Summary
- The ecological acceleration of the chain, the maintenance of high-frequency (HF) dominance by Solana, the consolidation of high-value positions by the Etherpo, the evolution of the financial flow towards the "strength of the strong" and the brightness of the emerging public chain, with some of the links and L2 under pressure to withdraw funds。
- With net inflows of more than $2 billion, high prices and institutional set-ups, the ETA continues to be at the heart of the public chain, with emerging public chain gold rising, while the Polygon and others have experienced massive financial outflows in a pattern of "strengths."。
- Bitcoin slowed inflow after a peak of $124,000, but sales were mild, the cost base was solid, the unrealized losses were kept low, and the overall picture showed that the current turnback was a phased correction rather than a reversal of the trend。
- Aave continues to dominate in the area of decentralised lending and further strengthens its central position in DeFi’s integration with traditional finance by launching the Horizon platform to enter the institutional RWA mortgage market。
- BIO, with its V2 upgrades and ecological expansion, rapidly emerged on the DeSci track, with the market value of the currency rising in tandem with the amount of the pledge, and the rapid inflow of money in the chain, demonstrating the potential for continued leading to centralized scientific research。
Data Summary on Chain
Overview of activities and financial flows in the chain
In addition to the analysis of the overall flow of financial resources along the chain, we have further selected several key chain activity indicators to assess the true use of heat and activity in the block chain ecology. These indicators include daily transaction volumes, daily Gas costs, the number of active daily addresses and the net flow of cross-chain bridges, covering multiple dimensions such as user behaviour, network intensity and asset mobility. The primary data on these chains more fully reflect fundamental changes in the ecosystem of the public chain than the mere observation of inflows and outflows, helping to determine whether capital flows are accompanied by an increase in actual demand for use and users, thereby identifying a network base for sustainable development。
Trade volume analysis: Etheleum continues to grow high, Solana is at the top of the list
According to Artemis, as of 31 August 2025, Solana had remained stable at the top of the mainstream chain at a monthly turnover of more than 29 billion, with a steady daily turnover of between 90 million and 100 million, showing strong interactivity and high frequency application structures. Despite slight fluctuations at the end of the month, the overall level of activity is well beyond other public chains, reflecting the advantages of its ecological viability and efficient architecture. One
The Etheum chain has seen a two-month-long surge in turnover, with a total of 51.7 million transactions and nearly four years of growth, reflecting the fact that the main network is still active in the context of the Layer 2 diversion. Despite the high value of individual transactions and the fact that Gas costs remain a constraint, the overall transaction structure is robust and the connection of the main network to Layer 2 continues to grow。
In addition, according to DefiLlama data, in August 2025, DEX monthly transactions in the Etherum chain amounted to $140.1 billion, updating historical records; the current TVL is $92.58 billion, still about 17 per cent below its 2021 height. Transaction volumes are rising in tandem with user activity, showing a significant increase in the utilization of funds and a shift in user behaviour from static lockouts to more frequent transaction and liquidity applications, with a trend structure of "transactions more dynamic than TVL rebounds " . [Beeping]
Overall, Solana continues to dominate chain trading patterns by continuing its strong performance of high-frequency interactive and highly sticky structures; Base is steady and steady, and has established a trading backbone in the Layer 2 camp; and the Ether Workshop displays the resilience and value carrying capacity of the classic public chain under a continuous high-level network with Layer 2 in the same mode. The chain-trading ecology is accelerating the trend towards structural separation between the "high frequency civilian chain" and the "low frequency high net value chain"。
Active address analysis: Solana lead, Etheum innovation high
According to Artemis, as of 31 August 2025, Etheum had an average of about 54.43 million active Internet addresses per day, rising steadily, with the total number of monthly active addresses exceeding 16 million and updating history, indicating a steady expansion of its user base. [Scoffs]
Solana continues to be an absolute leader in active addresses, with an average of 3.58 million daily, showing a very strong user sticky and high frequency (HF) usage scene, and Base, second in 12.26 million, reflecting the remarkable success of its primary ecological construction and applications。
On the whole, Solana also has an absolute lead at the active address level, with Base rapidly emerging with a back-up advantage, while Etheum forms a more complete eco-interactive system with a combination of "Main Network + L2" structures. The user structure of the chain has become clearly divided into a "high frequency user chain" and a "value-carrying chain" and ecological positioning has become clearer。
Analysis of the revenue from the processing fees on the chain: Etheum continues to dominate the high-value scene, Solana acts well
According to Artemis, as at 31 August 2025, the proceeds from the Etheum chain totalled approximately $65 million, which, although slightly lower than last month, is still far ahead of other public chains. There was a single-day peak of nearly $5 million during the month, indicating that the main network trading heat remained high, driven by DEX active and new project deployments. Although the Layer 2 network carries a large amount of routine traffic, the high-value interactive demand of the Etheum main network continues to form the main support for its transaction revenue. [4]
Solana, on the other hand, has shown remarkable stability, with a steady movement in handling fees during the month, with a daily income of between $1 million and $1.5 million, and a steady second-higher overall performance than Etheum. While the Solana HF micro-interactivity mechanism makes its unit handling fee extremely low, the large number of transactions still supports a significant revenue volume, highlighting the fact that its commercial base in the HF scene has matured。
Overall, Etheum remains firmly dominant in chain revenue, with Solana being stable, high-frequency driven and Base steadily increasing in its native ecology. There is a growing tendency towards fragmentation of the revenue dimension of fees, corresponding to different paths of positioning and development of chains between "value-type interaction" and "frequency-substrate interaction"。
Analysis of financial flows from the public chain: Polygon is the most significant out-flowing of funds from the Taifeng
According to Artemis, it recorded a net inflow of over $2 billion, continuing to be at the top of the public chain, showing its overwhelming advantage in terms of institutional configuration and ecological depth. Driven by the Fed's Dove Signals and Institutional Buyers, ETH has surpassed a record high of $4,956, with a high market value of $580 billion, and ETF management has surpassed $30.5 billion, with net inflows of nearly $2.8 billion a month. The rise in institutional holding, with Bitmine buying 690,000 ETHs within a month, accounting for nearly 1 per cent of global supply, and leapfrogging to the largest open warehouse company, further highlights the dual value of ETH as "capital value plus cash flow". "6"
At the same time, there has been a growing use of the chain, with Robinwood and Ondo Finance pushing stock-to-stock transactions to land, USDC making monthly transfers amounting to $748.3 billion, and DeFi Pendle’s TVL breaking $10 billion, demonstrating the continued consolidation of its central position in the compliance finance and DeFi infrastructure. [7]
In addition to the ETA, WorldChain and Solana recorded net inflows of $98.8 million and $72.7 million, respectively, indicating that the emerging and mature public chain is attractive. By contrast, there have been significant financial outflows from various mainstream public chains, of which Polygon PoS net outflows exceeded $1 billion a month, Unichain and Arbitrum recorded net outflows of $490 million and $230 million, respectively, and Base also recorded outflows of $190 million, reflecting a rebalancing of market valuations of L2 and the side chains with heat。
Overall, the pattern of financial flows tends to be “strength of the strong” – further amplified by the leadership of the Taifung in terms of financing, institutional deployment and ecological construction, with emerging public chains such as WorldChain, Solana continuing to inhale through ecological superheavy effects; while some of the early heat captures of L2 and the sidelinks are under pressure to withdraw funds, with market hot spots switching and liquidity playing more frequently。
Analysis of Bitcoin key indicators
Bitcoin, with an historic high of $124,000 in August, can significantly slow up, with prices moving into high-level shock and phase-back. As the central anchoring asset of the market, the chain-based structural indicators also send multiple signals that reveal the depth of financial behaviour and market structure adjustments. While capital inflows have slowed and demand is less dynamic, the distribution of supply along the chain and the hold-up of investors are becoming a key basis for judging subsequent trends。
For a more systematic assessment of the supporting logic and risk evolution between the current high-level areas, this paper will focus on three core chain indicators: financial access and realized market value (Realized Cap & Net Production Change), profitability Adjustized Realized Profit/Loss, and cost base and risk containment levels (Cost Basis Distribution & Relative Unrealized Los). These cross-observations provide a clearer picture of the market ' s high distribution of chips, financial carrying capacity and potential risks and provide a forward-looking chain perspective for the development of follow-up。
BTC SLOWED INFLOW AND HIGH DEMAND WAS NOT SUFFICIENTLY MOTIVATED
According to Glassnode, after exceeding a historical high of $124,000, bitcoin has achieved a steady increase in market value, but capital inflows have slowed significantly. Compared to March and December 2024, when the historical heights were breached, net capital inflows expanded significantly, while the peak of green capital inflows for the current round was well below previous levels. This suggests that, even with new prices, there has not been a significant inflow of new capital in the market, and that investors ' willingness to enter high places has been significantly weakened, reflecting overall insufficient demand dynamics and relatively weak financial support. [AG/CC]
At the same time, net realized gains and losses after the adjustment for fluctuations (Voltility Adjusted Net Realized Profit/Loss, 7d) show that at the historical heights of Bitcoin (ATH) the tide of profits tends to be accompanied by significant gains. However, during the breakthrough of $124,000 in August 2025, the market benefited relatively modestly, with limited financial outflows, which did not reach the extreme levels of the two previous ATHs. [9]
This suggests that investors at this stage are more inclined to hold rather than rush away, with a lighter sales pressure in the current business and a more robust market structure. Overall, while inadequate short-term inflows limit further movement, lower profit-eating pressures help to maintain the high level of the market ' s convulsion rather than rapidly plunge into a deep echo。
THE BTC HAS A VERY HEAVY COST BASE, AND THE CRITICAL SUPPORT AREAS HAVE BEEN SOLID
According to Glassnode data, the BTC ' s cost-base distribution heat seeks to show that in the 93,000 & ndash; the supply-intensive zone of $110,000, which has accumulated since December 2024, has gradually become an important support area for the current market. Recent prices have fallen from a high of US$ 124,000, but the whole is still operating at this supply belt, indicating a strong relay. Ten
At the same time, the relative scarcity of supplies in excess of $110,000 has created so-called "empty belts", where prices lack stable support or pressure and are therefore more volatile. The current situation hovers around US$ 111,000, and if it continues, a solid cost base below may provide support; if it is maintained, it will indicate a continued strangulation of market funds in the zone, laying the foundation for a subsequent rebound. Overall, the heat seeks to highlight BTC ' s concentration of supply and potential bottom effects between 93,000 & ndash; 110,000 districts, while also revealing the current market ' s critical support margins。
BTC UNREALIZED LOSSES MAINTAINED LOW AND LIMITED MARKET PRESSURE
According to Glassnode data, the BTC ' s relative unrealized loss indicator (Relative Unrealized Los) surged during Bear City in 2023, reflecting the considerable loss pressure on investors at that time. However, since the end of 2023, the indicator has been fast back and has remained low from 2024 to 2025, long below -0.5 standards. Eleven
Compared to the historical cycle, the current level of relative unrealized losses is only about 0.5 per cent, which is well below the extreme value of 2018 & ndash; 2022 & ndash in 2020; and over 30 per cent in Bear City in 2023. This means that while the BTC has recently returned from a high of $124,000 and short-term holders have experienced increased losses, the overall market has not been under severe pressure. Overall, the indicator shows that the market is not currently entering a period of extreme panic similar to the one in the past, and that the investor structure remains healthy. In other words, the current recall is more like a phased correction in the course of an increase than a trend reversal。
Hot project and token dynamics
Chain data show that funding and users are moving towards ecological concentration with an interactive base and depth of application, and projects with subject matter and technological innovation are becoming a new focus of capital pursuit. This paper will then focus on the popular projects and tokens that have shown remarkable performance in the recent past and will analyse the logic and potential implications behind them。
Overview of hot project data
Aave
Aave is a decentralised lending platform that uses smart contracting techniques to eliminate traditional financial intermediaries and allow users to deal directly. The platform is well known for its innovative lending products, supports multiple encrypted currencies and uses a second tier of solutions to improve effectiveness. Aave ' s working mechanisms include mortgages and lightning loans, along with a security module to protect agreements from financial losses. Aave V4 will introduce new features such as a uniform liquidity layer, a vague interest rate control function, and Aave Network ' s proposal will enable it to perform multiple functions as an application chain, including the use of GHO for fees and integration of Aave V4。
According to DefiLlama, the total lock value of the decentralised lending agreement Aave (TVL) has exceeded $41.1 billion, a record high. [12] If the $28.9 billion outstanding at that date were to be included in the calculation, Aave ' s total fund would be over $70 billion, which would be 37 major banks (1.7 per cent above). The founder of Aave, Stani Kulechov, said that Aave is an open financial network that can provide institutions with revenue sources that do not need to rely on the Fed, highlighting DeFi’s structural alternative to the traditional financial system. At present, Aave continues to lead in DeFi lending, mastering about 50 per cent of the market TVL, nearly six times the size of Morpho, the second-largest competitor, reflecting the high concentration of user and institutional funds for its security and stability。
Aave Labs recently launched a new platform, Horizon, which aims to provide institutional investors with a loan facility to secure a stable currency as collateral for the monetization of real world assets (RWAs). At the beginning of the line, eligible institutions may use tokenized assets such as national bonds, encrypted currency holding funds, etc., as collateral to borrow stable coins such as USDC, RLUSD and GHO. The first assets supported include the Superstate Short-Term United States Debt Fund, the Circle Gain Fund and the Janus Henderson monetization product launched by Centrifuge. [14]
The launch of Horizon marked the acceleration of the RWA financing market at the institutional level by Aave. By introducing traditional financial assets, such as public debt, as collateral for DeFi, Aave broadened the distribution and use of stable currency while providing institutions with both liquidity and revenue management tools. This not only boosts the demand and liquidity of the stable currency and the RWA market, but also promotes the integration of DeFi and TradFi。
In conclusion, not only does Aave secure its leading position in decentralised lending, but its continuous innovation in institutional services also shows clear strategic foresight. As compliance paths become clearer and the range of collateral assets expands, Horizon is expected to be a key entry point to DeFi, further strengthening Aave ' s centrality to the global financial architecture。
Overview of popular token data
BIO
The BIO is the original currency of Bio Protocol, a block chain project focused on de-centre science (DeSci) tracks, designed to combine chain governance and token incentives and create an open network of scientific collaborations involving researchers, patients and investors. BIO tokens can be used to participate in BioDAO governance, project incubator support and distribution of intellectual property proceeds, and to obtain voting rights and incentives through pledge mechanisms. Bio Protocol promotes the chaining and transformation of scientific results through IP monetization, scientific mission incentives and incubators as one of the most representative projects in the DeSci ecology。
With the official turn-in of Bio Protocol V2, new mechanisms such as Launchpad, the pledge credit system and the mobility engine were introduced. The total of pledges in the first week of the line was over 100 million BIOs, the market value of the token quickly doubled to $200 million, and the market's interest in DeSci was rekindled. [15] BIO prices rose from $0.10 on August 18 to a maximum of $0.315 on August 24, with a weekly increase of nearly 200 per cent, one of the most prominent assets in the August chain。
In terms of ecological outreach, Bio Protocol has accumulated more than $4 million in income through liquidity costs and is preparing integration with the head DeFi agreement, including the introduction of an exclusive lending market for Bio. The team is also planning to go online, build a de-centre scientific agent, automate research links such as drug screening, clinical operations and funds transfer, and accelerate research into a high-frequency, intelligent iterative phase。
The chain data also show that the flow of funds is accelerating, and according to Dune data, Bio Protocol's TVL has broken by $22 million, rising by more than 110 per cent in the past seven days. The analysis suggests that the increase in the percentage of lockouts in the medium and long term is expected to bring sustained operational capacity to the BIO, but that a relatively high short-term position may still trigger a phase-out; if long-term inflows continue, the BIO is expected to usher in a new cycle of escalation. Sixteen
In conclusion, Bio Protocol has been successful in attracting capital and community participation through its precision and continuous innovation in the field of de-centre scientific research (DeSci), not only through a bright breakthrough in the chain of data and market performance, but also through V2 upgrading, liquidity optimization and ecological layout. As products such as Bio Copilot continue to advance, the project is expected to make substantial progress in promoting the chain of research industries and the automation of enabling research. If the follow-up inflow and locking structure are further optimized, Bio Protocol or will continue to lead the DeSci track as a key bridge between scientific innovation and chain finance。
Summary
In August 2025, the chain structure of activities and financial flows continued to diverge, with Solana at the top of the trading list with a steady trade volume of more than 29 billion monthly transactions, displaying a high-frequency interactive dominance; and while the main network has grown in volume, the ETA continues to lead the way in net inflows of fees and funds, consolidating its core position in high-value interactive scenes and institutional deployments. Base is on the rise, with active addresses breaking by millions, and continues to expand its influence in Layer 2 camp. On the financial front, a net inflow of more than $2 billion per month was recorded in the Taifah, leading to a double-high price of ETH and an ETF management scale, with WorldChain and Solana at the top of the gold intake; the opposite of Polygon, Unichain, and part of L2, were under pressure to withdraw funds, and the chain was further evolving in the direction of "strength."。
with regard to bitcoin, the chain indicators show a robust structure under a high-level shock, with inflows slowing, but yielding relatively moderate pressure and limited market pressure; cost base at 93,000 & ndash; strong support between $110,000, with short-term reversals that do not destroy key belts; and low underperformance, with limited overall pressure. overall, the current round of adjustments is more gradual in nature, rather than trend reversals, and the structural basis for sustaining the increase remains after the high-level shock is digested。
In terms of project hotspots, Aave and Bio Protocol are the current focus. As DeFi's lending leader, Aave, TVL has broken $41.1 billion, with an overall fund of over $70 billion, and accelerated the layout of RWA mortgages and institutional services through the Aave V4 and Horizon platform to strengthen its position in the integration of DeFi and TradFi; Bio Protocol doubles its market value to $200 million per week with the promotion of V2 and increases prices to nearly 200 per cent per week, and plans to launch Bio Copilot to automate scientific research to demonstrate its strong growth potential。
References:
Artemis,https://app.artemisanalytics.com/chains
Artemis,https://app.artemisanalytics.com/chains
4. Artemis,https://app.artemisanalytics.com/chains
Artemis,https://app.artemisanalytics.com/flows
CoinGecko,https://www.coingecko.com/en/treaties/othereum
7. DefiLlama,https://defillama.com/protocol/pendle
Glassnode,https://studio.glassnode.com/charts/ba1ec93d-85f4-41fe-5606-798a2f30013a?a=BTC
9. Glassnode,https://studio.glassnode.com/charts/22ef95fa-bed1-4a18-5e56-a74093870d1a?a=BTC
11. Glassnode,https://studio.glassnode.com/charts/e710c5a0-3f26-4e8b-7fa2-28ef87c92b73
12. DefiLlama,https://defillama.com/protocol/ave?events=false&borrowed_tvl=true
Aaveran,https://aaveran.com/
14. X,https://x.com/defaults/status/1960790694509076811
CoinGecko,https://www.coingecko.com/en/coins/bio-protocol
16. Dune, https://dune.com/tk-research/bio-launchpad