On-chain exercise is slowing down, regardless of the actions of serious volumes. Main L1 exchanges noticed an outflow of energetic wallets.
Main L1 chains, together with Solana, BNB Chain, and Ethereum, are exhibiting a slowdown on the whole exercise. The slowdown is marked in opposition to the final months of 2024, when enthusiasm introduced on-chain customers. Solana is all the way down to between 2.3M and 1.7M every day energetic wallets, after reaching a peak at practically 32M energetic wallets in September 2024.
On-chain exercise slowed down for main chains, although worth transfers remained sturdy for essentially the most liquid networks. | Supply: Token Terminal
BNB Chain bought a lift from PancakeSwap and Aster, in addition to curated meme curiosity, with round 4.7M every day energetic customers based mostly on knowledge by Token Terminal.
Ethereum retains round 600K every day energetic addresses. L2 chain Polygon stays at round 86K wallets, with the next baseline due to Polymarket utilization. Base locks in 600K to 800K energetic customers, although with elevated buying and selling volumes.
L1 exercise slowed down essentially the most on Solana
Prior to now yr, Solana misplaced the largest a part of its exercise. The slowdown of low-cost actions like NFT, DEX swaps, and meme minting and buying and selling led to an extra decline in exercise.
Solana stays a pacesetter when it comes to charge manufacturing and nonetheless has enough liquidity. Nonetheless, the chain has seen an outflow of retail customers and a smaller group. Solana exercise is now compensated by whales, large-scale buyers, and extra just lately, ETFs.
The slowdown in on-chain transactions and energetic wallets additionally displays the shortage of user-oriented applied sciences with a low-cost entry level into crypto.
L1 exercise additionally is dependent upon short-term incentives, together with level farming. The slowdown of particular airdrops based mostly on exercise additionally affected L1 chains.
L1 chains retain worth
L1 chains retain their worth transfers and financial exercise, regardless of the outflow of wallets. Ethereum, as an example, carries over $6B in every day worth transfers, up from $3.8B in November 2024.
Solana additionally elevated the worth of its DEX quantity, from round $4B in late 2024 to $14B in November 2025. The latest outflow in low-value transactions has been changed by fee-paying customers and elevated worth exercise. Solana noticed $1.8B in stablecoin transfers for October, down from the anomalous vary of $233B in December 2024.
The lower in visitors additionally means that a number of the L1 chains’ visitors was not totally natural. The present L1 exercise displays the utilization of essentially the most energetic apps, with no indicators of deliberate quantity inflation.
As of November 2025, BNB Chain retains the largest variety of every day energetic customers. PancakeSwap is the primary driver of charges and paid exercise. As with BTC and different chains, uncooked exercise is meaningless and has been changed by value-driven transfers, whale exercise, and the utilization of apps with obtainable liquidity.
