Hydrogen oxidation and evolution on Pt in acid are facile processes, while in alkaline electrolytes they are two-orders-of-magnitude slower. Thus, developing catalysts that are more active than Pt for these two reactions is important for advancing the performance of anionexchange-membrane fuel cells and water electrolyzers. Herein, we detail a four-fold enhancement in Pt mass activity that we achieved using single crystalline Ru@Pt core-shell nanoparticles with two-monolayer-thick Pt shells, which doubles the activity on Pt-Ru alloy nanocatalysts. For Pt specific activity, the 2-and 1-monolayer-thick Pt shells, respectively, exhibited an enhancement factor of 3.1 and 2.3 compared to the Pt nanocatalysts in base, differing considerably from the values of 1 and 0.4 in acid. To explain such behavior and the orders-of-magnitude difference in activity on going from acid to base, we performed kinetic analyses of polarization curves over a wide range of potential from -250 to 250 mV using the dual-pathway kinetic equation. From acid to base, the activation free energies increase the most for the Volmer reaction, resulting in a switch of the rate-determining step from the Tafel-to the Volmer-reaction, and a shift to a weaker optimal hydrogen-binding energy. The much higher activation barrier for the Volmer reaction in base than in acid is ascribed to one or both of the two catalyst-insensitive factors -slower transport of OH -than H + in water, and a stronger O-H bond in water molecules (HO-H) than in hydrated protons (H 2 O-H + ).