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

In the first half of 2025, the activities 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

• South Korean users exhibit different behavioral characteristics in the Ethereum, Base, and Solana ecosystems.
• Ethereum has attracted large-scale asset holders, with stable user participation.
• Base gradually increases user participation through decentralized applications.
• Solana attracts the most users, has high activity, but the user churn rate is relatively high.

On-chain User Activity Overview

Korean users are expanding from major exchanges to on-chain activities, demonstrating the diversification of market structure. The IXO activity in January 2025 further confirms this shift, with Korean digital asset investors exceeding 10 million.

User Characteristics Analysis

event time

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

Solana users remain active late at night, indicating that Korean investors are highly adaptable to the global market.

Fund Distribution

• Ethereum: Total assets approximately $400 million, with a large proportion held by whale accounts.
• Solana: Retail investors account for 99.9%, with a few whales holding large assets.
• Base: Attracting medium-sized investors

User Activity Trends

• Ethereum: Trading volume remains stable over the long term, users focus on practical activities.
• Base and Solana: Sensitive to market sentiment and short-term events

dApp usage

• Solana: Transaction-centric, active in DeFi
• Ethereum and Base: Diversification of remittance and deposit activities, high usage rate of stablecoins

Conclusion

1. South Korean users demonstrate strong adaptability to the global market.
2. Investment strategies and tendencies on different chains are clearly differentiated.
3. Users are highly interested in incentive-based services.

Projects entering the Korean market need to develop customized strategies that align with user characteristics, considering the expectations and behavioral differences of different on-chain users. A long-term, sustainable incentive structure is crucial for user acquisition and retention.