Base Ecosystem Welcomes a New Stage of Development

Since the end of May 2025, the Base ecosystem has shown a significant explosive trend. The daily active addresses, total locked value ( TVL ), and daily trading volume have all shown a rapid upward trend. This phenomenon is mainly due to the successive hype of multiple popular narratives within the ecosystem, attracting widespread attention from the market. From a macro perspective, as the concept of stablecoins triggers optimistic sentiments in global stock markets, especially against the backdrop of a potentially improving regulatory environment, Base may become a more favored choice for traditional institutions.

Main manifestations include:

• The number of active users has seen exponential growth, recently reaching a historic high of 3.6M.
• The total locked value surged from 2.8 billion dollars in May to nearly 4 billion dollars, returning to the highest level of the bull market since 2024.
• Since May, the average daily trading volume has approached 9 million transactions, reaching the peak of the bull market in 2024.

Analysis of Popular Projects in the Base Ecosystem

1. Virtual: Innovative new mechanism ignites market enthusiasm

Virtual is one of the most talked-about projects in the Base ecosystem recently, quickly attracting a large amount of funds and user participation thanks to its unique new issuance mechanism. The price of the VIRTUAL token surged from $0.5 in mid-April to a peak of $2.5 in early June, a staggering increase of 400%. The core advantages of Virtual include:

• Extremely low financing price: Each new project raises funds at a market value of 42,425 virtual (approximately $224,000), providing users with a very low price participation opportunity.
• Token linear unlocking: Adopting a transparent token economic model similar to VC tokens, unlocking in batches.
• Low-risk new projects: Full refunds for unsuccessful fundraising projects, and only a small number of high-quality projects are issued daily.
• Reduce the risk of project parties running away: set a 1% fee, with 70% returned to the project party, creating a positive ecological closed loop.

However, as the platform's popularity increased, early users frequently adopted a strategy of buying new projects and selling them immediately to obtain short-term high returns, leading to significant selling pressure on new projects. In response, Virtual launched a "Green Lock Mechanism" in mid-June, imposing a mandatory lock-up period for users who buy new projects. Although this mechanism helps suppress early selling and extends the project lifecycle, it also significantly alters the original speculative logic, resulting in longer profit cycles for users, decreased capital efficiency, and a periodic decline in market enthusiasm. The price of Virtual entered a downward channel in mid-June, falling from a high of $1.69, with a decline of over 37%.

2. Kaito: Attention Economy Leader

As a leading project in the "Information Finance (InfoFi)" sector, Kaito's price has risen from $0.79 to a peak of $2.41 since May, an increase of nearly 205%. The core highlight of Kaito is its Yaps module, which incentivizes users to create high-quality content around popular projects by "tokenizing attention" on the content posted by users on social platforms, thereby building a content-driven influence mechanism for Web3 communication.

Kaito has also launched the Yapper Launchpad system based on points ranking and the AI-driven information network Kaito Connect, achieving a collaborative closed loop among content contribution, points distribution, and project selection. Users can obtain airdrop eligibility and platform governance rights through Yaps, participate in project leaderboard voting, and receive incentives for quality content, forming a unique "create while investing" logic. Kaito Connect provides an open InfoFi network, allowing ordinary users to receive rewards for their information contributions. This model, anchored in content as a value, brings a narrative to Base that is distinct from traditional DeFi.

Future Development Trends of Coinbase and Base

In June 2025, the U.S. Senate passed the GENIUS Stablecoin Act, establishing a legislative framework for dollar-pegged stablecoins, marking the first time that regulators have legally affirmed the compliant status of digital assets. Against this backdrop, a certain trading platform has begun its three major strategic layouts:

1. Open up the interaction channel with on-chain assets through Base, serving as a compliant entry point for on-chain transactions.
2. Collaborate with traditional financial institutions to issue compliant stablecoins based on Base, promoting the on-chain integration of traditional financial funds.
3. Establish content including on-chain US stocks, compliant payments, DeFi, AI Agents, etc. in the Base ecosystem to attract traditional capital inflow.

The specific steps include:

Step 1: Open the compliance asset access channel to the blockchain

The trading platform is promoting deep integration of its centralized trading platform with the Base chain, launching a verification pool feature that allows KYC users to directly use their account balance to interact with DApps on Base, simplifying the wallet switching and on-chain transfer process.

Step 2: Co-create a compliant stablecoin system with traditional financial institutions

Join hands with Wall Street financial giants to pilot the issuance of "compliant stablecoins" and "deposit tokens" on the Base chain. These assets are held by regulated banks and possess traditional financial attributes such as interest income, legal protection, and bank insurance, greatly enhancing the trust foundation.

Step 3: Build a Diverse Ecological Scenario

To enhance the practical use cases of on-chain dollars, the platform is simultaneously promoting the diversification of the Base ecosystem, covering the following dimensions:

• On-chain US stock trading: Plans to launch tokenized stock products that allow users to trade US stocks on-chain.
• Collaborating with digital payment companies: providing a stronger clearing infrastructure for USDC.
• Global crypto payments: Collaborate with e-commerce platforms to integrate stablecoins into the checkout process.
• Compliant DeFi and On-chain Lending: Guiding DeFi projects to operate in compliance through KYC modules.
• AI Agent and innovative gameplay like InfoFi: attract traditional users to participate.

High-Potential Projects in the Ecosystem

• A certain DEX: As one of the integrated DEX platforms, it is expected to receive continuous and stable institutional liquidity support.
• A certain RWA public chain: focusing on high performance, has been validated through independent stress testing, and may engage in deep cooperation with Base in the direction of RWA compliance in the future.
• Creator Bid: Launched version 2.0 in collaboration with Kaito, introducing new mechanisms such as staking and new project participation to enhance user engagement.
• Upside: The first social-oriented prediction market platform on Base, with the potential to become a new type of application that combines liquidity and content attributes.

Currently, Base is gradually evolving from an "actively traded" L2 network into a "well-structured" on-chain financial and content infrastructure. Although some hot projects are facing challenges from the cooling of enthusiasm and speculative behavior from users in the short term, in the long run, the narrative continuity and institutional linkage capability demonstrated by the Base ecosystem suggest that it may become an important bridge for traditional capital to enter Web3 in the next phase. For investors, Base is not only a track of hot rotation but also an important sample for observing the transformation path of the cryptocurrency industry towards "compliance, financialization, and practicality."