This report examines the on-chain activities of Korean cryptocurrency users across Ethereum, Base, and Solana ecosystems during the first half of 2025.
Executive Summary
- Korean crypto users expanded engagement beyond centralized exchanges (CEXs) to on-chain ecosystems, signaling market maturation.
- Ethereum maintains dominance with conservative investors, while Solana attracts speculative retail traders. Base serves as a middle-ground ecosystem.
- Activity patterns vary significantly: Ethereum/Base users operate daytime hours, while Solana sees midnight-to-dawn engagement aligned with global meme coin trends.
- Distinct capital distribution emerges: Ethereum whales hold $4B+ assets (9× combined Base/Solana), while Solana shows extreme polarization (99.9% wallets hold <$100).
- Korean users demonstrate high adaptability to global crypto trends and responsive engagement with incentive-driven services.
1. Market Transition: Korea's Multi-Layer Crypto Landscape
The shift from CEX-centric activity (Upbit/Bithumb) to on-chain ecosystems reflects structural market evolution, not temporary speculation. Key indicators:
- IXO 2025 Conference (Jan 24-25) highlighted Korea's 10M+ digital asset investors integrating crypto into mainstream finance.
Three-Tiered Ecosystem emerges:
- Ethereum: Institutional-grade participation
- Base: dApp-focused middle layer
- Solana: Retail-driven speculative trading
- Data Collection Challenge: This analysis derives insights from 80,000+ wallet datasets to decode Korean user behavior.
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2. Behavioral Patterns Across Chains
2.1 Temporal Activity
| Blockchain | Peak Hours | Key Driver |
|---|---|---|
| Ethereum | 9AM-11PM KST | Institutional workflows |
| Base | 9AM-11PM KST | dApp engagement |
| Solana | 12AM-8AM KST | Meme coin/NFT launches |
Solana's nocturnal activity reflects synchronization with North American token release schedules, demonstrating Korean users' global market responsiveness.
2.2 Capital Distribution
Ethereum Dominance:
- 116 whale wallets (>$1M) hold $250M avg
- Total assets: $400M+ (90% of cross-chain holdings)
Solana Polarization:
- 99.9% wallets hold <$100 ($30 avg)
- Top 0.1% wallets average $8M+
Base Middle Ground:
- Balanced distribution
- Growing mid-tier ($10K-$100K) adoption
2.3 Usage Trends
- Ethereum: Stable transaction volume regardless of market conditions, focused on utility (governance, asset custody)
- Base/Solana: Volatility-sensitive with spikes during BTC price milestones ($100K breakthrough in May 2025)
User Retention:
- Solana suffers 47% higher churn vs Base
- Base grows steadily via diversified dApps
2.4 dApp Preferences
| Chain | Top Use Case | Representative Platform |
|---|---|---|
| Ethereum | Stablecoin transfers | AAve, Compound |
| Base | Incentivized services | Kaito InfoFi (#3 rank) |
| Solana | SOL-denominated swaps | Jupiter, Raydium |
3. Strategic Implications
Market Entry Considerations
Blockchain Selection:
- Target Ethereum for institutional products
- Choose Solana for retail-focused tokens
- Utilize Base for middle-layer utility dApps
Operations:
- Global timetables viable (Korean users adapt to NA schedules)
- Prioritize sustainable incentive structures over short-term campaigns
Community Building:
- Treat users as ecosystem co-developers
- Implement tiered reward systems (Korean users show 68% higher staking participation vs global avg)
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FAQs
Q: Why does Solana have higher churn despite more users?
A: Fatigue from meme coin volatility and platform wars causes disengagement after quick profit-taking.
Q: How should projects approach Korean whale investors?
A: Ethereum whales prefer stable yield products, while Solana's ultra-high-net-worth individuals engage in syndicated NFT/ICO deals.
Q: What makes Base's Kaito successful?
A: Its tokenized info-service model combines DeFi incentives with practical utility - Koreans show 3.2x higher engagement vs similar Western platforms.
Q: Are Korean regulators tracking this on-chain activity?
A: Yes. The FSC has increased blockchain surveillance but focuses primarily on CEX compliance, creating opportunities for compliant on-chain projects.
ChainCatcher Note: This report constitutes market analysis, not investment advice. Always conduct independent research and assess risks before participating in crypto markets.