The Rise of the Base Ecosystem and Future Development

Since the end of May 2025, the Base ecosystem has shown significant growth. User activity, total locked value (TVL), and daily trading volume have all been on a rapid upward trend. This phenomenon is mainly attributed to the successive hype of several popular narratives within the ecosystem, attracting widespread market attention. From a macro perspective, with the potential improvement of the regulatory environment, Base may become a preferred choice for traditional institutions.

Recent data shows:

• The number of active addresses has grown exponentially, reaching a historical high of 3.6M.
• TVL rose from $2.8 billion in May to a peak of nearly $4 billion.
• Since May, the average daily number of transactions has approached 9 million.

Popular Projects in the Base Ecosystem

Virtual: Innovative New Mechanism Ignites the Market

Virtual has quickly become the focus of the Base ecosystem due to its unique subscription mechanism. Its price rose from $0.5 in mid-April to a high of $2.5 in early June, an increase of 400%. The core advantages of Virtual include:

1. Extremely low financing price
2. Token Linear Unlocking
3. Low-risk new investment model
4. Project Party Incentive Mechanism

However, as the popularity of the platform increases, early users frequently obtain short-term high returns through the "buying new and selling immediately" strategy, leading to significant selling pressure on new projects. To address this issue, Virtual has introduced a "green lock mechanism," which imposes a mandatory lock-up period for users participating in new offerings. While this measure helps to extend the project lifecycle, it also results in a longer profit cycle for users, decreased capital efficiency, and a periodic decline in market enthusiasm.

Kaito: Pioneer of the Attention Economy

As a representative 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 lies in its Yaps module, which incentivizes users to create high-quality content by "tokenizing attention" on the content they post on social platforms.

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 of content contribution, points distribution, and project selection. This model, anchored in content as a value point, has brought a new narrative to Base that differs from traditional DeFi.

Future Development Strategy of Coinbase and Base

In June 2025, the U.S. Senate passed the GENIUS Stablecoin Act, establishing a legislative framework for the U.S. dollar stablecoin. Against this backdrop, Coinbase began three major strategic layouts:

1. Open up the compliance asset onboarding channel: Launch the Coinbase verification pool feature, allowing KYC users to directly interact with DApps on Base using their Coinbase account balance.

2. Build a compliant stablecoin system: Collaborate with traditional financial institutions to pilot the issuance of "compliant stablecoins" and "deposit tokens" on the Base chain.

3. Build a diversified ecological scenario: including on-chain US stock trading, global crypto payments, compliant DeFi, on-chain lending, and innovative applications such as AI Agents.

Through these three major measures, Coinbase has not only built a "fast track" for compliant assets to enter the market, but also constructed a complete value closed loop for the US dollar stablecoin.

High-Potential Projects in the Base Ecosystem

1. Aerodrome: As the leading DEX in the ecosystem, it is expected to gain continuous institutional liquidity support.

2. Uniswap: As another DEX integrated with Coinbase, it is expected to gain more on-chain liquidity.

3. Keeta: A high-performance RWA public chain that may collaborate with Base in the direction of RWA compliance in the future.

4. Creator Bid: Collaborating with Kaito to launch version 2.0, expanding the creator economy gameplay.

5. 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.

Base is evolving from an "active trading" L2 network into a "well-structured" on-chain financial and content infrastructure. Although some hot projects face challenges in the short term, the narrative sustainability and institutional linkage capabilities exhibited by the Base ecosystem suggest its potential to become an important bridge for traditional capital entering Web3 in the long run.