Tiger Research的这份报告研究了韩国用户在第1季度2025年期间以太坊生态系统中的链活动。

韩国加密货币市场继续从集中式交流到OnChain环境。多个因素推动了这一转变，包括在国内市场的投资机会有限。

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

Tiger Research的这份报告研究了韩国用户在第1季度2025年期间以太坊生态系统中的链活动。

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.

韩国加密货币市场继续从集中式交流到OnChain环境。多个因素推动了这一转变。前总统Yoon Suk-Yeol在12月的戒严令宣言对加密货币市场产生了重大影响。国内交换服务器崩溃了，因为投资者惊慌失措地在价格波动期间撤回其资产。

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.

许多投资者在关键时刻无法访问交易帐户时失去了对集中式系统的信任。政治不确定性还大大贬值了基于KRW的资产，增加了对全球交流而不是韩国平台上的加密货币和稳定币的需求。

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).

韩国严格的监管环境加速了这一市场转型。国内交易所提供有限的投资机会，而全球交流和OnChain环境为投资者解锁了新的可能性。这些扩展的环境可以实现更多样化的投资策略，例如全球交流，杠杆衍生品交易，Onchain Meme Coin发射台和分散财务（DEFI）之间的套利机会。

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.

该报告分析了韩国用户扩展到Onchain环境的活动模式和特征。我们基于以太坊生态系统中约60,000个韩国用户钱包的数据进行分析，以提供对韩国市场的有意义的见解。

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.

以太坊交易代表区块链上的所有交易和互动。这些活动包括各种活动，例如简单的资产转移，DEFI协议交互和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数据表明，自2016年以来，韩国用户的以太坊交易一直保持稳定的增长。交易数字在12月达到了高峰，通过发射台发布了代币，获得了爆炸性的受欢迎程度。投资者大量搬到了Onchain环境中，以在分散平台上建立职位，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.

在此期间，从韩国加密货币交易平台流向外部钱包的资金达到了历史最高点。这清楚地表明，投资者积极冒险超越国内边界寻找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，活动钱包地址的数量显示在2025年第1季度下降，新用户获取的次数显着下降。加密货币市场的低迷和各种宏观经济因素的结合使投资者表现出更保守的投资行为。

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.

尽管总体下降趋势，但仍出现了一个值得注意的模式。当通过交易规模分析时，高价值交易（超过1,000美元）且量减少。相反，小价值交易（低于1,000美元）及其量实际上增加了。

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.

这表明，尽管大型投资者降低了活动以避免风险，但无论市场状况如何，较小的零售投资者继续他们的OnChain活动。这些散户投资者正在生态系统中建立稳定的影​​响力。

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.

我们对韩国用户在第1季度中活跃于以太坊生态系统的研究收集了大约10,000名用户的数据，这些用户在所有受监测的受试者中都表现出了大量的骨活性。

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.

在此期间，韩国用户主要从事“资产转移”。以太坊和基于ERC20的令牌转移（不包括USDT，USDC）主导活动，主要代表全球交易平台或Defi生态系统投资的基金运动。

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领导加密货币交换和与桥相关的活动。大多数韩国用户都使用元掩模作为主要钱包，并且为了方便起见，更喜欢内置交换和桥梁功能。 uniswap，1英寸和OKX交换是下一个使用最多的服务。

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.

考虑到全球NFT市场停滞和由于NFT资产流动性低而导致的全球NFT市场停滞和不经常交易，NFT市场的参与人数仍然很大。大约6％的活跃用户从事与NFT相关的活动。 Opensea和Azuki等主要的NFT项目通过其代币的Airdrop公告大大提高了这一参与。用户可能会寻求诸如Airdrops，而不是纯收集目的或长期投资之类的额外奖励，从而推动了相对较高的参与率。

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表现出韩国用户的压倒性偏好。 USDT用户数量超过USDC约1.8次。尽管USDT在某些地区面临着脱颖而出的运动以及有关MICA调节不合规的争议，但这种偏好仍然存在。美国农业公司（USDT）由于其高市场份额，丰富的流动性以及对跨交易所（CEX和DEX）的更多交易对的支持而保持了这一优势。

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.

该分析提供了有关使用OnChain数据的实际活动模式和偏好的客观信息。我们使用大约60,000个韩国用户钱包进行了此分析。但是，更复杂的分析需要在高级过滤模型和丰富的标记数据中进行持续改进。

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，该分析提供了宝贵的基线信息，以了解韩国用户的链活动流动。韩国最大的加密电报频道有50,000个用户，这表明我们的分析范围代表了国内加密货币活跃用户的很大一部分。

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.

将来，我们将扩展我们的分析以外的以太坊，以包括基础和索拉纳等各种生态系统。这项全面的研究将跟踪韩国用户跨平台的链活动。通过这些努力，我们将不断监视国内加密货币市场的变化，并提供更准确的见解。

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

韩国加密货币钱包地址过滤主要集中于与国内主要交换Upbit和Bithumb的相互作用。交换钱包分为存款钱包，