[//]:content-type-MARKDOWN-DONOT-DELETE ![](https://gimg2.gateimg.com/image/ann_en202508081134239261942976.webp) In July 2025, Ethereum saw a simultaneous rebound in on-chain activity and capital inflows, with transaction volume reaching a record high. Solana and Base led Layer 1 and Layer 2 respectively, showcasing high-frequency interactions and strong ecosystem stickiness. Bitcoin’s realized market cap hit a new all-time high, though short-term consolidation may follow. WorldChain attracted over $100 million in inflows as its ecosystem rapidly took shape. LetsBonk.fun’s token launch market share exceeded 70%, surpassing Pump.fun, while Ethena’s stablecoin TVL rose to $8.4 billion, maintaining its lead in the sector. **Key Takeaways:** * Overall On-Chain Activity: In July 2025, Solana led mainnets with 35.3 billion monthly transactions and 4.42 million daily active addresses. Base maintained its position as the top Layer 2 network, demonstrating strong native app engagement and a stable structure. Ethereum’s monthly transaction volume hit a record 46.67 million, and it reclaimed the top spot in on-chain fee revenue with $74.28 million, underscoring its dominance in high-value use cases. Overall, the ecosystem showed a structural divergence between “high-frequency, retail-friendly chains” and “low-frequency, high-value chains.” * Key Bitcoin Metrics: Bitcoin’s realized market cap surpassed $1.02 trillion, hitting an all-time high and reflecting strong capital inflows. Following a single-day distribution of 80,000 BTC in July, the market showed resilient demand with no systemic sell-off. The realized P&L ratio rose to extreme levels, signaling growing short-term profit-taking pressure, though price reactions remain muted. The shift toward more short-term holders suggests rising volatility, but the broader market still retains a solid confidence base. * Popular Project Overview: LetsBonk.fun overtook Pump.fun to become the leading Solana-based meme token launch platform. In July, it led in both transaction and token launch volumes, with total launched token market cap exceeding $700 million and its flagship token USELESS valued over $250 million. The platform attracted a large influx of users and creators by offering transparent fee-sharing and deep liquidity, gradually forming a positive capital cycle. * Popular Token Overview: ENA has surged over 110% since the end of June, driven by Ethena’s aggressive buybacks and its partnership with Anchorage to launch the compliant stablecoin USDtb. USDe’s supply has exceeded $8.2 billion, with TVL reaching $8.4 billion, while expanding across multiple chains. Despite facing unlock pressures in early August, buybacks and a strong yield model have sustained market confidence, reinforcing ENA’s positioning as a yield-driven asset. Discover more details today → Gate Research: Web3 On-Chain Data Insights for July 2025｜Ethereum On-Chain Activity Rebounds, WorldChain Sees Strong Inflows Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis. **Disclaimer** Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions. Gate Team August 8, 2025 **Gateway to Crypto** Trade over 3,500 cryptocurrencies safely, quickly, and easily on Gate **Take Action Now** Sign up and claim up to $10,000 in welcome rewards Invite friends and earn a 40% commission **Stay Connected** Visit Gate's official website Download the Gate App | Desktop Follow us on X (Twitter) to get more bonuses Join our Telegram community to discuss trending topics Engage with our global community for the latest insights **Transparency & Security** Check our 100% Proof of Reserves