Web3 on-chain Data Interpretation: Active Solana Transactions in April, Ethereum Capital Reflow

On-chain Data Summary

on-chain overall situation

In April, the daily average transaction volume of Solana exceeded 93 million, totaling 2.8 billion transactions, continuing to lead the entire chain. Base and Sui stabilized at 7 million and 6.1 million transactions, respectively, showing strong activity. The daily transaction volumes of Polygon PoS and Ethereum were over 2.9 million and 1 million transactions, respectively, displaying relatively stable trends. The transaction volumes of TON and Bitcoin were lower, basically maintaining between 200,000 and 400,000 transactions.

Solana's gas revenue continues to lead, with an average daily fee of over $1.2 million, totaling $37.5 million. Bitcoin and Ethereum follow closely behind, with daily average revenues ranging from $500,000 to $700,000. Base peaked at nearly $350,000 in the middle of the month, showing impressive performance. Sui, Polygon PoS, and TON's daily fees remain below $50,000, maintaining a low level.

During April, Solana not only maintained a high trading volume, but its daily active addresses also remained above 4 million, averaging around 4.5 million for the month, indicating that trading activity is not solely driven by bots or a single protocol, but is built on a broad user base.

In the public chain capital flow data, as of April 28, Ethereum recorded a net inflow of over $904 million, ranking first in the network and reversing the trend of continuous outflow of funds in the previous three months. Sonic performed remarkably, attracting over $124 million in net inflow in a single month, jumping to second place on the list. Base and Arbitrum recorded net inflows of approximately $64.8 million and $62.1 million, respectively.

Bitcoin Key Indicator Analysis

Wallet addresses holding more than 10,000 BTC have a cumulative score between 0.9 and 1, indicating they are almost in a state of net buying. Addresses holding between 1,000 and 10,000 BTC have a cumulative score between 0.7 and 0.8, suggesting that this group is actively accumulating.

Since April 11, the net growth value of UTXO has continued to turn positive, indicating that network activity is gradually recovering, and on-chain transaction behaviors are becoming more frequent. During April, the number of new addresses remained roughly in the range of 300,000 to 350,000 per day, lacking significant breakthroughs, indicating that this round of on-chain recovery is more derived from the return of existing users and an increase in transaction frequency.

During the recent rebound in Bitcoin prices, the proportion of on-chain addresses holding coins in profit has simultaneously increased and currently stands at 93%. This means that most investors have returned to a profitable state, and the pressure from unrealized losses caused by earlier adjustments is rapidly easing.

Popular Projects and Token Dynamics

LaunchLab

As of April 28, the LaunchLab platform has created a total of 25,207 tokens, of which only 211 (0.84%) successfully raised funds and migrated to the AMM liquidity pool. The peak of token creation was concentrated on April 27, with more than 7,500 created in a single day; while the peak of graduating tokens was concentrated on April 25 and 26, with a total of over 110 graduating in two days.

$TRUMP

The price of $TRUMP has increased by over 50% in the short term, mainly driven by the news of Trump announcing a dinner with token holders. On-chain data shows that since the announcement on April 24, the number of $TRUMP addresses holding over $1,000 in value has increased from about 18,000 to 21,900, a growth of over 21%; the total number of holding addresses has also risen from 640,000 to 643,000.

According to Chainalysis data, since the launch of $TRUMP, its issuing team has accumulated over $320 million in revenue through transaction fees, reflecting the project's strong ability to attract funds.