L1 activity based on active wallets slowed down in November, extending the trend from the past year
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 displaying a slowdown normally 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 probably the most liquid networks. | Supply: Token Terminal
BNB Chain received a lift from PancakeSwap and Aster, in addition to curated meme curiosity, with round 4.7M every day energetic customers based mostly on information by Token Terminal.
Ethereum retains round 600K every day energetic addresses. L2 chain Polygon stays at round 86K wallets, with a better baseline due to Polymarket utilization. Base locks in 600K to 800K energetic customers, although with elevated buying and selling volumes.
L1 exercise slowed down probably the most on Solana
Previously 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 frontrunner by way of charge manufacturing and nonetheless has enough liquidity. Nevertheless, the chain has seen an outflow of retail customers and a smaller group. Solana exercise is now compensated by whales, large-scale traders, and extra 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 relies on 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, for 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 current 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 site visitors additionally means that a few of the L1 chains’ site visitors was not solely natural. The present L1 exercise displays the utilization of probably 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 principle 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 accessible liquidity.
