Analysis of On-chain Activities of Korean Crypto Assets Users: First Half of 2025

In the first half of 2025, the activity of cryptocurrency users in South Korea expanded from centralized exchanges to on-chain ecosystems, marking the maturation of the market and the diversification of user participation methods.

Main Findings

• Korean users exhibit different behavioral characteristics in the Ethereum, Base, and Solana ecosystems.
• Ethereum users hold a large scale of assets and maintain stable mainnet participation.
• Base users gradually increase their participation through decentralized applications.
• Solana attracts the most users, has high activity, but also has a high user churn rate.

User Activity Overview

Korean users are shifting from exchanges to on-chain activities, indicating a growing diversification of market structure. The IXO 2025 event held in January 2025 further confirmed this trend, with digital asset investors exceeding 10 million, and the Crypto Assets market has established connections with mainstream audiences.

User Feature Analysis

event time

• Ethereum and Base: 9 AM to 11 PM
• Solana: Midnight to 8 AM

Solana users remain active late at night, aligning with North American time zones, demonstrating that Korean users have a high adaptability to the global market.

Funding Distribution

• Ethereum: Total assets of approximately 400 million USD, with a significant proportion held by whale accounts.
• Solana: Retail accounts account for 99.9%, but a small number of whale accounts hold a large amount of assets.
• Base: Attracting medium-sized investors

User Activity Trends

• Ethereum: Transaction volume remains stable over the long term, with users focusing on practical activities.
• Base and Solana: Sensitive to market sentiment and short-term events in trading pairs.

dApp usage

• Solana: Transaction-centric, mainly focused on DeFi
• Ethereum and Base: Participate in diverse activities, including remittances and deposits.

Conclusion

Korean users demonstrate a strong adaptability to the global market, adopting different investment strategies on different chains and showing a high interest in incentive-based services. Projects entering the Korean market need to develop customized strategies that align with user characteristics, viewing users as partners in ecosystem development.