoThe Cost Basis Distribution (CBD) metric tracks the average purchase cost of BTC holders across various price ranges, illustrating how much BTC supply is concentrated within specific price bands. On the heatmap, deeper red hues indicate a higher concentration of cost basis at that price level, marking it as a potential support or resistance zone.

Beyond the growing institutionalization of on-chain activity, the cost distribution of capital provides another critical perspective for understanding market structure and support strength. In a period of sideways movement near all-time highs, dense cost basis clusters serve as key indicators of market sentiment, defensive resilience, and downside risk. This section delves into the current support structure of Bitcoin from the lens of CBD data.

According to Glassnode, BTC is currently oscillating within a structurally significant support range between $93,000 and $100,000—one of the most densely populated zones in the cost basis heatmap. Since the Q1 2025 peak, a large portion of BTC holdings has accumulated within this price range, forming a robust on-chain support band. This helps explain why BTC recently rebounded swiftly after pulling back to around $99,000, underscoring the stabilizing psychological and structural role of this level.【10】

As long as prices remain above this dense cost basis zone, the broader bull market structure is likely to remain intact. However, a break below this range could push many holders into unrealized losses, potentially triggering cascading sell-offs and intensifying downside pressure.

Thus, the CBD heatmap not only visualizes historical capital concentration but also offers investors key support and risk thresholds. If BTC can maintain its position above $100,000, the market may regain upward momentum and test the next milestone around $110,000. Conversely, a breakdown below the $93,000–$100,000 band could signal weakening structure and open the door to deeper corrections.

Market Trend Summary

As of June 2025, key on-chain indicators—including trading volume, fee revenue, active addresses, and capital flows—reveal distinct ecosystem dynamics across major chains. Solana maintains its leading position in on-chain activity and ecosystem momentum, driven by high-frequency interactions in sectors such as meme coins, trading bots, stablecoin payments, and real-world asset (RWA) integrations. Its strong user retention and interaction density underscore a highly engaged user base. Base, despite experiencing a temporary net capital outflow, continues to post growth in on-chain activity thanks to developments in stablecoin adoption, institutional pilots, and social applications, reinforcing its emerging dominance among Layer 2 networks. Meanwhile, Ethereum has seen capital inflows return, supported by protocol upgrades and institutional interest, reinforcing its position as the foundational chain.

Overall, on-chain competition is rapidly shifting from “technological leadership” to being driven by “user engagement” and “real-world adoption.” Future capital allocation is expected to prioritize high-frequency interaction capabilities, practical application scenarios, and capital efficiency.

On the Bitcoin front, the network remains in a high-range consolidation phase, yet shows clear structural transitions. Transaction frequency is declining while average transaction size is rising—signaling a shift away from retail-driven activity toward growing dominance by institutions and high-net-worth individuals. Additionally, metrics such as the entity-adjusted transfer volume breakdown and cost basis distribution indicate that market support is increasingly concentrated in the $93,000–$100,000 USDT range, reinforcing Bitcoin’s positioning as a “high-value settlement network.” Should the price stabilize and remain above this support zone, the conditions for a continued uptrend would remain intact. Conversely, a breakdown below this range could mark an early sign of structural weakening, as reflected in on-chain data.

Trending Projects & Token Activity

Overview of Popular Project Data

PumpSwap

PumpSwap, launched in March 2025, is a meme token issuance and trading platform built on the Solana blockchain, featuring one-click token creation, trade-to-mine incentives, and community-driven liquidity mechanisms. Leveraging Solana’s high efficiency and low-cost infrastructure, combined with a user-friendly interface and interactive community culture, PumpSwap quickly attracted a large number of users and creators.

From a product perspective, PumpSwap significantly lowers the barrier to launching meme tokens by allowing any user to deploy their own token within minutes. The platform automatically generates trading pairs and configures initial liquidity, streamlining the launch process. To boost early engagement and liquidity, it incorporates features such as trade mining and leaderboard-based rewards, encouraging active trading and community-driven promotion of trending projects.

According to Dune data, as of June 30, 2025, PumpSwap’s cumulative trading volume has surpassed $38 billion, establishing itself as a primary marketplace for meme tokens post-launch. Over the past 7 days, the platform recorded $1.98 billion in trading volume, with a 24-hour peak of $242 million. While activity has slightly decreased from the early-May highs, trading remains consistently active.【11】

Daily trading volume trends show rapid growth since mid-March, with activity peaking at $600 million per day in early May. Despite subsequent volatility, volumes have remained within a healthy $200–500 million daily range—indicating sustained liquidity and demand even as meme coin hype has cooled. Furthermore, cumulative trading volume continues to climb steadily, with no signs of liquidity exhaustion or user attrition. Given that all projects completing the Pump.fun bonding curve are automatically migrated to PumpSwap, the platform is expected to further strengthen its capacity to absorb capital and trading momentum, reinforcing its position as a leading DEX on Solana.

Market Share

PumpSwap has established a significant position within the Solana DEX ecosystem. According to Dune data, as of June 30, 2025, PumpSwap holds a 22.0% share of the DEX market on Solana, ranking second behind Raydium (34.3%) and ahead of competitors like Whirlpool (18.3%) and Meteora (12.6%). Since its launch in mid-March, PumpSwap’s market share has steadily increased, underscoring its dominance in the meme coin sector.

User Activity and Growth

PumpSwap has seen rapid user growth, as reflected by its daily active wallet count. Since March, the number of active addresses on the platform has steadily increased, stabilizing at over 200,000 per day from mid-April onward and reaching a peak in May. On June 30, the platform recorded more than 300,000 active users in a single day, including over 200,000 returning users and nearly 100,000 new users—demonstrating both strong user retention and continued attraction of new participants.

Trading Behavior and Scale

PumpSwap has also exhibited explosive growth in trading activity. According to daily swap data, the number of transactions surged significantly starting in mid-May. By the end of June, the platform’s average daily swap count exceeded 25 million, marking a historical high. To date, PumpSwap has processed over 1 billion cumulative transactions, making it one of the most frequently used DEX platforms on the Solana blockchain.

At the same time, the total number of cumulative active wallets has surpassed 9 million, indicating that PumpSwap has successfully built a massive user base around Meme token trading, creating strong network effects and deep liquidity. Given its close integration with Pump.fun, the platform still holds substantial growth potential in both market share and user activity.

Cross-Chain Comparison and Development Trends

According to Dune’s Solana-wide DEX data, as of June 30, 2025, the total DEX trading volume on the Solana network reached $12.5 billion, of which PumpSwap alone accounted for $10.5 billion—representing over 84% market share. This far surpasses Raydium ($764 million) and Orca ($559 million), underscoring PumpSwap’s dominant position in transaction volume.【12】

Historical data shows that Solana DEX activity experienced an explosive surge at the end of 2024. While overall volume slightly retraced afterward, it began rebounding in Q2 2025, with PumpSwap’s rapid ascent being the key driver of this renewed growth.

In terms of market structure, Raydium, Orca, and Meteora still retain meaningful shares, contributing $764 million, $559 million, and $291 million in volume, respectively. Meanwhile, the original Meme token launchpad Pump.fun also recorded $169 million, reflecting the strong liquidity concentration within its ecosystem.

Overall, PumpSwap’s surging trading volume highlights not only its compelling product design and user experience but also the sustained demand for Meme token trading. As more Pump.fun projects complete their migration, PumpSwap is expected to further increase its market share and transaction activity, solidifying its position as the leading DEX on Solana.

In summary, PumpSwap has rapidly risen to prominence within just a few months by leveraging a simplified token issuance process, trade mining incentives, and a highly interactive community culture. It has emerged as one of the largest and most active DEX platforms in the Solana ecosystem in terms of trading volume and user engagement. Across key metrics—including transaction volume, market share, active wallets, and swap counts—PumpSwap demonstrates strong growth momentum and network effects. As more Pump.fun projects migrate and ecosystem integration deepens, PumpSwap is well-positioned to further expand its market leadership and solidify its role as a core infrastructure in the Meme token landscape.

Overview of Popular Token Data

$SEI —— SEI is the native token of Sei Network, a high-performance public blockchain built on the Cosmos SDK and designed specifically for decentralized trading scenarios. It features sub-second block times and high throughput capabilities. SEI is primarily used for paying gas fees, staking, governance voting, and ecosystem incentives. With the V2 upgrade introducing EVM compatibility, Sei has expanded into the Ethereum ecosystem, enhancing its cross-chain capabilities and trading efficiency, solidifying its position as a leading high-performance trading-focused blockchain.

SEI’s Surge: Driven by Price Momentum, Policy Tailwinds, and Community Growth

SEI has rapidly gained market attention due to a combination of strong price performance, favorable policy developments, and explosive community engagement. According to CoinGecko, SEI’s price surged over 50% in mid-June, triggering a wave of social activity: within three months, token mentions and active content creators increased by more than 300%, while overall engagement spiked over 700%. This surge in social momentum reflects not only SEI’s bullish price action but also its viral traction on social media, drawing in retail interest and capital inflows.【13】

The growing hype around SEI is closely linked to the blockchain’s strategic policy narrative. On June 20, Sei Network was announced via X (formerly Twitter) as one of the selected candidates for the Wyoming Stable Token (WYST) pilot program, making it a core infrastructure for the first U.S. state-backed fiat-pegged stablecoin initiative. WYST is expected to use LayerZero for cross-chain bridging, and Sei was one of only two blockchains selected in the latest round—highlighting its rising importance in U.S. crypto infrastructure strategy.【14】

In addition, institutions like Circle and Valour have publicly announced cooperation or investment plans involving Sei, making it one of the few emerging blockchains benefiting from a triple advantage: on-chain expansion, regulatory endorsement, and financial application. This combination of policy momentum and real-world adoption provides a strong narrative foundation and ongoing price and community growth momentum for SEI.

Sei TVL Hits Record High as Ecosystem Growth and Policy Tailwinds Align

The recent surge in interest surrounding Sei is far from unfounded. The blockchain’s strong technical foundation, rapid ecosystem expansion, and increasing capital support have all contributed to its impressive market performance. As of June 30, 2025, Sei Network’s total value locked (TVL) reached a record high of $609 million.【15】TVL data reveals a steady uptrend beginning in Q4 2024, followed by an explosive growth phase in 2025, reflecting a significant acceleration in capital inflows. This surge highlights Sei’s expanding presence across DeFi and GameFi sectors, as well as growing market confidence in its infrastructure and performance optimizations.

Externally, Sei continues to strengthen its capital market positioning. Canary Capital has submitted an application for a SEI ETF to U.S. regulators, while Valour has launched a related ETP product in Europe—broadening access to global institutional investors. Additionally, Circle disclosed in its IPO filing that it is a major investor in Sei, reinforcing Sei’s credibility and potential in the stablecoin space. On-chain, several Sei-based dApps have reached record daily revenue, with some ranking among the top 100 highest-earning protocols across all chains. This surge in ecosystem activity provides strong backing for Sei’s ongoing TVL growth.【16】

Overall, Sei Network is benefiting from the convergence of on-chain ecosystem expansion, regulatory support, and capital market engagement. Its technological progress and strategic positioning are increasingly translating into real liquidity and a growing user base—making its forward momentum highly promising.

Sei On-Chain Trading Volume Surges as Ecosystem and Technical Strengths Converge

Beyond its steadily rising total value locked (TVL), Sei has also demonstrated outstanding performance in on-chain trading activity. As a key indicator of real user engagement and ecosystem utility, the surge in trading volume further validates Sei Network’s user appeal and the efficiency of its trading infrastructure. According to DefiLlama data, as of June 30, Sei Network has ranked among the top fifteen blockchains by DEX trading volume, with daily volume peaking at $94 million—a new all-time high. Since April 2025, Sei’s DEX trading activity has seen sustained growth, following a clear upward trajectory. In recent days, daily volumes have consistently ranged between $60 million and $100 million, reflecting significantly increased user activity and capital utilization. This sustained growth underscores the flourishing of the Sei ecosystem and highlights the rising market momentum behind the network.【17】

This surge in trading volume is typically linked to factors such as liquidity expansion, new protocol launches, or user migration. In the case of Sei, in addition to the strong performance of its native dApps, several mainstream projects have recently deployed on the network, contributing to the formation of a multi-chain strategy. The combination of rising token prices and favorable policy developments has further fueled trading momentum, driving concentrated capital activity across the ecosystem. If Sei can maintain its leading position among high-activity Layer 1 chains, its DEX performance is likely to remain at elevated levels, continuing to attract both users and developers.

According to DappRadar, Sei currently ranks among the top five Layer 1 blockchains by active wallets and holds the number one position in the gaming sector. Its daily on-chain transaction count has exceeded 1.3 million, placing it within the top ten across all blockchains. These metrics not only highlight Sei’s rapid ecosystem growth but also reinforce its technical advantages in modular architecture and low-latency infrastructure—positioning it as a strong contender for greater attention and partnerships in both capital markets and real-world application deployment.【18】

Sei is currently positioned at the intersection of on-chain ecosystem expansion, external policy support, and growing capital interest. With its total value locked (TVL), trading volume, and user activity all reaching all-time highs, Sei demonstrates strong momentum and growth potential as a high-performance trading blockchain. As EVM compatibility improves, stablecoin collaborations materialize, and global financial products such as ETFs and ETPs continue to roll out, Sei is not only making technical breakthroughs but also gaining greater traction in regulatory and capital markets. If its ecosystem continues to grow and policy tailwinds persist, Sei is well poised to solidify its leading position in the next phase of high-performance Layer 1 competition.

Conclusion

In June 2025, the on-chain revenue landscape of major public blockchains saw a notable shift. Ethereum reclaimed the top spot in fee income, generating over $39 million in monthly revenue, underscoring its continued dominance in high-value interaction scenarios. Boosted by the Pectra upgrade, ongoing spot ETF inflows, and a resurgence in DeFi activity, Ethereum remains the core network for high-value settlements. Solana processed 2.9 billion transactions with 4.8 million active addresses in June. Although its fee revenue declined to $30.54 million, it continues to exhibit strong ecosystem stickiness. Base’s revenue dropped to $4.87 million, with 1.71 million active addresses and nearly 300 million transactions, solidifying its position as the leading Layer 2 network.

Bitcoin remains in a high-range consolidation phase, but on-chain data reveals a structural transformation: transaction count is falling while average transaction value is rising, indicating decreasing retail participation and a growing institutional presence. High-value transactions now account for 89% of the network’s activity, signaling Bitcoin’s ongoing evolution into a “high-value settlement network.” Additionally, the $93,000–$100,000 USDT range has become a key cost basis cluster and structural support. As long as prices hold this level, further upside potential remains; a breakdown, however, could trigger structural correction. Overall, three core on-chain metrics indicate Bitcoin is at a critical inflection point, warranting close monitoring.

On the project front, PumpSwap and Sei have emerged as the most-watched on-chain initiatives. PumpSwap has rapidly risen as Solana’s leading meme token trading platform, surpassing $38 billion in cumulative trading volume, with over 9 million active wallets and ranking second in DEX market share. Sei’s TVL crossed $600 million for the first time, with daily trading volume hitting $94 million, propelled by policy support and ETF-related catalysts, placing it at the forefront of high-performance blockchains. Meanwhile, SEI token’s social engagement has surged, with mentions and content creators growing over 300% in the past three months, significantly amplifying its visibility and capital appeal.

In summary, on-chain revenue, user composition, and ecosystem hotspots are undergoing synchronized restructuring. The crypto market is shifting from a technology-led phase to one driven by real-world application. Going forward, attention should focus on capital absorption capacity under high-frequency use cases and evolving user stickiness across major public chains.


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