• Solana’s daily active wallets fell from 32 million in September 2024 to 1.7-2.3 million in November 2025.

• BNB Chain maintains around 4.7 million daily active users, boosted by platforms like PancakeSwap.

• Ethereum holds steady at 600,000 daily active addresses, with $6 billion in daily value transfers, up from $3.8 billion last November.

Discover the L1 chains on-chain activity slowdown affecting Solana, Ethereum, and BNB Chain in 2025. Explore reasons, impacts, and why value transfers are thriving. Stay informed on blockchain trends today.

What is Causing the L1 Chains On-Chain Activity Slowdown?

L1 chains on-chain activity slowdown refers to the noticeable decline in daily active wallets and transaction volumes on leading layer-1 blockchains such as Solana, BNB Chain, and Ethereum, observed in November 2025. This trend contrasts with the high enthusiasm and user growth seen in late 2024, where networks experienced surges in retail participation driven by meme coins, NFTs, and low-cost DeFi activities. Key factors include the waning of short-term incentives like airdrops and point farming, alongside a shift away from speculative, low-value transactions toward more sustainable, high-value economic activities.

On-chain activity is slowing down, despite the movements of significant volumes. Major L1 exchanges saw an outflow of active wallets. Major L1 chains, including Solana, BNB Chain, and Ethereum, are showing a slowdown in general activity. The slowdown is marked against the last months of 2024, when enthusiasm brought on-chain users.

On-chain activity slowed down for major chains, though value transfers remained robust for the most liquid networks. | Source: Token Terminal

BNB Chain got a boost from PancakeSwap and Aster, as well as curated meme interest, with around 4.7 million daily active users based on data by Token Terminal. Ethereum retains around 600,000 daily active addresses. L2 chain Polygon remains at around 86,000 wallets, with a higher baseline thanks to Polymarket usage. Base locks in 600,000 to 800,000 active users, though with increased trading volumes.

This slowdown highlights a maturation in the crypto ecosystem, where networks are transitioning from hype-driven growth to more stable, utility-focused engagement. According to data from Token Terminal, a leading blockchain analytics platform, the reduction in active wallets does not equate to diminished economic relevance but rather a refinement in user behavior.

How Has Solana Been Impacted by the On-Chain Activity Decline?

Solana has experienced the most pronounced effects from the L1 chains on-chain activity slowdown, with daily active wallets plummeting from a peak of nearly 32 million in September 2024 to between 1.7 million and 2.3 million as of November 2025. This decline stems primarily from reduced low-cost activities, including NFT trading, decentralized exchange swaps, and meme coin minting, which previously attracted a surge of retail users.

In the past year, Solana lost the biggest part of its activity. The slowdown of low-cost activities like NFT, DEX swaps, and meme minting and trading led to a further decline in activity. Solana remains a leader in terms of fee production and still has sufficient liquidity. However, the chain has seen an outflow of retail users and a smaller community. Solana activity is now compensated by whales, large-scale investors, and more recently, ETFs.

The slowdown in on-chain transactions and active wallets also reflects the lack of user-oriented technologies with a low-cost entry point into crypto. L1 activity also depends on short-term incentives, including point farming. The slowdown of specific airdrops based on activity also affected L1 chains.

Despite these challenges, Solana’s network continues to generate substantial fees and maintains high liquidity, largely sustained by institutional players, whales, and the integration of exchange-traded funds (ETFs). Experts from blockchain research firms like Messari note that this shift underscores Solana’s resilience, as it pivots toward high-value applications such as DeFi protocols and stablecoin transfers. For instance, Solana’s DEX volume has risen from about $4 billion in late 2024 to $14 billion in November 2025, demonstrating that while user counts have dropped, the economic throughput has intensified.

Furthermore, the decline points to broader market dynamics, where speculative fervor has cooled post the 2024 bull run. Data indicates that Solana processed $1.8 billion in stablecoin transfers in October 2025, a decrease from the outlier $233 billion in December 2024, but this normalization suggests healthier, organic growth without inflated volumes.

Frequently Asked Questions

What Factors Are Driving the L1 Chains On-Chain Activity Slowdown in 2025?

The L1 chains on-chain activity slowdown in 2025 is driven by the exhaustion of short-term incentives like airdrops and point farming programs, which previously boosted retail participation. Additionally, the fading hype around memes and NFTs has led to fewer low-value transactions, while users migrate to more efficient or specialized platforms. This results in a more concentrated activity from high-value users, as reported by analytics from Token Terminal.

Why Is Value Transfer Holding Strong Despite the On-Chain Activity Slowdown on Ethereum?

Even with the on-chain activity slowdown, Ethereum’s value transfer remains strong due to its dominance in institutional and DeFi applications. Daily value transfers have climbed to over $6 billion in November 2025 from $3.8 billion the previous November, fueled by whale movements and liquid staking protocols. This resilience makes Ethereum a cornerstone for serious financial operations in the crypto space.

Key Takeaways

• Solana’s Sharp Decline: Daily active wallets dropped over 90% from 2024 peaks, but DEX volumes surged to $14 billion, highlighting a focus on high-value trades.
• BNB Chain’s Stability: With 4.7 million active users, driven by PancakeSwap, it shows how app-specific engagement can sustain network health amid broader slowdowns.
• Ethereum’s Economic Strength: Retaining 600,000 active addresses and $6 billion in daily transfers, it proves that quality liquidity trumps raw user numbers for long-term viability.

L1 Chains Retain Value Amid Activity Shifts

L1 chains retain their value transfers and economic activity, despite the outflow of wallets. Ethereum, for instance, carries over $6 billion in daily value transfers, up from $3.8 billion in November 2024. Solana also increased the value of its DEX volume, from around $4 billion in late 2024 to $14 billion in November 2025. The recent outflow in low-value transactions has been replaced by fee-paying users and increased value activity. Solana saw $1.8 billion in stablecoin transfers for October, down from the anomalous range of $233 billion in December 2024.

The decrease in traffic also suggests that some of the L1 chains’ traffic was not entirely organic. The current L1 activity reflects the usage of the most active apps, with no signs of deliberate volume inflation. As of November 2025, BNB Chain retains the biggest number of daily active users. PancakeSwap is the main driver of fees and paid activity. As with BTC and other chains, raw activity is meaningless and has been replaced by value-driven transfers, whale activity, and the usage of apps with available liquidity.

Conclusion

The L1 chains on-chain activity slowdown in 2025 marks a pivotal evolution for major blockchains like Solana, Ethereum, and BNB Chain, where declining active wallets give way to robust value transfers and institutional engagement. This shift from speculative retail activity to sustainable economic utility, as evidenced by rising DEX volumes and stablecoin flows, signals a maturing crypto landscape. As networks adapt to prioritize quality interactions, investors and developers should focus on high-liquidity opportunities to capitalize on this refined ecosystem moving forward.