Tiger Research的這份報告研究了韓國用戶在第1季度2025年期間以太坊生態系統中的鏈活動。

韓國加密貨幣市場繼續從集中式交流到OnChain環境。多個因素推動了這一轉變，包括在國內市場的投資機會有限。

This report by Tiger Research examines Korean users' onchain activities in the Ethereum ecosystem during Q1 2025.

Tiger Research的這份報告研究了韓國用戶在第1季度2025年期間以太坊生態系統中的鏈活動。

The Korean cryptocurrency market continues its expansion from centralized exchanges to onchain environments. Multiple factors drive this shift. Former President Yoon Suk-yeol's declaration of martial law in December significantly impacted the cryptocurrency market. Domestic exchange servers crashed as investors panicked to withdraw their assets during price volatility.

韓國加密貨幣市場繼續從集中式交流到OnChain環境。多個因素推動了這一轉變。前總統Yoon Suk-Yeol在12月的戒嚴令宣言對加密貨幣市場產生了重大影響。國內交換服務器崩潰了，因為投資者驚慌失措地在價格波動期間撤回其資產。

Many investors lost trust in centralized systems when they couldn't access trading accounts at critical moments. Political uncertainty also devalued KRW-based assets significantly, increasing demand for cryptocurrencies and stablecoins on global exchanges rather than Korean platforms.

許多投資者在關鍵時刻無法訪問交易帳戶時失去了對集中式系統的信任。政治不確定性還大大貶值了基於KRW的資產，增加了對全球交流而不是韓國平台上的加密貨幣和穩定幣的需求。

Korea's strict regulatory environment accelerates this market transformation. Domestic exchanges offer limited investment opportunities, while global exchanges and onchain environments unlock new possibilities for investors. These expanded environments enable more diverse investment strategies, such as arbitrage opportunities between global exchanges, leveraged derivative trading, onchain meme coin launchpads, and decentralized finance (DeFi).

韓國嚴格的監管環境加速了這一市場轉型。國內交易所提供有限的投資機會，而全球交流和OnChain環境為投資者解鎖了新的可能性。這些擴展的環境可以實現更多樣化的投資策略，例如全球交流，槓桿衍生品交易，Onchain Meme Coin發射台和分散財務（DEFI）之間的套利機會。

This report analyzes the activity patterns and characteristics of Korean users expanding into onchain environments. We based our analysis on data from approximately 60,000 Korean user wallets in the Ethereum ecosystem to provide meaningful insights into the Korean market.

該報告分析了韓國用戶擴展到Onchain環境的活動模式和特徵。我們基於以太坊生態系統中約60,000個韓國用戶錢包的數據進行分析，以提供對韓國市場的有意義的見解。

Ethereum transactions represent all trades and interactions on the blockchain. These include various activities, such as simple asset transfers, DeFi protocol interactions, and dApp usage.

以太坊交易代表區塊鏈上的所有交易和互動。這些活動包括各種活動，例如簡單的資產轉移，DEFI協議交互和DAPP使用。

Onchain data shows that Korean users' Ethereum transactions have maintained steady growth since 2016. Transaction numbers reached their peak in December, with tokens issued through launchpads gaining explosive popularity. Investors moved heavily to onchain environments to build positions on decentralized platforms rather than waiting for centralized listings.

OnChain數據表明，自2016年以來，韓國用戶的以太坊交易一直保持穩定的增長。交易數字在12月達到了高峰，通過發射台發布了代幣，獲得了爆炸性的受歡迎程度。投資者大量搬到了Onchain環境中，以在分散平台上建立職位，而不是等待集中式列表。

During this period, funds flowing from Korean crypto trading platforms to external wallets hit all-time highs. This clearly indicates investors actively venturing beyond domestic boundaries to find alpha.

在此期間，從韓國加密貨幣交易平台流向外部錢包的資金達到了歷史最高點。這清楚地表明，投資者積極冒險超越國內邊界尋找Alpha。

However, the number of active wallet addresses showed a decline in Q1 2025, with a notable decrease in new user acquisition. Cryptocurrency market downturn combined with various macroeconomic factors led investors to exhibit more conservative investment behaviors.

但是，活動錢包地址的數量顯示在2025年第1季度下降，新用戶獲取的次數顯著下降。加密貨幣市場的低迷和各種宏觀經濟因素的結合使投資者表現出更保守的投資行為。

Despite this overall downward trend, a noteworthy pattern emerges. When analyzed by transaction size, both high-value transactions (over $1,000) and their volumes decreased. In contrast, small-value transactions (under $1,000) and their volumes actually increased.

儘管總體下降趨勢，但仍出現了一個值得注意的模式。當通過交易規模分析時，高價值交易（超過1,000美元）且量減少。相反，小價值交易（低於1,000美元）及其量實際上增加了。

This indicates that while large investors reduced their activity to avoid risk, smaller retail investors continued their onchain activities regardless of market conditions. These retail investors are establishing a stable presence within the ecosystem.

這表明，儘管大型投資者降低了活動以避免風險，但無論市場狀況如何，較小的零售投資者繼續他們的OnChain活動。這些散戶投資者正在生態系統中建立穩定的影​​響力。

Our research on Korean users active in the Ethereum ecosystem during Q1 2025 compiled data from approximately 10,000 users who showed substantial onchain activity among all monitored subjects.

我們對韓國用戶在第1季度中活躍於以太坊生態系統的研究收集了大約10,000名用戶的數據，這些用戶在所有受監測的受試者中都表現出了大量的骨活性。

Korean users primarily engaged in "asset transfers" during this period. Ethereum and ERC20-based token transfers (excluding USDT, USDC) dominated activity, primarily representing fund movements for investments in global trading platforms or DeFi ecosystems.

在此期間，韓國用戶主要從事“資產轉移”。以太坊和基於ERC20的令牌轉移（不包括USDT，USDC）主導活動，主要代表全球交易平台或Defi生態系統投資的基金運動。

Metamask leads in cryptocurrency swap and bridge-related activities. Most Korean users employ Metamask as their primary wallet and prefer its built-in swap and bridge functionalities for convenience. Uniswap, 1inch, and OKX Swap follow as the next most utilized services.

MetAmask領導加密貨幣交換和與橋相關的活動。大多數韓國用戶都使用元掩模作為主要錢包，並且為了方便起見，更喜歡內置交換和橋樑功能。 uniswap，1英寸和OKX交換是下一個使用最多的服務。

NFT market participation numbers remain significant considering global NFT market stagnation and infrequent trading due to low liquidity of NFT assets. Approximately 6% of all active users engaged in NFT-related activities. Major NFT projects such as Opensea and Azuki significantly boosted this participation with their token airdrop announcements. Users likely pursued additional rewards like airdrops rather than pure collection purposes or long-term investments, driving this relatively high participation rate.

考慮到全球NFT市場停滯和由於NFT資產流動性低而導致的全球NFT市場停滯和不經常交易，NFT市場的參與人數仍然很大。大約6％的活躍用戶從事與NFT相關的活動。 Opensea和Azuki等主要的NFT項目通過其代幣的Airdrop公告大大提高了這一參與。用戶可能會尋求諸如Airdrops，而不是純收集目的或長期投資之類的額外獎勵，從而推動了相對較高的參與率。

In terms of stablecoin usage, USDT shows overwhelming preference among Korean users. USDT user numbers exceed USDC by approximately 1.8 times. This preference persists despite USDT facing delisting movements in certain regions and controversies regarding MiCA regulation non-compliance. USDT maintains this advantage due to its high market share, abundant liquidity, and support for more trading pairs across exchanges (both CEX and DEX).

在使用Stablecoin的使用方面，USDT表現出韓國用戶的壓倒性偏好。 USDT用戶數量超過USDC約1.8次。儘管USDT在某些地區面臨著脫穎而出的運動以及有關MICA調節不合規的爭議，但這種偏好仍然存在。美國農業公司（USDT）由於其高市場份額，豐富的流動性以及對跨交易所（CEX和DEX）的更多交易對的支持而保持了這一優勢。

This analysis provides objective information about Korean cryptocurrency users' actual activity patterns and preferences using onchain data. We performed this analysis using approximately 60,000 Korean user wallets. However, more sophisticated analysis requires continuous improvements in advanced filtering models and enriched labeling data.

該分析提供了有關使用OnChain數據的實際活動模式和偏好的客觀信息。我們使用大約60,000個韓國用戶錢包進行了此分析。但是，更複雜的分析需要在高級過濾模型和豐富的標記數據中進行持續改進。

Nevertheless, this analysis offers valuable baseline information for understanding Korean users' onchain activity flows. Korea's largest crypto Telegram channel has 50,000 users, indicating that our analysis scope represents a significant portion of domestic cryptocurrency active users.

然而，該分析提供了寶貴的基線信息，以了解韓國用戶的鏈活動流動。韓國最大的加密電報頻道有50,000個用戶，這表明我們的分析範圍代表了國內加密貨幣活躍用戶的很大一部分。

In the future, we will expand our analysis beyond Ethereum to include various ecosystems such as Base and Solana. This comprehensive study will track Korean users' onchain activities across platforms. Through these efforts, we will continuously monitor changes in the domestic cryptocurrency market and provide more accurate insights.

將來，我們將擴展我們的分析以外的以太坊，以包括基礎和索拉納等各種生態系統。這項全面的研究將跟踪韓國用戶跨平台的鏈活動。通過這些努力，我們將不斷監視國內加密貨幣市場的變化，並提供更準確的見解。

Korean cryptocurrency wallet address filtering primarily focuses on interactions with domestic major exchanges Upbit and Bithumb. Exchange wallets divide into deposit wallets,

韓國加密貨幣錢包地址過濾主要集中於與國內主要交換Upbit和Bithumb的相互作用。交換錢包分為存款錢包，