In September 2025, Solana and Base continued to dominate high-frequency interaction activity. Despite slight declines in Ethereum’s transaction volume and active addresses, it maintained the highest fee revenue, reinforcing its position as the leading high-value blockchain. Arbitrum saw a strong capital influx driven by the DRIP incentive program, prompting a rapid reshuffling of on-chain dynamics. Bitcoin remained in a high-level consolidation phase, with weakening capital activity but solid support zones, suggesting the pullback is more of a technical correction. Plasma quickly gained traction with its integrated stablecoin architecture and multiple incentive strategies, while MYX Finance surged on protocol innovation and community-driven momentum, emerging as a breakout project in the derivatives sector.
- Overall On-Chain Activity: In September 2025, Solana led with 2.3 billion monthly transactions and 3–4 million daily active addresses, highlighting its dominance in high-frequency usage. Base saw a 26.6% surge in transaction volume and surpassed one million active addresses, solidifying its lead among Layer 2s. Ethereum’s transaction volume declined 5.55%, but its fee revenue remained the highest, maintaining its role as the core chain for high-value interactions. Arbitrum attracted over $500 million in net inflows through incentive-driven ecosystem growth, pushing the network structure toward incentive-centric ecosystems.
- Bitcoin Key Metrics Analysis: Bitcoin traded in a consolidation range above $110,000 throughout September. Indicators like RVT and long-term holder metrics showed a cooling in capital activity and ongoing long-term holder distribution, although selling pressure remained mild. On-chain data showed strong cost basis support between $93,000 and $110,000, suggesting the current pullback is a technical correction rather than a structural reversal.
- Notable Project Overview: Plasma exceeded $5.46 billion in TVL within its first week after mainnet launch, with over $7 billion in stablecoin supply in just two days. Its integrated design—combining stablecoin issuance, lending, mining, and distribution modules—coupled with presales, airdrops, and cashback incentives, rapidly activated capital and user growth across emerging markets.
- Trending Token Overview: MYX Finance rallied over 63% during the last week of September, fueled by protocol design innovation, liquidity incentives, and rising community engagement. With continued ecosystem expansion, its token price and visibility surged in tandem, positioning it as a fast-rising contender in the on-chain derivatives space.
Discover more details today → Gate Research: DRIP Ignites the Arbitrum Ecosystem, Plasma Becomes a Capital Magnet｜Web3 On-Chain Data Insights for September 2025
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