Analysis of On-Chain Activities of South Korean Crypto Assets Users in the First Half of 2025

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

Main Findings

1. Korean users exhibit different behavioral characteristics in the Ethereum, Base, and Solana ecosystems:

   • Ethereum: Users hold a large scale of assets, maintaining stable mainnet participation.
   • Base: Users gradually increase participation through decentralized applications (dApp).
   • Solana: Attracts the most users, has high activity, but has a relatively high user churn rate.

2. User Activity Time:

   • Ethereum and Base: Mainly focused from 9 AM to 11 PM.
   • Solana: Activities are concentrated from midnight to 8 AM, synchronized with the global market rhythm.

3. Fund Distribution:
   • Ethereum: Total assets of about $400 million, with a significant proportion held by whales and middle-class accounts.
   • Solana: 99.9% are retail wallets, but a few whale wallets hold a large amount of assets.
   • Base: Attracts medium investors.

4. 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.

5. dApp Usage:

   • Solana: Transaction-focused, primarily concentrated on DeFi trading.
   • Ethereum and Base: Users actively participate in remittance and deposit activities, with diverse use cases.

Characteristics of Korean Users

1. Strong adaptability in the global market: User behavior is not restricted by geography and remains in sync with the pace of the global Crypto Assets market.

2. Diversification of investment strategies: showing different investment tendencies on different chains, from conservative to high-risk speculative.

3. Sensitive to incentive mechanisms: Actively participate in token staking and reward systems, responding positively to long-term participation structures.

Market Strategy Recommendations

1. Develop customized strategies that align with user characteristics, recognizing the balance of the Korean market.

2. Choose a suitable blockchain platform based on the target users.

3. The global operating system can be included in the long-term expansion plan.

4. Design a clear and sustainable incentive structure, focusing on long-term participation mechanisms.

5. View users as partners in the development of the ecosystem, rather than just simple users.

This analysis provides important insights for global projects looking to enter the South Korean market, helping to develop more effective market entry strategies.