summary
Solana continues to lead in transaction volume and active addresses, followed closely by Base; Ethereum regained the top spot in transaction fee revenue thanks to high-value interactions.
Ethereum leads in attracting funds, Polygon uses Katana to expand the DeFi narrative, and although Base has a short-term correction, the fundamentals of the ecosystem still have long-term growth potential.
The transaction volume on the BTC chain dropped sharply, and the proportion of high-value transactions rose to 89%. Under the pattern of "rising prices and shrinking volumes", on-chain activities accelerated towards institutionalization.
BTC cost basis distribution reveals key support, with 93,000–100,000 USDT becoming the core of the on-chain defense line.
PumpSwap's transaction volume exceeded 38 billion and the number of users exceeded 9 million, continuing to lead the new landscape of the Solana DEX market.
Sei chain transaction volume and TVL exploded simultaneously, and ecological expansion resonated with technological advantages and policy capital benefits.
On-chain data summary
Overview of on-chain activities and capital flows
In addition to analyzing the overall on-chain capital flow, we further selected several key on-chain activity indicators to evaluate the actual usage popularity and activity of each blockchain ecosystem. These indicators include daily transaction volume, daily gas fees, daily active addresses, and net flow of cross-chain bridges, covering multiple dimensions such as user behavior, network usage intensity, and asset liquidity. Compared with only observing the inflow and outflow of funds, these on-chain native data can more comprehensively reflect the fundamental changes in the public chain ecology, help determine whether the capital flow is accompanied by actual usage demand and user growth, and thus identify the network foundation with sustainable development.
Comparison of on-chain transaction volume: Solana and Base are significantly ahead in on-chain activity
According to Artemis data, as of June 30, 2025, Solana ranks first among mainstream public chains with a monthly transaction volume of more than 2.97 billion transactions, demonstrating strong on-chain throughput and active ecological interaction. [1] Its high-frequency trading is no longer limited to hot applications such as Meme and Bot, but is continuously extending to deeper scenarios such as stablecoins, RWA and financial instruments. In the past week, institutions have accelerated their layout in the field of RWA and stablecoins: Fiserv, with a market value of US$90 billion, announced that it will deploy stablecoins on Solana; Republic Crypto launched rSpaceX stock tokenization products to further expand Solana's application boundaries in the private equity market.
In addition to Solana, Base also continued its strong growth, with a cumulative transaction volume of 292 million in June, significantly ahead of Arbitrum (62.7 million) and Polygon PoS (101 million), and firmly in the forefront of the second echelon of Layer 2. Recently, Base has continued to expand its real-world application scenarios. In June, the e-commerce platform Shopify announced support for USDC payments on the Base chain, covering merchants in more than 30 countries around the world, marking its official entry into the mainstream payment system. At the same time, JPMorgan Chase has also launched a pilot deployment of deposit tokens JPMD on Base to promote bank-level assets on the chain and further enhance its practicality in RWA and financial scenarios.
In contrast, traditional Layer 1 public chains such as Ethereum and Bitcoin maintain a steady trading rhythm, with monthly transaction volumes of 41.95 million and 10.28 million respectively. Although the frequency is not as high as that of high-performance public chains, they still play an important role in carrying high-value assets and interacting with the core of DeFi.
Overall, Solana and Base showed significant advantages in transaction data in June, and are steadily consolidating their dominant position in the high-frequency interactive ecosystem. In contrast, the momentum of some Ethereum expansion plans has slowed down, and funds and user attention are gradually moving 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. In the future, it is still necessary to combine interaction quality with real user data to continuously verify its sustainability and ecological depth.
The on-chain revenue landscape is reshuffled: Ethereum regains the top spot, while Base’s growth rate slows down
According to Artemis data, as of June 30, 2025, Ethereum regained the top spot in on-chain fee revenue, generating $39.07 million in monthly revenue, solidifying its leading position in the high-value interaction field. Solana recorded $30.54 million in revenue this month, slightly lower than Ethereum and ranked second. [2] However, looking back at May, Solana briefly surpassed Ethereum, with monthly fees reaching $53.06 million, becoming the public chain with the highest revenue that month, showing that it has strong transaction momentum and application explosiveness at a specific stage.
Bitcoin ranked third with $14.75 million. Although the number of transactions and active addresses are not as good as Solana, as a mainnet for value storage and the gradual emergence of the BTC L2 ecosystem, it still has a strong ability to generate fees. Base's revenue this month fell month-on-month, from $5.87 million in May to $4.87 million in June. Although it is still significantly ahead of Arbitrum (1.68 million) and Polygon PoS (about $230,000), its growth momentum has slowed down slightly, and its real-world applications and the sustainability of capital inflow need to be observed.
From the trend observation, the fee curves of Ethereum and Bitcoin are relatively stable, which means that they mainly serve high-value interaction needs; Solana's fee shows a fluctuating upward trend, which is closely related to the activity of high-frequency scenarios in its ecosystem. Base's short-term pullback also reflects that its user growth and capital inflow are still in the early integration stage.
In general, transaction fee income is not only a microcosm of the economic activity on the chain, but also reflects the changes in the ecological structure and user behavior path. Ethereum's strong rebound and Base's short-term pullback reveal the periodic variables and competitive pressures faced by emerging public chains when challenging the dominant position of Ethereum and Bitcoin in revenue.
Active address analysis: Solana leads, Base closely follows
According to Artemis data, as of June 30, 2025, Solana continues to top the public chain list with an average of 4.8 million active addresses per day, far ahead of other Layer 1 networks and most Layer 2 networks. Solana's user activity mainly benefits from the high-frequency interaction of Meme coins, automated trading robots (Bots), stablecoin payments, and emerging RWA scenarios. Its on-chain interactions have expanded from hype applications to real asset landing and payment ecosystems, and have obvious user retention advantages. [3]
Base ranked second with 1.71 million daily active addresses, showing strong growth potential. Its number of users continued to rise in June, mainly from three aspects: the expansion of the L2 native ecosystem; the introduction of payment users after the stablecoin (USDC) landed in real merchant scenarios; and the migration of structural funds and applications driven by the on-chain pilot of traditional financial institutions such as JPMorgan Chase. Base's user growth is not only reflected in the number, but also in the increase in the frequency of interactions and the number of active contracts on the chain. It has gradually formed a full-stack ecological prototype from finance to social.
Polygon PoS and Bitcoin ranked third and fourth with 570,000 and 500,000 daily active addresses respectively. As a stable Ethereum side chain, the former still has a certain foundation in NFT, games and small and medium-sized developer communities; the latter is limited by its low-frequency transfer characteristics and its main positioning of value storage, and the address growth is relatively stable.
The user activity of Ethereum and Arbitrum is relatively lagging, with an average daily address of 440,000 and 320,000 respectively, indicating that the user's willingness to interact has shrunk due to the high gas cost and the lack of new application drivers. Especially in themes such as Meme, Bot, and RWA, users have gradually shifted to emerging chains with lower costs and richer applications, reflecting the change in the competition pattern between chains.
Overall, the daily active address data in June clearly reflects that the differentiation trend between Layer 1 and Layer 2 is accelerating, and high-frequency main chains and L2 driven by real applications are replacing traditional technology strong chains to become the focus of ecological attention. User activity is not only a prerequisite for transaction growth, but also represents the direction of future ecological funds and developer resources. It is worth continuing to track its subsequent development quality and user stickiness.
Analysis of public chain capital flows: Ethereum leads, Base callback, Polygon layout DeFi track
According to Artemis data, as of the end of the month, Ethereum has maintained its leading position with a net inflow of US$5.1 billion, demonstrating its strong ability to attract funds; Polygon PoS followed closely behind, recording a net inflow of US$263 million, continuing its moderate growth trend. In contrast, the Layer 2 network Base saw a net outflow of up to US$5 billion, becoming the public chain with the most significant capital withdrawal in this round. [4] This round of capital flows continued the structural trend of the previous few weeks: Ethereum benefited from multiple positive factors such as the Pectra upgrade, the continued net inflow of ETH spot ETFs, and the continuous increase in institutional holdings. Coupled with the rebound in the popularity of the DeFi sector and the marginal easing of regulatory policies, it further consolidated its core position of "high liquidity + high consensus".
Polygon's capital repatriation may be related to its recent ecological layout. Polygon Labs and crypto market maker GSR launched Katana, a Layer2 network focused on DeFi, focusing on solving the problems of asset fragmentation and unsustainable returns. Katana adopts a centralized screening mechanism and returns funds to the mainnet through VaultBridge for lending and rebates to the chain, forming an efficient closed loop to attract institutions and high-net-worth users. This move not only strengthens Polygon's positioning in the DeFi field, but also brings a more differentiated Layer2 narrative. Polygon's recent net inflow of US$263 million may reflect the market's positive expectations for the Katana model and future potential.
Although Base has recently recorded a large-scale net outflow of funds, this is more likely due to a phased correction rather than a weakening of the ecosystem. In fact, in mid-June, Base had seen strong capital inflows, benefiting from a number of favorable factors such as Coinbase's deep integration, cooperation with Shopify to expand USDC payment scenarios, and JPMorgan Chase's on-chain testing of deposit tokens, and the rapid rise in the popularity of the ecosystem. Currently, Base's TVL has reached US$3.4 billion, the market value of stablecoins is US$4.1 billion, and core protocols such as Aerodrome, Spark, Stargate, and Moonwell have performed strongly. Short-term capital flows may be affected by market rotation and arbitrage. In the medium and long term, Base still has the potential for continued expansion and capital inflows. [5]
This round of capital flows reflects the structural differentiation among mainstream public chains. Ethereum continues to consolidate its core position with technology upgrades and institutional benefits. Polygon uses Katana to strengthen its voice in the DeFi field. Although Base has a short-term net outflow, it is still stable in terms of ecological fundamentals under the support of multiple real-world applications and institutional cooperation, and has the potential for capital reflux and further expansion in the future. Overall, funds are launching a new round of allocation and rotation around the three core elements of "technical strength + scenario implementation + capital integration".
As funds rotate across chains, Bitcoin, as a core asset in the market, also releases a number of key signals through its on-chain structural indicators. This article will focus on three representative indicators - the number of transactions and transaction amounts, the transfer structure after entity adjustment, and the cost basis distribution (CBD) - to assess whether there is structural support behind the current market and observe whether the trend of institutional behavior continues to deepen.
Bitcoin key indicator analysis
As the price of Bitcoin continues to consolidate in the historical high range, the on-chain data presents a number of structural changes, reflecting the deep adjustment of market participation structure and capital behavior. In order to have a more comprehensive understanding of the current market background and potential risk direction, this article will focus on three key on-chain indicators for analysis: changes in the number of on-chain transactions and average transaction amount, entity-adjusted volume breakdown, and cost basis distribution (CBD) heat map. Through the cross-observation of these three indicators, it is expected to clarify the causes behind the current cooling of on-chain activities, the strengthening of institutional funds' dominance in the market, and the structural significance of the support range, thereby providing more valuable data basis for judging subsequent trends.
BTC on-chain transaction volume drops sharply, and the pattern of “rising prices and shrinking volumes” emerges
According to Glassnode data, although the price of Bitcoin has continued to rise from the end of 2024 to 2025 and is currently stable at around 100,500 USDT, the on-chain transaction volume has shown a clear downward trend, forming a "price increase and volume decrease" divergence pattern. During the second half of 2024, the average daily number of transactions on the Bitcoin network remained between 500,000 and 700,000, and the overall activity was at a relatively high level. However, since the beginning of 2025, the number of on-chain transactions has continued to decline, and has now dropped to between 350,000 and 400,000, the lowest level in the past two years. [6]
The main reason for this trend is the significant decrease in non-monetary transaction activities. Previously, non-monetary transactions such as Inscriptions and Runes that rely on Taproot had a short-term outbreak, significantly increasing the overall transaction volume. However, after entering 2025, this type of demand has cooled significantly, becoming a key factor in the shrinkage of on-chain transactions. In contrast, monetary transactions involving actual value transfers remain stable.
At the same time, the average amount of each transaction on the Bitcoin network has risen to approximately $36,200, indicating that although the number of transactions has decreased, the value carried by each transaction has increased significantly. This trend means that large institutions or high-net-worth users still frequently use the Bitcoin network for high-value fund settlement. [7][8]
Overall, the current Bitcoin on-chain activities present a pattern of "retail investors exiting the market and institutions taking the lead". Although the number of transactions has decreased, the overall economic settlement volume remains strong. This structural change deserves continued attention, especially at a stage when prices are approaching historical highs. If the on-chain activity cannot be improved synchronously, the market may face certain callback risks.
BTC high-value transactions account for 89% of total transactions, and on-chain activities are accelerating towards institutionalization
Relative Transfer Volume Breakdown by Size (Entity-Adjusted) is an indicator used to measure the relative proportion of transfers of different amount ranges in the Bitcoin network in the overall on-chain settlement volume. By classifying the transfer amounts and excluding non-real value flows such as internal collections of exchanges, only the actual transfer behavior after "entity adjustment" is retained, making the results closer to real economic activities. This indicator reflects the structural changes in the flow of funds in the Bitcoin network, and is particularly representative in observing the degree of participation of institutional funds.
According to Glassnode data, the Bitcoin network is showing a highly institutionalized trend in June 2025, especially the dominance of high-value transactions in the overall on-chain settlement is becoming more and more prominent. The on-chain transfer amount structure indicator shows that the proportion of transactions with a single amount of more than US$100,000 has risen to 89%, an increase of 23 percentage points from 66% in November 2022. This indicator more accurately reflects the changes in the structure of on-chain economic activities by identifying and excluding non-actual capital flows such as internal collection of exchanges, and only retaining real transfer data adjusted by entities. This means that the vast majority of settlement volume in the Bitcoin network is dominated by high-net-worth participants and institutions, while the proportion of small retail exchanges is gradually marginalized. [9]
From the distribution of transaction ranges in the chart, we can see that the proportion of large transactions with a single amount of US$1 million to US$10 million and more than US$10 million continues to rise, indicating that network resources are gradually concentrating on high-value transfers. At the same time, the proportion of small transactions with an amount of less than US$10,000 continues to shrink, and their presence in the overall on-chain settlement volume is gradually weakening.
Overall, the Bitcoin network is shifting from a "mass payment tool" to a "high-value clearing network." This not only explains the current structural changes of "fewer transactions and still strong economic settlement volume," but also further confirms that institutional funds are increasingly dominant in the Bitcoin market. If this trend continues in the future, Bitcoin's on-chain use and economic positioning will further shift toward "digital gold" and "value settlement layer."
BTC cost basis distribution reveals key support, 93,000–100,000 USDT becomes the core of the on-chain defense line
The Bitcoin Cost Basis Distribution (CBD) indicator tracks the average purchase cost of coin holders at different price levels, revealing the on-chain supply carried by the market in each price range. In the heat map, the closer the color is to red, the more BTC costs are concentrated in this price range, so it can be regarded as an important position with potential support or pressure.
In addition to the accelerated institutionalization of on-chain transaction structures, the distribution of capital costs also provides another key perspective to observe market structure and support strength. In the context of high-level fluctuations in Bitcoin prices, the dense range of on-chain cost basis has become an important indicator for observing market sentiment, defensive strength and potential callback risks. Below we start from the cost basis distribution (CBD) to further analyze the current on-chain support band status of Bitcoin.
According to Glassnode data, the current BTC price trend is oscillating around the key structural support range between 93,000 and 100,000 USDT, which is one of the areas with the most densely distributed on-chain costs. It can be observed from the figure that since the high point in the first quarter of 2025, a large number of Bitcoin holding costs have fallen within this range, forming a solid on-chain support band. This also explains why Bitcoin was able to quickly stop falling and rebound when it recently pulled back to around 99,000 USDT, showing that this area has a stabilizing effect on market sentiment. [10]
As long as the price remains above this cost-intensive zone, the overall bull market structure is expected to be maintained. However, once the price falls below this range, it will not only mean that a large number of holders will fall into a floating loss state, but it may also trigger a chain of selling pressure, exacerbating the downside risk of the market.
Therefore, the CBD heat map not only helps reveal the historical distribution of funds on the chain at different price levels, but also provides investors with key support and risk warning references. If Bitcoin can continue to stand above 100,000 USDT in the future, the market is expected to restart the upward trend and challenge the interim high of 110,000 USDT; on the contrary, if it falls below the 93,000-100,000 USDT range, it is necessary to be vigilant about the possibility of structural weakening of the market and deeper adjustments.
Market Trend Summary
In June 2025, based on key on-chain indicators such as transaction volume, fee income, active addresses and capital flows, Solana continued to rank first in on-chain activity and ecological popularity, thanks to the high-frequency interaction of Meme, Bot, stablecoin payment and RWA scenarios, showing a high degree of user stickiness and interaction density. Although Base has experienced a period of net capital outflow, driven by stablecoins, institutional pilots and social ecology, on-chain interaction data continues to grow, and has gradually established its leading position in the Layer 2 track. Ethereum has benefited from technological upgrades and institutional benefits to consolidate its core position and attract mainstream capital backflows. Overall, on-chain ecological competition is accelerating from "technological leadership" to "user-driven" and "scenario implementation", and future capital allocation will revolve around high-frequency interaction capabilities, real application scenarios and capital carrying efficiency.
As for Bitcoin, although it is still in a high-level fluctuation range, the on-chain data shows a structural change: the transaction frequency has decreased while the unit amount has increased, indicating that the activity of retail investors has slowed down, while the proportion of institutions and high-net-worth accounts has continued to increase; in addition, from the analysis of the on-chain transfer amount structure and the historical holding cost distribution, the market support is focusing on the 93,000-100,000 USDT range, gradually strengthening its "high-value liquidation network" positioning. If the subsequent price stabilizes and maintains structural support, it still has the conditions to continue the upward trend; on the contrary, once the key support range is lost, the on-chain data may be the first to reveal the weakening signal of the market structure.
Hot Projects and Token Trends
Overview of popular project data
PumpSwap
PumpSwap was launched in March 2025. It is a Meme token issuance and trading platform based on the Solana public chain, featuring one-click coin issuance, trading-i.e. mining, and community liquidity guidance. The platform continues Solana's high-efficiency and low-cost technical advantages, combined with a user-friendly interface design and a highly interactive community culture, and quickly attracted a large number of users and creators to participate.
In terms of product mechanism, PumpSwap simplifies the coin issuance process, allowing any user to deploy their own Meme Token within a few minutes, while providing automatic generation of trading pairs and initial liquidity configuration, greatly reducing the threshold for coin issuance. The platform also introduces mechanisms such as transaction mining and ranking rewards to encourage users to participate in early transactions and community dissemination, further amplifying the exposure and capital liquidity of hot projects.
According to Dune data, as of June 30, 2025, PumpSwap's cumulative trading volume has exceeded 38 billion US dollars, indicating that it has gradually established itself as the main trading market after the launch of Meme Coin. The trading volume in the past 7 days reached 1.98 billion US dollars, and the trading volume in the past 24 hours was as high as 242 million US dollars. Although it has fallen back from the high point in early May, it still remains in a highly active range. [11]
Judging from the trend of daily trading volume, since its official launch in mid-March, the overall trading activity of the platform has increased rapidly, reaching a daily peak of $600 million in early May. Although the volatility has intensified since then, it has generally remained in the range of $200 million to $500 million per day, reflecting that even if the popularity of Meme coins has slightly subsided, the platform still has stable liquidity and trading demand. In addition, the cumulative trading volume continues to rise steadily, with no obvious signs of liquidity depletion or user loss. Considering that all projects that have completed the Pump.fun fundraising curve will automatically migrate to PumpSwap, the platform's funding capacity and trading momentum are expected to be further enhanced in the future, further consolidating its dominant position in DEX on Solana.
market share
In terms of market share, PumpSwap has established a key position in the DEX track of the Solana ecosystem. According to Dune data, as of June 30, 2025, PumpSwap's DEX market share reached 22.0%, ranking second, second only to Raydium (34.3%), and ahead of competing platforms such as Whirlpool (18.3%) and Meteora (12.6%). Since its launch in mid-March, PumpSwap's market share has continued to increase, fully demonstrating its dominance in the Meme coin track.
User activity and growth
Judging from the number of daily active wallets, PumpSwap users are growing rapidly. Since March, the number of active addresses on the platform has continued to rise, and has stabilized at more than 200,000 per day since mid-April, reaching a peak in May. As of June 30, the number of daily active users exceeded 300,000, of which more than 200,000 were returning users and nearly 100,000 were new users, demonstrating strong user stickiness and the ability to continuously attract new users.
Transaction Behavior and Size
In terms of trading behavior, PumpSwap has also shown explosive growth. According to daily Swap data, the number of transactions on the platform has increased significantly since mid-May. By the end of June, the average daily number of Swaps has exceeded 25 million, setting a record high. So far, the platform has accumulated more than 1 billion transactions, making it one of the most frequently used DEX platforms on the Solana chain.
At the same time, the total number of active wallets on PumpSwap has exceeded 9 million, indicating that the platform has successfully built a large Meme coin trading user base, forming a strong network effect and trading liquidity. Combined with its strong binding relationship with Pump.fun, the market share and user activity still have significant growth potential in the future.
Full chain comparison and development trend
According to Dune's Solana full-chain DEX data, on June 30, 2025, the total transaction volume of Solana's on-chain DEX reached $12.5 billion, of which PumpSwap alone accounted for $10.5 billion, with a market share of over 84%, far exceeding Raydium ($764 million) and Orca ($559 million), demonstrating its absolute leading position in transactions. [12] By comparing historical data, it can be found that the activity of Solana's on-chain DEX had experienced explosive growth at the end of 2024. Although the overall transaction volume has slightly rebounded since then, it has clearly rebounded since the second quarter of 2025, and the strong rise of PumpSwap is the key factor driving this round of growth.
From the perspective of market structure, in addition to PumpSwap, Raydium, Orca and Meteora still maintain a certain share, contributing 764 million, 559 million and 291 million US dollars in transaction volume respectively. At the same time, the original Meme issuance platform Pump.fun also recorded 169 million US dollars, indicating that the flow of Meme funds is highly concentrated in its ecosystem.
Overall, the surge in PumpSwap’s trading volume not only reflects the strong appeal of its product design and user experience, but also reflects the continued strong demand for Meme coin transactions. As more Pump.fun projects complete their migration, PumpSwap’s market share and trading activity will continue to rise, further consolidating its position as Solana’s core DEX platform.
In summary, PumpSwap has risen rapidly in just a few months with its simplified coin issuance process, transaction mining mechanism, and highly interactive community culture, and has become one of the DEX platforms with the largest trading volume and the most active users in the Solana ecosystem. Whether it is transaction scale, market share, or active wallets and number of transactions, it has shown strong growth momentum and network effects. With the migration and ecological integration of more Pump.fun projects, PumpSwap is expected to continue to expand its market leadership and become a core infrastructure that cannot be ignored in the Meme coin track.
Overview of popular token data
$SEI —— SEI is the native token of Sei Network, a high-performance public chain built on Cosmos SDK, designed for decentralized trading scenarios, with sub-second block generation and high throughput. SEI is mainly used to pay gas fees, stake mining, governance voting and ecological incentives. With the introduction of EVM compatibility in V2 upgrade, Sei has further expanded to the Ethereum ecosystem, strengthened its cross-chain capabilities and transaction efficiency, and become an important representative of high-performance transaction public chains.
SEI is gaining popularity, driven by price, policy and community
SEI has quickly become the focus of market attention due to its strong price increase and favorable policies. According to Coingecko data, its price rose by more than 50% in the short term in mid-June, driving a simultaneous explosion in community voice and participation: the number of token mentions and the number of active creators increased by more than 300% in three months, and the overall participation increased by more than 700%. This surge in social popularity reflects that SEI is not only strong in the trading market, but also has a high degree of dissemination effect on social media, further attracting retail investors' attention and capital. [13]
The rise in popularity of tokens is closely related to the policy narrative of the chain behind them. On June 20, the official X platform announced that Sei Network was selected by the Wyoming Stablecoin Committee as one of the candidate blockchains for the WYST pilot, becoming an important infrastructure for the first state-led, fiat-backed stablecoin project in the United States. WYST is expected to adopt LayerZero's cross-chain bridging technology, and Sei is the only blockchain selected in the last round of selection, highlighting its position in the US crypto infrastructure strategy. [14]
In addition, institutions such as Circle and Valour have publicly included Sei in their cooperation or investment portfolios, making it one of the few emerging public chains that has the triple benefits of "on-chain expansion + policy support + financial implementation". This dual verification of policy expectations and actual implementation not only strengthens SEI's growth imagination, but also provides continuous momentum for its price performance and community activity.
Sei TVL hits a new high, with favorable resonance between on-chain ecology and policy capital
This wave of popularity is not groundless. The chain itself has also made progress in technical performance, ecological expansion and capital support, laying a solid foundation for SEI's current market performance. As of June 30, 2025, the total locked value (TVL) of the Sei public chain exceeded US$609 million, setting a record high. [15] From the trend in the figure, since the fourth quarter of 2024, Sei's TVL has gradually increased, especially in 2025, when it entered the outbreak stage, showing a clear trend of accelerated capital inflow. This not only reflects Sei's expansion in multiple ecosystems such as DeFi and GameFi, but also shows that its infrastructure and performance optimization are gradually gaining market recognition.
On the off-chain level, Sei is also continuously expanding its financial capital cooperation layout: Canary Capital has submitted an SEI ETF application to US regulators, and Europe's Valour has launched related ETP products to further expand its exposure to global institutional investors. In addition, Circle also disclosed in its IPO documents that it is one of Sei's major investors, providing stronger endorsement for its development in the stablecoin track. In terms of the on-chain ecology, the daily revenue of multiple dApps hit a new high, and some projects ranked among the top 100 in the entire chain's revenue. The ecological activity has increased significantly, providing strong support for the continued growth of TVL. [16]
Overall, Sei Network is at a stage where the on-chain ecological expansion and off-chain policies and capital are converging. The technological accumulation and market strategy are gradually transformed into substantial liquidity and user base, and the future development momentum is worth looking forward to.
Sei chain transaction volume explodes, and ecological and technological advantages are released simultaneously
In addition to the continued growth in the scale of locked funds, Sei also performed outstandingly in terms of on-chain transaction activity. As an important indicator for measuring the actual usage of the ecosystem and user participation, the continued increase in transaction volume further verifies the actual attractiveness of the Sei chain on the user side and the efficient performance of the transaction infrastructure. According to DefiLlama data, as of June 30, Sei Network has ranked among the top 15 blockchains in terms of DEX transaction volume, with a single-day transaction volume exceeding US$94 million, setting a record high. Since April 2025, its on-chain DEX transaction volume has continued to grow, and the overall trend has shown a step-by-step upward trend. Recently, it has recorded high performance in the range of US$60 million to US$100 million for many consecutive days, showing that the transaction activity and frequency of fund use have significantly increased, further confirming the prosperous development of the Sei ecosystem and the continued rise in market popularity. [17]
This wave of transaction volume growth is usually closely related to liquidity expansion, new protocol launches, or user migration. As for Sei, in addition to the strong performance of native dApps, multiple mainstream projects have been deployed to the chain, and a multi-chain strategy has gradually taken shape. In addition, the rise in token prices and the positive progress in policies have led to the concentrated release of overall trading momentum. If Sei can maintain its leading position in the highly active public chain, its DEX performance is expected to remain stable at a high level in the future, and continue to attract users and developers to settle in.
DappRadar data also shows that Sei is currently one of the top five L1 public chains in terms of the number of active wallets, and ranks first in the gaming track. The number of daily transactions on the chain has exceeded 1.3 million times, ranking among the top ten chains. These performances not only reflect the rapid growth of Sei's on-chain ecology, but also further strengthen its technical advantages in the fields of modular architecture and low-latency infrastructure, winning it more attention and cooperation opportunities in the capital market and application implementation. [18]
Sei is standing at the intersection of on-chain ecological expansion, off-chain policy support and capital attention. Whether it is TVL, transaction volume or activity, it has set a record high, showing its strong momentum and growth potential as a high-performance transaction public chain. With the enhanced EVM compatibility, the landing of stablecoin cooperation, and the continuous advancement of global financial products (such as ETFs and ETPs), Sei has not only made continuous breakthroughs in technology, but also won more space in compliance and capital markets. If the ecology continues to expand and favorable policies continue, Sei is expected to further consolidate its leading position in the next stage of high-performance Layer 1 competition.
Summarize
In June 2025, the on-chain revenue structure of mainstream public chains has changed significantly. Ethereum regained the top spot in fee income, generating more than $39 million in a single month, showing that its dominant position in high-value interaction scenarios remains solid. With the multiple benefits of Pectra upgrades, continued net inflows of spot ETFs, and the rebound in the popularity of the DeFi sector, Ethereum continues to attract a large amount of funds and maintains its core position in the high-value liquidation network. Solana's transaction volume reached 2.9 billion in June, with 4.8 million active addresses. Although the fee dropped to $30.54 million, it still showed strong ecological stickiness. Base's revenue fell back to $4.87 million, with 1.71 million active addresses and nearly 300 million transactions, firmly ranking first in L2.
Although Bitcoin is fluctuating at a high level, on-chain data shows that its market structure is accelerating its transformation: the number of transactions has decreased and the average transaction amount has increased, reflecting the decline in retail investor activity and the strengthening of institutional dominance; high-value transactions account for 89%, and on-chain activities are moving towards a "high-value liquidation network." In addition, the 93,000–100,000 USDT range is the current main cost-intensive zone, which constitutes a key support. If the price stabilizes in this range, there is still room for upward movement; on the contrary, if it falls below, it may trigger a structural correction. Overall, the three major on-chain indicators simultaneously reveal that Bitcoin is at a critical turning point, which deserves continued attention.
In terms of project hot spots, PumpSwap and Sei have become the most popular projects on the current chain. The former is the fastest-growing Meme trading platform on Solana, with a trading volume exceeding US$38 billion, more than 9 million active addresses, and a market share rising to second in DEX; the latter's TVL exceeded US$600 million for the first time, with a daily trading volume of US$94 million. Driven by policy support and ETFs, it has leapt to the forefront of high-performance public chains. At the same time, the popularity of the SEI token community has soared simultaneously, with the number of mentions on social platforms and the number of creators increasing by more than 300% in three months, and the degree of interactive participation has increased significantly, further amplifying its market attention and capital attractiveness.
Overall, on-chain revenue, user structure and hot spot ecology are being reshaped simultaneously. The crypto market has shifted from technology-oriented to application-driven. In the future, we should pay attention to the changes in capital carrying capacity and user stickiness of mainstream public chains in high-frequency scenarios.
References:
Artemis, https://app.artemisanalytics.com/chains
Artemis, https://app.artemisanalytics.com/chains
Artemis, https://app.artemisanalytics.com/chains
Artemis, https://app.artemisanalytics.com/flows
DefiLlama, https://defillama.com/chain/base
Glassnode, https://studio.glassnode.com/charts/transactions.Count?a=BTC&ema=0&mAvg=7&mMedian=0&mScl=lin&pScl=lin&resolution=24h&s=1719383580&sma=7&u=1750919580&zoom=365
Glassnode, https://studio.glassnode.com/charts/253007be-d331-4f23-67dd-0667a6b4bb3e
Glassnode, https://studio.glassnode.com/charts/5b3faf7a-2e08-4b35-719c-4e602701cf47?s=0&u=1750351295
Glassnode, https://studio.glassnode.com/charts/transactions.TransfersVolumeBySizeEntityAdjustedRelative?a=BTC&mScl=lin&pScl=lin&resolution=24h&s=1592584904&sma=7&u=1750351304
Glassnode, https://studio.glassnode.com/dashboards/cost-basis-distribution?a=BTC
Dune, https://dune.com/adam_tehc/pumpswap
Dune, https://dune.com/ilemi/solana-dex-metrics
LunarCrush, https://lunarcrush.com/discover/$sei?metric=close%2Cinteractions%2Cposts_active&interval=3m
X, https://x.com/SeiNetwork/status/1935759503179620584
DefiLlama, https://defillama.com/chain/sei?
X, https://x.com/SeiNetwork/status/1938386931374829587
DefiLlama, https://defillama.com/chain/sei?tvl=false&dexs=true
DappRadar, https://dappradar.com/chain/sei?range-cs=30d&range-ha=1y
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