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

Summary

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. Users exhibited unique behavioral characteristics across different blockchains such as Ethereum, Base, and Solana, reflecting the multi-layered structure of the market. This report delves into the participation patterns of South Korean users in these three ecosystems by analyzing on-chain activity data from approximately 80,000 wallets.

1. Overall Market Trends

The South Korean Crypto Assets market is undergoing a transition from an exchange-centric model to diversified on-chain activities. The IXO 2025 event held in January 2025 further confirmed this trend, revealing that the number of digital asset investors in South Korea has exceeded 10 million, and the Crypto Assets market has established a connection with mainstream audiences. This transition brings new challenges and opportunities for understanding the South Korean market.

2. Analysis of User Behavior on Different Blockchains

2.1 Event Time

• Ethereum and Base: Users are mainly active from 9 AM to 11 PM.
• Solana: Users are most active during the late night to early morning hours from midnight to 8 AM.

This difference reflects the high adaptability of Korean users to the global market, especially Solana users who are not limited by time zones and actively participate in global trading opportunities.

2.2 Fund Distribution

• Ethereum: Total assets approximately 400 million USD, dominated by whales and middle-class accounts.
• Base: There are more medium-sized investors.
• Solana: A large number of retail investors and a few whale accounts have caused extreme polarization in fund distribution.

This distribution shows that Korean users have different investment strategies and risk preferences on different chains.

2.3 User Activity Trends

• Ethereum: Long-term stable trading volume, users pay more attention to practical activities.
• Base and Solana: Trading volume is sensitive to market sentiment and short-term events.

The number of active users on Base is steadily increasing, while Solana has a higher user churn rate due to short-term event structures.

2.4 Usage of Decentralized Applications (dApp)

• Solana: Primarily focused on DeFi trading
• Ethereum and Base: More users participate in remittance and deposit activities, using stablecoins for operations.

Kaito InfoFi service on Base has become one of the main drivers for attracting users.

3. Conclusion

Korean Crypto Assets users exhibit the following characteristics:

1. Strong global market adaptability, not restricted by geography and time zones.
2. Adopt different investment strategies and risk preferences on different blockchains.
3. Show a high interest in incentive-based services

These characteristics indicate that Korean users are a complex and diverse group that cannot be summarized by a single trait. Projects entering the Korean market need to develop customized strategies that align with user characteristics, choose appropriate blockchain layers for target users, and design clear and sustainable incentive structures. Most importantly, these users should be regarded as partners in the development of the ecosystem, rather than just simple users.