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Solana volume leads Ethereum capital inflow April Web3 on-chain data analysis
Web3 on-chain Data Interpretation: In April, Solana led in volume, and Ethereum showed significant capital inflow.
Summary
In April, the average daily transaction volume on Solana exceeded 93 million transactions, totaling 2.8 billion transactions, continuing to lead other public chains. By the end of April, Ethereum recorded a net inflow of over 900 million USD, ranking first in terms of capital inflow. Large Bitcoin holders showed a clear net buying trend, with UTXO net growth turning positive, indicating a rebound in on-chain activity. However, the number of new addresses remained around 300,000 per day, indicating that the rebound is mainly driven by existing users.
In the two weeks since the launch of the LaunchLab platform in the Solana ecosystem, 25,000 tokens have been created, with a graduation rate of about 0.84%. The political-themed token $TRUMP has surged in price by over 50% thanks to offline activities, with the on-chain holding addresses and activity levels increasing in sync.
On-chain Data Analysis
on-chain overall situation
In April, Solana's average daily volume exceeded 93 million transactions, totaling 2.8 billion transactions, maintaining its lead. Base and Sui's daily transaction volumes stabilized at around 7 million and 6.1 million transactions, respectively, showing strong activity. Polygon PoS and Ethereum's daily transaction volumes were above 2.9 million and 1 million transactions, respectively, relatively stable. TON and Bitcoin's transaction volumes were lower, ranging between 200,000 and 400,000 transactions.
Solana's average daily Gas revenue exceeds 1.2 million USD, totaling 37.5 million USD in April. Bitcoin and Ethereum follow closely behind, with average daily revenues between 500,000 and 700,000 USD. Base peaked at nearly 350,000 USD in the middle of the month. Sui, Polygon PoS, and TON have average daily fees below 50,000 USD.
In April, among the capital flows of various public chains, Ethereum had a net inflow of over 900 million USD, ranking first. Sonic attracted a net inflow of 124 million USD, ranking second. Base and Arbitrum had net inflows of approximately 64.8 million and 62.1 million USD, respectively. Berachain experienced a net outflow of over 700 million USD, the highest.
Bitcoin Key Indicator Analysis
Addresses holding over 10,000 BTC have almost entirely net bought, addresses holding 1,000-10,000 BTC are actively increasing their holdings, and medium-sized holders (10-1000 BTC) have shifted from neutral to slightly buying.
The net growth of UTXO has continued to turn positive since April 11, indicating a rebound in network activity. However, the number of new addresses remains in the daily range of 300,000 to 350,000, lacking a significant breakthrough, suggesting that this round of recovery is mainly driven by existing users.
The proportion of profitable addresses has quickly risen to 93%, indicating that most investors have returned to a profitable state, with market sentiment shifting from pessimistic to neutral to slightly bullish.
Popular Projects and Token Dynamics
LaunchLab
Raydium's token issuance platform LaunchLab has been online for nearly two weeks, and as of April 28, a total of 25,207 tokens have been created, of which 211 ( 0.84% ) successfully raised funds and migrated to the AMM liquidity pool. On April 27, more than 7,500 tokens were created in a single day, and over 110 graduated in total on the 25th and 26th.
Compared to Pump.fun, LaunchLab has a lower graduation rate. On April 28, Pump.fun created 29,612 tokens, with 1,327 graduating, resulting in a graduation rate of 4.5%; LaunchLab created 4,272 tokens, with 104 graduating, resulting in a graduation rate of 2.4%. Pump.fun still maintains a leading share in token issuance on the Solana chain.
$TRUMP
The price of $TRUMP surged over 50% due to Trump announcing a dinner with holders and a White House tour event. The number of addresses holding over $1000 increased from 18,000 to 21,900, a growth of 21%; the total number of holding addresses rose from 640,000 to 643,000.
According to Chainalysis data, the $TRUMP issuance team has accumulated over $320 million in revenue through transaction fees, demonstrating its strong ability to attract capital. Trump promoted the upcoming dinner again on May 5, continuing to amplify market attention.
Summary
In April, the on-chain ecosystem showed clear differentiation, with Solana continuing to lead, while emerging chains like Base and Sui performed remarkably. Bitcoin's on-chain indicators are generally positive, but the growth of new addresses is limited. The popular project LaunchLab quickly gathered creator resources, and $TRUMP achieved a short-term surge through offline events. Overall, on-chain activity and capital flow are synchronously rebounding, with the ecosystem expanding from the base layer to the application layer, making it worthwhile to continuously monitor the follow-up trends of mainstream assets and hot protocols.