Analysis of Korean Crypto Assets Users' Behavior in Multi-Chain Ecosystems

Abstract

In the first half of 2025, the activity scope of cryptocurrency users in South Korea expanded from centralized exchanges to on-chain ecosystems, marking the maturity of the market and the diversification of user participation methods. This article analyzes the on-chain activities of South Korean users in the Ethereum, Base, and Solana ecosystems, revealing the characteristics and differences in behaviors of different on-chain users.

1. Overview of On-Chain User Activities in South Korea

In the first half of 2025, users in South Korea began to shift from traditional exchanges to on-chain activities, presenting a multi-layered market structure. This trend reflects the gradual maturation of the Crypto Assets market, no longer limited to an exchange-centric model.

The IXO event held in January 2025 further confirmed this market shift. The event organizers stated that the number of digital asset investors in South Korea has surpassed 10 million, and the Crypto Assets market has established a connection with mainstream audiences.

2. Analysis of Korean User Characteristics on Different Chains

2.1 Event Time

• Ethereum and Base: User activity is concentrated from 9 AM to 11 PM
• Solana: User activity is highest from midnight to 8 AM.

Solana users remain active late at night primarily because its ecosystem aligns with North American time zones. This indicates that Korean users are highly adaptable to the global market, unaffected by time zone restrictions.

2.2 Fund Distribution

The distribution of funds across chains is significantly different:

• Ethereum: Total assets approximately $400 million, with a significant proportion held by whales and middle-class accounts.
• Solana: Retail investors account for 99.9%, but a few whales hold large assets, creating extreme polarization.
• Base: Attracted medium-sized investors

This indicates that the Korean market has a diverse user base with varying investment preferences.

2.3 User Activity Trends

• Ethereum: Trading volume has remained stable over the long term, with users placing more emphasis on practical activities.
• Base and Solana: Sensitive to market sentiment and short-term events in trading pairs.

Due to the influence of meme coins and launch platforms, Solana has a high user churn rate. In contrast, Base has seen a steady increase in active users due to its diversified applications and services.

2.4 Application Usage

• Solana: transaction-centered, mainly focused on DeFi trading.
• Ethereum and Base: More user participation in remittance and deposit activities, with diversified use cases.

The Kaito InfoFi service on Base is one of the main driving forces attracting users. Korean users respond positively to the reward structure and tend to provide benefits through token staking and incentive claims.

3. Conclusion

Korean Crypto Assets users exhibit the following characteristics:

1. Strong global market adaptability, unrestricted by time zones.
2. Demonstrate different investment strategies and risk preferences on different chains.
3. Show a high interest in incentive-based services

Projects entering the South Korean market need to develop customized strategies that align with user characteristics, including selecting the appropriate blockchain for target users, designing a clear and sustainable incentive structure, and viewing users as partners in the development of the ecosystem.