Gate Research Institute: BTCFi Diffusion Drives Starknet Advancement, High-Performance L1 and On-Chain Finance Narratives Heat Up | November 2025 Web3 On-Chain Data Analysis

On-Chain Data Summary

Overview of On-Chain Activity and Capital Flows

To accurately assess the real usage of the blockchain ecosystem, this section analyzes multiple key on-chain activity metrics, including daily transaction volume, Gas fees, active addresses, and cross-chain bridge net flows, covering user behavior, network usage intensity, and asset liquidity from multiple dimensions. Compared to merely observing capital inflows and outflows, these native on-chain data can more comprehensively reflect the fundamental changes in the public chain ecosystem, helping to determine whether capital flows are accompanied by actual usage demands and user growth, thus identifying networks with sustainable development foundations.

Transaction Volume Analysis: Solana Remains High, Mainstream Public Chains Maintain Stable Activity

According to Artemis data, in November, on-chain transaction activities of several mainstream public chains generally maintained a mild upward trend, showing a structural pattern dominated by high-performance public chains and a gradual recovery of Layer2 solutions. From the trend perspective, Solana maintained a significant lead throughout the month, with daily transaction volumes mostly ranging from 70 million to 100 million transactions, frequently spiking mid- and end-of-month, indicating that high-frequency interactive applications continue to support ecosystem activity. Even during market volatility, usage intensity remained stable.【1】

The overall trend of Base shows a mild upward trajectory, with transaction volume gradually increasing from about 10 million transactions in September to between 12 million and 14 million in November, with a relatively stable monthly structure, reflecting sustained demand for interactions driven by its social and lightweight application ecosystem. In contrast, Arbitrum’s on-chain transaction volume exhibited a typical sideways oscillation over three months: fluctuating repeatedly within the 2.5–4.5 million range without a sustained upward trend. From a medium-term perspective, Arbitrum has not exhibited the “steady recovery” or “significant transaction rebound” often described in market narratives, instead remaining in a weak oscillation zone, with ecosystem activity stable but not expanding.

Overall, the transaction volume structure over the past three months presents the following features: Solana remains high and stable, unaffected by market fluctuations; Base shows a slight upward medium-term trend with ongoing ecosystem diffusion; Arbitrum’s on-chain activity is closer to a “stability without expansion” state. The market should avoid over-interpreting short-term fluctuations as a trend reversal. The high-performance chain continues to drive high-frequency interactions, mid-tier chains show steady expansion, and some Layer2 solutions are in a correction phase, with clearer multi-chain ecosystem layering becoming evident.

Active Address Analysis: Solana Leads Strongly, Arbitrum Maintains Low Volatility

According to Artemis data, in November, multi-chain active addresses remained generally steady, but structural differences among chains became more pronounced. Solana’s daily active addresses ranged from 2.5 to 3.5 million, significantly ahead of other chains, maintaining high levels despite periodic fluctuations, demonstrating strong application ecosystem stickiness and high-frequency interaction characteristics.【2】

Polygon PoS performed steadily in November, with active addresses mostly between 800,000 and 1.2 million, briefly surpassing 1.3 million at month-end, making it one of the most active mainnets besides Solana. Base’s activity was next, with daily active addresses around 550,000 to 750,000, reflecting its continued attractiveness in social and lightweight applications. Arbitrum showed more obvious low-level fluctuations, with active addresses gradually decreasing from approximately 250,000–300,000 at the start of the month to a low point of 180,000–200,000 mid-month. Although there was a rebound at month-end, overall activity remained in a low oscillation zone. Compared to other chains, Arbitrum’s user engagement in November was weaker, indicating some activity may have temporarily shifted to ecosystems like Base and Polygon.

Overall, November’s on-chain activity exhibited a layered structural pattern: Solana dominates high-frequency interaction scenarios with an absolute lead, far surpassing other public chains; Polygon PoS is stable above Base, indicating a resilient and expanding user base; main chains such as Ethereum and Bitcoin maintained stable operation without significant expansion or contraction, continuing their roles in value settlement and system stability. In contrast, Arbitrum’s activity declined sharply this month, generally oscillating at low levels, reflecting a temporary cooling of Layer2 ecosystem enthusiasm. High-performance chains continue to dominate high-frequency interactions, mid-tier chains expand steadily, and some Layer2 solutions are in a correction stage, with clearer layering trends across multi-chain ecosystems.

On-Chain Fee Revenue Analysis: Ethereum and Solana Remain Top, Base Shows Increased Volatility

According to Artemis data, in November, the fee income of main public chains exhibited a structural pattern of “high-value chains stable and leading, mid-tier chains fluctuating and weakening.” Ethereum’s revenue was significantly higher than others throughout the month, with daily fees mostly between $500,000 and $1.5 million, with three notable peaks at the beginning, middle, and end of the month, reflecting its core role in market activity. Its fee structure still centers on DeFi liquidations, high-value transfers, and contract calls, consolidating its position as the mainnet economic hub.【3】

Solana continued to rank second, with fee income mostly between $800,000 and $1 million, with limited overall volatility, maintaining stable revenue contributions from high-frequency trading, DEX activity, and application interactions despite market sentiment shifts. Compared to the first two, Base showed more significant fluctuations in November, with daily fees dropping below $100,000 at lows and surging to short-term highs of $400,000–600,000, peaking over $700,000 at month-end, indicating that some protocols or trading activities within its ecosystem periodically amplified on-chain fees.

Overall, the fee income structure in November demonstrated clear stratification: Ethereum and Solana maintained leadership with stable revenues; Base experienced phase-specific surges; Polygon and Arbitrum remained at low levels. The overall fee income did not show continuous expansion, suggesting on-chain economics are more driven by specific events rather than structural growth in a low-volatility environment.

Public Chain Capital Flows Differentiation: Arbitrum Continues to Lead, Starknet and BTCFi Narratives Rise

According to Artemis data, over the past month, capital flows on-chain exhibited significant differentiation, with high-growth Layer2 and emerging public chains continuously gaining incremental capital, while some high-valued main chains experienced substantial outflows. Arbitrum led with net inflows far exceeding others, reflecting its ecosystem’s advantages in incentives, institutional layout, and financial infrastructure expansion; Starknet, Base, Solana, and SEI also recorded positive inflows, indicating market preference for projects with expansion momentum and narrative potential.【4】

Arbitrum’s capital attractiveness stems from multiple channels: Robinhood has integrated it as a core issuance layer for regulated security tokenization, with tokenized assets approaching $10 million in on-chain circulation; institutional infrastructure projects like Deblock, BlockControl, Hermes are heavily deployed, elevating its position from a “DeFi chain” to a “cross-chain liquidity and asset settlement hub”; USDC and USDT supplies rose simultaneously, with cross-chain bridge ETH holdings hitting new highs, enhancing on-chain capital capacity.

Under the BTCFi narrative, Starknet also performed notably: BTC staking rapidly accumulated, with multiple BTC asset pathways landing, accelerating toward a “Bitcoin yield layer”; STRK staking system and validator structures matured, with over 1 billion STRK staked, stabilizing network security and economic models; DeFi and consumer applications grew in parallel, with account abstraction-driven scenarios pushing user numbers over one million.

In contrast, previously hot ecosystems like Hyperliquid, Ethereum mainnet, BNB Chain, and Avalanche experienced significant net outflows, indicating capital withdrawal from high-valuation ecosystems toward growth-resilient and narrative-rich public chains. Overall, the market has entered a phase of “structural rotation + risk re-pricing,” with capital focusing on ecosystems with established narratives, steady user growth, and expansion potential.

Key Bitcoin Metrics Analysis

In November, the crypto market accelerated downward amid excessive leverage, with a total decline of 17.5%, marking the largest monthly correction this year, with risk assets under pressure. Economic data weakening and dovish Federal Reserve signals have increased the probability of rate cuts in December to over 80%. While BTC and ETH recovered to $90,000 and $3,000 respectively last week, trading volumes significantly shrank, indicating limited rebound momentum; institutional fund sentiment remains cautious, with weak spot ETF inflows and structural demand still in a subdued zone.

In this context, on-chain data show more structural signals: BTC still operates above multiple core cost lines, with overall risk indicators maintaining a neutral to mildly strong stance, indicating the main trend remains intact, but short-term resistance remains in dense chip zones; simultaneously, realized loss metrics have risen sharply, indicating a phase of emotional clearing and high-level selling pressure, with short-term funds remaining cautious; on a longer cycle basis, long-term holder profit rates continue to decline and show signs of net reduction, reflecting some early chips entering profit-taking stages, with market structures shifting from inertia-driven upward to trend rotation and cooling cycles.

BTC Breaks Short-term and Active Investor Cost Lines, Risk Indicators Shift Toward Neutral-Weak Zone

According to Glassnode data, BTC’s latest price has fallen below the Short-Term Holder Realized Price (STH Realized Price) and the Active Investor Mean, indicating that short-term funds are starting to enter the unrealized loss zone, shifting market sentiment from neutral-strong to neutral-weak. The two support levels formed by the yellow and red cost lines have been effectively broken, implying weakening buying momentum and entering a pressure-dominated phase.【6】

Meanwhile, BTC’s price remains above the Realized Price and True Market Mean, but the divergence between the two is narrowing, reflecting a transition from upward momentum to a digestion and rotation cycle. If the price continues to trade below the Active Investor Mean, risk appetite among short-term funds may further shrink, pushing the market toward the mean or real price zones.

Multi-cycle all-time-high (ATH) cost lines remain above the current price, indicating the long-term structural integrity remains unbroken, and BTC still resides within a bullish framework. However, with the short-term cost line broken, the market is more likely to evolve into a high-level oscillation and chip redistribution phase. If BTC can regain above the short-term holder cost line, it will help restore a short-term bullish structure; otherwise, continued trading below the cost line will increase correction pressure. Overall, the risk indicator combination signals that BTC is shifting from a neutral-strong to a neutral-weak rebalancing phase, with short-term pressure but the mid-term trend still intact.

BTC Realized Losses Rise, Market Enters a Phase of Emotional Clearing and High-Pressure Rebalancing

According to Glassnode data, realized losses (30-day average) increased significantly in November, showing a steep upward structure from lows, reflecting concentrated and sustained selling at recent price dips. This pattern resembles the high-volatility periods of 2021 and 2022: each large-scale loss release typically coincides with passive stop-losses by short-term holders, leverage liquidations, and emotional sell-offs. While current losses have not reached the extremes of 2021-2022, they are noticeably above the normal levels of 2023–2024, indicating a short-term adjustment cycle with active or passive deleveraging by traders.【7】

Although expanding losses imply short-term pressure, from a cycle perspective, the release of losses at high levels is essentially a correction of bullish sentiment, serving as a “risk absorption” phase during price retracements. Compared to historical trends, if realized losses quickly recede within 1–3 weeks, it often indicates market completion of short-term turnover, with prices likely returning to the trend structure; conversely, continued high levels of losses accompanied by increasing volume may signal chain reactions of selling pressure, pushing BTC to test deeper support zones. Overall, November’s loss expansion indicates increased short-term volatility but does not destroy the medium-term bull structure, serving as a necessary correction for the ongoing upward cycle.

BTC Long-term Holder Profitability Declines, Market Enters Trend Rotation and Cooling Phase

According to Glassnode data, the Long-Term Holder Realized Profit/Loss Ratio (LTH RPL Ratio) experienced a clear downward turn in November, dropping sharply from high levels, reflecting diminishing profit margins among long-term investors and some holders beginning to realize gains during weak prices. Historically, rapid declines in this indicator often coincide with sentiment cooling after cycle tops, representing early investors’ profits being eroded by market fluctuations. Amid high-level oscillation, the profitability of long-term holders weakens, indicating the continuation of a strong trend is being challenged, and the market is entering a “trend rotation + profit contraction” mid-term correction stage.【8】

Despite the notable decline in the LTH profit ratio, the chart shows it has not fallen into the typical bear market loss zone (red area), indicating that large-scale capitulation or panic selling among long-term investors has not occurred. The profit ratio remains above key thresholds, suggesting the long-term profit structure is still healthy, with marginal growth slowing down. If the ratio stabilizes and begins to rise again, it usually signifies that long-term capital has completed a phase of profit-taking, laying the groundwork for the next trend; if it continues to decline into the loss zone, a deeper cycle correction may be imminent. Overall, November’s LTH data suggest a trend cooling and healthy rotation rather than a complete reversal.

Popular Projects and Token Dynamics

On-chain data indicate that capital and users are gradually concentrating on ecosystems with strong interaction foundations and application depth, while projects with topicality and technological innovation are becoming new focal points for capital chasing. The following section will focus on recently prominent projects and tokens, analyzing their underlying logic and potential impacts.

Popular Projects Data Overview

Monad

Monad is a recently highly-rated high-performance Layer1 public chain project, centered on “single-threaded efficient EVM” technology, aiming to significantly improve execution efficiency and network throughput while fully compatible with Ethereum. On November 24, Monad officially launched its mainnet and released its native token MON, starting a large-scale airdrop plan covering 225,000 active on-chain users, benefiting users of lending protocols like Aave, Euler, Morpho, decentralized exchanges such as Uniswap, and community and meme platforms like Pump.fun and Virtuals, forming a broad distribution across multiple sectors and ecosystems. On launch day, new active addresses exceeded 140,000, on-chain transaction volume surpassed 2.66 million, with an average TPS of 32.75 over 24 hours, demonstrating high activity and stable capacity in the initial phase of a new L1.【9】

In price performance, MON exhibited a typical “sell-the-news” effect. Airdrop concentration cash-outs, ICO share releases, and high-frequency speculative forces caused the token to spike briefly to $0.048 after opening but quickly fell back to around $0.022, resulting in short-term depegging. As OpenSea, Pyth oracle, and various wallet tools integrated, over 300 ecosystem applications became operational, with on-chain TPS exceeding 5,000, and on the first day, transaction volume soared to $400 million within half a day, exemplifying high volatility in new public chain launches.

Wallet behavior analysis shows early airdrop cash-out pressure is dominant: among 76,021 addresses that claimed tokens, 63% sold or transferred all airdropped tokens, forming the main selling pressure; 27.8% held their positions, indicating relatively strong long-term expectations; only 6.6% sold over half of their holdings, with very few remaining small positions. Overall, long-term holders account for less than 30%, and this concentrated cash-out activity is a core driver of the volatile price movement after MON’s launch.【10】

In ecosystem incentives, multiple projects launched MON staking and yield programs to boost liquidity and user retention. FastLane Labs introduced shMON minting and staking, with over 122 million MON staked; Magma offers gMON liquidity staking with an annual yield of about 15%. Simultaneously, gaming and application ecosystems launched activities, such as Lumiterra’s 1 million MON seasonal prize pool and Kuru DEX’s 25% platform fee rebate plan, continuously increasing user activity within the ecosystem.

Overall, Monad’s market performance aligns with typical new L1 launch curves: technological innovation and high expectations initially boost enthusiasm, while airdrops and early liquidity releases exert short-term price pressure; on-chain activity, ecosystem incentives, and staking demand underpin medium-term network development. Future growth in TVL, developer migration, and ecosystem expansion will be key indicators of MON’s medium-term performance and long-term network competitiveness, marking the formal start of a new high-performance public chain competitive landscape.

Popular Tokens Data Overview

$TEL

Telcoin, established in 2017, is an international fintech project focusing on integrating blockchain technology, telecom networks, and digital banking services, providing low-cost, instant, and inclusive cross-border remittances and digital asset services worldwide. Managed by the Swiss non-profit Telcoin Association, it operates the EVM-compatible Telcoin Network, maintained by global mobile operators via PoS consensus. Its ecosystem includes multi-sig digital banking app Telcoin Wallet and the ongoing compliant digital bank Telcoin Bank, aiming to build a global infrastructure for “mobile users direct on-chain financial access.”

CoinGecko data shows a 88.9% increase over the past 30 days. The strong performance this month is closely related to narratives around “compliant finance,” “on-chain USD,” and “stablecoin regulation,” leading capital to flow back from speculative sectors toward projects with solid fundamentals.【11】

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In project development, Telcoin announced that its digital banking operation and compliant stablecoin eUSD have entered full deployment, positioning as a “bank-grade stablecoin + mobile on-chain financial access” combination. eUSD will be issued and minted on-chain by regulated banking entities, becoming one of the first stablecoins directly issued by traditional financial institutions. This development creates a complete on-chain financial loop with digital banking capability, stablecoin issuance, and open DeFi access, significantly revaluing the project’s business model and long-term positioning.

On social and media fronts, as key progress is announced, discussions about Telcoin on X, Telegram, and Reddit have surged. Crypto media generally view it as a “demonstration of bank and on-chain finance integration,” incorporating it into macro narratives such as “new stablecoin competition,” “traditional financial institutions going on-chain,” and “mobile crypto banking.” Community sentiment is overwhelmingly optimistic, forming a positive feedback loop of “narrative enhancement → attention increase → liquidity inflow,” further reinforcing short-term upward momentum.

Overall, )'s rise this month exemplifies a pattern of “fundamental breakthrough + enhanced compliance narrative + market sentiment resonance.” Progress in digital banking and eUSD stablecoin acts as a decisive catalyst, elevating Telcoin from a cross-border payment project to a comprehensive on-chain financial infrastructure, with strong narrative and fundamental support. If related products are successfully implemented and compliance narratives remain hot, $TEL still harbors potential for medium-term continuation after rapid appreciation.

Summary

In November 2025, Solana maintained the top position in total on-chain activity and transaction volume through high-frequency applications and strong user engagement, demonstrating resilience against market fluctuations; Ethereum continues to serve as the core value settlement layer, maintaining absolute dominance in fee income, with on-chain economic activity still focused on high-value interactions. Base and Polygon PoS steadily expanded in the mid-tier range, showing sustained growth in social and consumer interaction domains. In comparison, Arbitrum’s transaction volume and active addresses remained low and oscillating, but capital flow patterns indicate advantages in asset tokenization, infrastructure development, and institutional deployment, remaining key beneficiaries of current capital preferences. Meanwhile, emerging chains like Starknet, driven by BTCFi narratives, rapidly gained momentum, showing significant user growth and capital attraction.

Overall, on-chain ecosystems are shifting from mere capital flows to a new stage driven by real usage needs, application growth paths, and narrative diffusion. High-performance public chains continue to dominate interaction traffic, valuable main chains reinforce their foundational roles, while mid-size and emerging ecosystems with application incremental growth and narrative space become new focus areas for capital re-pricing, with chain growth structures trending toward multi-polarity and layering.

In Bitcoin, as the price breaks below short-term holder costs and active investor averages, high-level chips begin to redistribute more clearly, indicating the short-term structure has shifted from strength to pressure. Support from real price and market mean remains, preserving the overall bull market framework; however, breaching the cost line short-term implies some funds enter unrealized losses, accelerating turnover, and transitioning the market into a “re-pricing—rebalancing” phase. The subsequent trend depends on effective absorption of selling pressure above and the re-accumulation of demand after sentiment convergence.

At the project level, high-performance new chains like Monad show strong initial engagement and rapid growth potential, though airdrop cash-outs cause short-term price pressures; Telcoin, driven by digital banking and compliant stablecoins, has successfully transitioned from cross-border payments to a representative of on-chain financial infrastructure, with narrative and fundamentals resonating for significant revaluation. The overall trend indicates a shift from pure speculation toward focus on real usage and sustainable ecosystem growth.
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