Analysis of Base Ecosystem Development and Popular Projects

Since the end of May 2025, the Base ecosystem has entered a noticeable "explosion period". The daily active addresses of ecosystem users, TVL, and daily transaction volume are all showing a rapid upward trend. This wave of ecological explosion is mainly driven by the successive hype of several popular narratives, attracting widespread attention from the market. From a macro perspective, the global stock market's optimism about the concept of stablecoins is spreading, especially against the backdrop of a potentially improving regulatory environment, making Base a more favored choice for traditional institutions.

Overview of Ecological Data

• Active Users: The number of active addresses has seen exponential growth, recently reaching a historic high of 3.6 million.
• TVL: The total value locked rose from 2.8 billion USD in May to nearly 4 billion USD, returning to the peak levels of the 2024 bull market.
• On-chain transactions: Since May, the average daily number of transactions has approached 9 million, reaching the peak of the bull market in 2024.

Popular Project Analysis

Virtual: Innovative New Mechanism Ignites the Market

Virtual has quickly become one of the most关注ed projects in the Base ecosystem due to its unique new issuance mechanism. Its price soared from $0.5 in mid-April to a high of $2.5 in early June, an increase of up to 400%. The core advantages of Virtual include:

1. Extremely low financing price
2. Token Linear Unlocking
3. Low-risk New Investment Mode
4. The probability of project party Rug is reduced

However, as the popularity of the platform increased, early users frequently adopted a "buy and sell immediately" strategy to obtain short-term high returns, resulting in significant selling pressure on new projects. In response, Virtual introduced a "Green Lock Mechanism" in mid-June, imposing a mandatory lock-up period for users participating in new project investments. While this measure helps to curb early selling, it also significantly alters the original speculative logic, leading to a phased decline in market enthusiasm.

Kaito: New Ways to Play the Attention Economy

Kaito, as a leading project in the "Information Finance (InfoFi)" sector, has seen its price rise from $0.79 to a high 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 around popular projects by "tokenizing attention" from 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, brings a new narrative to Base and opens up new imaginative space in the intersection of social and financial integration.

Future Development Trends

With the U.S. Senate passing the GENIUS Stablecoin Act, which establishes a legislative framework for U.S. dollar stablecoins, Coinbase, as a compliant exchange, has begun its three major layouts:

1. Connect the interaction channel between Coinbase and on-chain assets through Base.
2. Issue compliant stablecoins on Base in collaboration with traditional financial institutions
3. Building Diverse Application Scenarios in the Base Ecosystem

These three major measures not only build a "fast track" for compliant asset entry on-chain but also create a complete value closed loop for US dollar stablecoins, from fiat currency on-chain to on-chain deposits and circulation, and finally to the implementation of actual use cases.

High-Potential Project Outlook

• Aerodrome and Uniswap: As DEX integrated with Coinbase, they are expected to receive continuous institutional liquidity support.
• Keeta: A high-performance RWA public chain that may engage in deep collaboration with Base in the direction of RWA compliance in the future.
• Creator Bid: Launched version 2.0 in collaboration with Kaito, adding new mechanisms such as staking for new projects to enhance user participation.
• 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.

Overall, Base is evolving from an "actively traded" L2 network into a "structurally complete" on-chain financial and content infrastructure. Although some hot projects face challenges of cooling down in the short term, in the long run, the narrative sustainability and institutional connectivity displayed by the Base ecosystem make it likely to become an important bridge for traditional capital entering Web3. For investors, Base is not only a hot rotation track but also a key sample for observing the transformation path of the crypto industry towards "compliance, financialization, and practicality."