Detailed Analysis of Blockchain Metrics and Trading Volumes in May 2025.
Blockchain and cryptocurrency markets are dynamic, with metrics like Daily Active Users (DAU) and Total Value Locked (TVL) serving as critical indicators of network health and user engagement.
Additionally, trading volumes provide insights into market liquidity and investor activity. This report, as of May 9, 2025, analyzes the latest available data for DAU and TVL rankings across major blockchains and examines cryptocurrency trading volumes, offering a comprehensive overview for traders and investors.
Methodology and Data SourcesThis analysis relies on data from reputable sources such as CoinGecko for TVL and trading volumes, with additional historical DAU data from learn2.trade and CryptoNews. Given the current date, efforts were made to source the most recent information, but DAU data for May 2025 was limited, leading to the use of late 2024 estimates where necessary.
All figures are presented in USD for consistency.Detailed DAU and TVL RankingsTotal Value Locked (TVL)TVL measures the total value of assets locked in a blockchain, often through DeFi protocols, and is a key indicator of capital commitment and network trust. As of May 2025, the TVL rankings for top blockchains, sourced from CoinGecko, are as follows:
| Rank | Blockchain | TVL (USD) | Dominance | 24h Change | 7d Change | 30d Change |
|---|---|---|---|---|---|---|
| 1 | Ethereum | $57,607,383,391 | 55.03% | 13.9% | 10.7% | 29.7% |
| 2 | Solana | $8,379,121,659 | 8.00% | 7.4% | 4.5% | 37.1% |
| 3 | Bitcoin (Ordinals) | $6,462,270,948 | 6.17% | 5.7% | 8.9% | 35.3% |
| 4 | BNB Smart Chain | $6,231,134,039 | 5.95% | 4.1% | 5.7% | 15.7% |
| 5 | TRON | $5,261,198,816 | 5.03% | 3.3% | 4.5% | 13.3% |
| 6 | Base | $3,420,042,340 | 3.27% | 11.4% | 12.2% | 30.1% |
| 7 | Arbitrum One | $2,444,031,184 | 2.33% | 8.5% | 6.7% | 17.0% |
| 8 | Sui | $2,019,171,912 | 1.93% | 16.1% | 9.3% | 79.7% |
| 9 | Berachain | $1,996,813,153 | 1.91% | 15.4% | 27.1% | 23.8% |
| 10 | Avalanche | $1,403,312,648 | 1.34% | 7.4% | 4.1% | 34.1% |
The total TVL across all chains is $104,685,359,398, with a 10.3% movement in the last 24 hours. 24h Trading Volume: $39,709,694,420 (374.3% change). Ethereum's dominance, with over 55% market share, underscores its position as the leading DeFi platform, driven by its security, decentralization, and established ecosystem. Solana's TVL of $8.38 billion reflects its appeal for high-speed, low-cost transactions, while Bitcoin's inclusion via Ordinals ($6.46 billion) highlights expanding use cases beyond a store of value.Daily Active Users (DAU)DAU, measuring unique addresses interacting daily with a blockchain, is a vital metric for assessing user engagement. However, obtaining current DAU data for May 2025 was challenging, with most recent reports from late 2024 or early 2025. Based on available data from learn2.trade and CryptoNews:
- Solana: Estimated at 4 million DAU at the end of 2024, indicating a large and active user base, likely driven by its scalability and low transaction fees.
- Ethereum: Historical data from September 2023 showed 330,000 to 430,000 DAU, but more recent figures are not available, suggesting potential changes due to network upgrades or competition.
- TRON: Reported over 1.25 million DAU in September 2023, known for its strong DeFi and dApp ecosystem, but specific 2025 figures are not found.
The lack of current DAU data highlights the need for more transparent and regularly updated metrics from blockchain projects. Nonetheless, Solana's high DAU at the end of 2024 suggests a vibrant ecosystem, while Ethereum and TRON's historical figures indicate significant but potentially shifting user bases.Detailed Cryptocurrency Trading VolumesTotal Trading VolumeThe total cryptocurrency trading volume in the last 24 hours, as of May 9, 2025, is $184 billion, sourced from CoinGecko. This figure is significantly higher than the average daily trading volume in Q1 2025, calculated as $60 billion per day (from a total Q1 volume of $5.4 trillion over 90 days, based on CoinGecko's 2025 Q1 Crypto Industry Report). This surge could be attributed to increased market volatility, new product launches, or macroeconomic events influencing investor behavior.Top Cryptocurrencies by Trading VolumeThe top cryptocurrencies by 24-hour trading volume, as of May 2025, are listed below, sorted by volume for clarity (despite some discrepancies in ranking on CoinGecko, which may use market cap for ranking):
| Rank | Cryptocurrency | 24h Volume (USD) |
|---|---|---|
| 1 | Tether (USDT) | $67,731,553,770 |
| 2 | Bitcoin (BTC) | $50,142,432,900 |
| 3 | Ethereum (ETH) | $37,767,764,774 |
| 4 | USDC (USDC) | $11,245,449,240 |
| 5 | Solana (SOL) | $7,648,200,925 |
| 6 | XRP (XRP) | $4,808,626,566 |
| 7 | Sui (SUI) | $3,456,970,316 |
| 8 | Dogecoin (DOGE) | $2,195,098,522 |
| 9 | Cardano (ADA) | $1,368,374,864 |
| 10 | BNB (BNB) | $1,322,046,996 |
Tether (USDT), a stablecoin pegged to the US dollar, leads with $67.73 billion, underscoring its role as a primary medium for trading and liquidity provision. Bitcoin and Ethereum follow with $50.14 billion and $37.77 billion, respectively, reflecting their status as the most widely traded and recognized cryptocurrencies. USDC and Solana also show significant volumes, indicating their growing importance in the market.Implications for Traders and InvestorsTVL and DAU Insights
- High TVL, such as Ethereum's $57 billion, indicates a robust and trusted ecosystem, making it attractive for DeFi participants seeking security and stability. This suggests Ethereum remains a cornerstone for long-term investment in DeFi.
- High DAU, as seen with Solana's 4 million users at the end of 2024, points to a vibrant user community, which can drive further development and adoption. However, the lack of current DAU data for May 2025 limits precise comparisons, urging investors to monitor future updates.
- The growing TVL in chains like Solana and others suggests diversification and innovation, offering alternatives for users seeking faster and cheaper transactions, which could appeal to traders looking for growth opportunities.
Trading Volume Analysis
- The current total trading volume of $184 billion, compared to the Q1 average of $60 billion per day, suggests heightened market activity. This could indicate growing interest or speculative behavior, potentially attracting short-term traders.
- Traders should be cautious, as high volumes can precede periods of increased volatility, especially given the crypto market's history of rapid price swings.
- The dominance of stablecoins like Tether and USDC in trading volumes highlights their critical role in providing liquidity and facilitating trades, making them essential for market stability and arbitrage strategies.
ConclusionIn summary, Ethereum leads in TVL with over $57 billion, while Solana shows strong user engagement with approximately 4 million DAU at the end of 2024. The cryptocurrency market is witnessing increased trading volumes, with Tether, Bitcoin, and Ethereum leading the pack. These metrics provide valuable insights into the health and trends of the blockchain and crypto markets, helping traders and investors make informed decisions. However, the lack of current DAU data for May 2025 underscores the need for ongoing transparency and updates in blockchain metrics.