[//]:content-type-MARKDOWN-DONOT-DELETE ![](https://gimg2.gateimg.com/image/ann_en202506061414322966063397.webp) This report summarizes Web3 on-chain data for May 2025, Solana maintained its lead with over 3.1 billion transactions processed, while Base surpassed 300 million monthly transactions, showing rapid growth. Injective attracted $130 million in net inflows, leading among emerging chains. Bitcoin’s accumulation trend score remained elevated, indicating continued institutional buying, while exchange activity rose to 33%. LetsBonk.fun issued over 105,000 tokens with a graduation rate of only 1.25%. $VIRTUAL saw a surge in both active users and on-chain fees, reflecting growing real-world usage momentum. **Key Takeaways:** - Overall On-Chain Landscape: In May 2025, the competitive landscape among blockchain ecosystems continued trends from April. Solana remained dominant in both transaction volume and fee revenue, with user activity leading across chains. Base and Sui demonstrated strong growth momentum, with notable increases in both interaction frequency and transaction fees, emerging as key representatives of next-generation chains. Ethereum retained its lead in capital inflows, while Injective attracted $130 million driven by its RWA and on-chain U.S. equities use cases, reinforcing its shift toward becoming a financial infrastructure network. - Bitcoin Key Indicator Analysis: Bitcoin’s accumulation trend score remained at a high level, indicating persistent institutional interest. The relative unrealized profit exceeded two standard deviations, and realized profits also rose, suggesting the market is in a high-profit phase. However, there are no clear signs of large-scale selling or a market top at this stage. - Overview of Trending Project Data: LetsBonk.fun surpassed 100,000 tokens issued, but the graduation rate remained low at 1.25%, indicating high short-term speculative activity and low project survival. - Overview of Popular Token Metrics: Virtuals Protocol stood out in May by translating its AI agent ecosystem into real on-chain usage. Both active address count and transaction fees surged, marking it as a standout project transitioning from narrative-driven hype to genuine user adoption. Explore Today’s Highlights → Gate Research: Web3 On-Chain Data Insights for May 2025｜Solana Remains Red-Hot, Injective Emerges Strongly, BTC Whales Steadily AccumulateWeb3 On-Chain Analysis Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides readers with in-depth content, including technical analysis, trending insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis. **Disclaimer** Investing in the cryptocurrency market involves high risk. Users are advised to conduct independent 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 investment decisions. Gate Team Jun 6th, 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