Analysis of Recent Developments and Future Trends of the Base Ecosystem

1. Recent Changes in the Base Ecosystem

Since the end of May 2025, the Base ecosystem has entered a significant "explosion period". The daily active addresses, total locked value ( TVL ), and daily transaction volume have all shown a rapid upward trend. This wave of growth mainly stems from the continuous hype of several popular narratives within the ecosystem, attracting widespread market attention. From a macro perspective, the global stock market's optimistic sentiment towards the concept of stablecoins is also spreading, especially in the context of a potentially improving regulatory environment, making Base a more favored choice for traditional institutions.

Main data changes:

• The number of active users has grown exponentially, recently reaching a historical high of 3.6 million.
• The total locked value climbed from $2.8 billion in May to nearly $4 billion, returning to the peak levels of the 2024 bull market.
• Since May, the average daily transaction volume has approached 9 million, also reaching the peak of the bull market in 2024.

2. Analysis of Popular Projects in the Base Ecosystem

1. Virtual: The innovative new mechanism ignites market enthusiasm.

Virtual is one of the most notable projects in the Base ecosystem recently. Its unique new token mechanism has quickly attracted a large amount of capital and user participation, becoming the core representative of the current new token narrative in the Base ecosystem. The price of the Virtual token has surged from $0.5 in mid-April to a high of $2.5 in early June, an increase of 400%.

The core advantages of the Virtual IPO mechanism:

• Extremely low financing price: Each new project raises funds at a market value of 42,425 Virtual (approximately $224,000), allowing users to participate at a very low price, with significant potential profit space after the project is launched.
• Token linear unlocking: The new projects adopt a transparent token economic model similar to VC tokens, unlocking in batches.
• Low-risk participation: Full refund in case of fundraising failure, 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 popularity of the platform rises, early users frequently adopt a strategy of buying new tokens and selling them immediately to obtain short-term high returns, leading to significant selling pressure on new projects and affecting the stability of the ecosystem. In response, Virtual launched the "Green Lock Mechanism" in mid-June, implementing a mandatory lock-up period for new investors. Although this measure helps to curb early selling and extend the project lifecycle, it also significantly alters the original speculative logic. The profit cycle for users is forced to extend, capital efficiency declines, and market enthusiasm experiences a temporary setback. The price of Virtual has fallen from its peak to $1.69, a decline of over 37%.

2. Kaito: Leader in the Attention Economy Track

As a leading project in the "InfoFi" sector, Kaito has seen its price rise from $0.79 to a peak of $2.41 since May, an increase of nearly 205%. Kaito's core highlight is its Yaps module, which tokenizes the "attention" of users based on the content they post on social platforms, incentivizing users to create high-quality content around popular projects and building a content-driven influence mechanism in Web3.

Kaito's innovation:

• Content-driven influence: Encouraging users to create high-quality content around popular projects.
• High community engagement: Achieve the dual goals of user "voice" and "monetization" through weekly airdrops and leaderboard rewards.
• Attracting opinion leaders: A large number of content creators and KOLs have settled in, promoting the prosperity of social and narrative content on Base.
• Closed-loop ecosystem: Introduction of the Yapper Launchpad system based on points ranking and the AI-driven Kaito Connect information network, achieving synergy in content contribution, points distribution, and project selection.

Kaito's "create while investing" model brings a new narrative to Base that differs from traditional DeFi, opening up new imaginative space in the fusion track of social and finance.

III. Future Development Trends of the Base Ecosystem

With the U.S. Senate passing the GENIUS Stablecoin Act, a legal framework for digital assets has been established. Against this backdrop, Base, as a compliant on-chain trading entry, is promoting three major strategic layouts:

1. Open up the compliance asset access channel to the blockchain:

   • Launched the Coinbase verification pool feature, allowing KYC users to directly interact with DApps on Base using their Coinbase account balance.
   • Simplify user operation processes, eliminating the need for cumbersome wallet switching and on-chain transfers.

2. Build a compliant stablecoin system:

   • Collaborate with traditional financial institutions to pilot the issuance of "compliant stablecoins" and "deposit tokens" on Base.
   • These assets are custodied by regulated banks and possess traditional financial attributes such as interest income, legal protection, and bank insurance.

3. Build a diverse ecological scenario:

   • On-chain US stock trading: Apply for on-chain permissions for US stocks, planning to launch tokenized stock products.
   • Global crypto payment: Collaborate with e-commerce platforms to integrate stablecoins into the checkout process.
   • Compliant DeFi: Guiding major DeFi projects to operate in compliance through KYC modules.
   • Innovative Applications: Developing new on-chain applications such as AI Agent and InfoFi.

Through these three major measures, Base has not only built a "fast track" for compliant assets to enter, but also established a complete value closed loop for US dollar stablecoins, from fiat currency on-chain to on-chain access and circulation, and then to the implementation of actual usage scenarios.

4. High-Potential Projects in the Base Ecosystem

1. Aerodrome: As a leading ecological DEX, it is expected to receive continuous institutional liquidity support, driving growth in trading volume, TVL, and platform revenue.

2. Uniswap: As another integrated DEX, it will gain more on-chain liquidity, enhancing the platform's potential returns.

3. Keeta: A high-performance RWA public chain with tens of millions of TPS and sub-second transaction confirmation capability, which may engage in deep cooperation with Base in the direction of RWA compliance in the future.

4. Creator Bid: Launched version 2.0 in collaboration with Kaito, introducing new mechanisms such as staking for new offerings, expanding the creator economy gameplay.

5. Upside: The first social-oriented prediction market platform on Base, although it has not yet issued tokens, has attracted early users to participate due to its innovative design.

Overall, Base is gradually evolving from a "trading-active" L2 network into a "structurally complete" on-chain financial and content infrastructure. Although some hot projects are facing a cooling-off period in the short term, in the long run, the narrative sustainability and institutional connectivity demonstrated by the Base ecosystem position it as a crucial bridge for traditional capital to enter Web3. For investors, Base is not only a track for hot rotation but also a key specimen for observing the crypto industry's transition towards "compliance, financialization, and practicality."