In-depth Analysis of On-chain Activities in South Korea: Review of the First Half of 2025

The activity scope of cryptocurrency users in South Korea underwent a significant change in the first half of 2025, expanding from centralized exchanges to on-chain ecosystems. This transition marks the maturity of the market and the diversification of user participation methods.

Main Findings

1. Korean users exhibit unique behavioral patterns across different ecosystems such as Ethereum, Base, and Solana.

2. Ethereum has attracted a large number of asset holders, and user participation remains stable.

3. Base gradually increases user participation through a variety of decentralized applications ( dApp ).

4. Solana attracted the most active users, but the user churn rate is relatively high due to fatigue caused by short-term events.

5. Cryptocurrency users in South Korea exhibit diverse characteristics across different blockchains, making it impossible to summarize them with a single trait.

Detailed Analysis

Event Time

• Ethereum and Base users are primarily active from 9 AM to 11 PM.
• Solana users are most active from midnight to 8 AM, synchronized with the North American time zone.

This indicates that South Korean users have a high level of adaptability to the global market, unaffected by time zone restrictions.

Capital Distribution

• Ethereum: Total assets approximately 400 million USD, dominated by whale accounts.
• Solana: 99.9% are retail accounts, with a few whale accounts holding a large amount of assets.
• Base: Attract medium-sized investors

The South Korean market exhibits a diverse user base, with varying on-chain investment tendencies.

User Activity Trends

• Ethereum: Trading volume is stable over the long term, with users focusing more on practical activities.
• Base and Solana: Sensitive to market sentiment and short-term events
• The activity level of Base users is steadily increasing, while the user churn rate for Solana is relatively high.

dApp usage

• Solana: Focused on DeFi trading
• Ethereum and Base: More participation in remittance and deposit activities, using stablecoins
• The Kaito InfoFi service on Base has attracted a large number of Korean users.

Conclusion

1. Korean users demonstrate strong adaptability to the global market, unrestricted by geographic limitations.

2. Users have distinct differences in investment strategies and risk preferences across different chains.

3. South Korean users show a high interest in incentive-based services and actively participate in token staking and reward systems.

4. Projects entering the South Korean market need to develop customized strategies that align with user characteristics and select a blockchain suitable for the targeted user segmentation.

5. Users need a clear and sustainable incentive structure for acquisition and retention, and Korean users respond more positively to long-term participation structures.

This analysis provides practical references for the development of relevant strategies and helps to gain a deeper understanding of the unique characteristics and development trends of the South Korean cryptocurrency market.