The Rise of Base Ecology: New Narratives and Future Trends

Recent Developments in the Base Ecosystem

Since the end of May 2025, the Base ecosystem has entered a significant "explosion period". The number of daily active addresses in the ecosystem, the total locked value ( TVL ), and the daily transaction volume have all shown a rapid upward trend. This wave of ecological explosion is mainly driven by the repeated hype of multiple popular narratives, attracting widespread attention from the market. From a macro perspective, the optimistic sentiment of the stablecoin concept is spreading in global stock markets, especially in the context of a potentially improving regulatory environment, making Base a preferred choice for traditional institutions.

Main data performance:

• The number of active users has grown exponentially, recently reaching an all-time high of 3.6 million.
• The total locked value rose from 2.8 billion USD in May to nearly 4 billion USD, returning to the peak levels of the 2024 bull market.
• Since May, the average daily transaction volume has approached 9 million times, reaching the peak level of the 2024 bull market.

Analysis of Popular Projects in the Base Ecosystem

1. Virtual: Innovative new mechanism ignites the market

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

• Extremely low financing price
• Token Linear Unlocking Mode
• Low-risk new share participation mechanism
• Incentive design to reduce the probability of project teams absconding.

However, as the platform's popularity increased, early users frequently adopted a "buy and dump" strategy to achieve short-term high returns, resulting in significant selling pressure on new projects. To address this, Virtual introduced a "Green Lock Mechanism" in mid-June, imposing a mandatory lock-up period for new investors. Although this measure helps to extend the project lifecycle, it has also significantly altered the original speculative logic, leading to a temporary decline in market enthusiasm.

2. Kaito: Pioneer of Attention Economy

As a leading project in the "Information Finance (InfoFi)" sector, Kaito's price has increased from $0.79 to a peak of $2.41 since May, a rise of nearly 205%. Its core highlight is the Yaps module, which incentivizes users to create high-quality content around popular projects 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 allocation, and project selection. This model, anchored in content as a value point, brings a new narrative to Base that is distinct from traditional DeFi, opening up new imaginative spaces in the integration of social and financial sectors.

Future Development Strategy of Coinbase and Base

Against the backdrop of the U.S. Senate passing the GENIUS stablecoin bill, Coinbase, as a compliant exchange, has initiated three major strategic deployments:

1. Open up the compliance asset onboarding channel: Launch the Coinbase verification pool feature, allowing KYC users to interact directly with DApps on Base using their exchange 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, paving the way for fiat funds to go on-chain.

3. Build a diverse ecological scenario:

   • Apply for on-chain access to US stocks, planning to launch tokenized stock products
   • Collaborate with payment giants to integrate stablecoins into the e-commerce checkout process
   • Guide DeFi projects to operate in compliance through the KYC module
   • Develop AI Agents and innovative applications like InfoFi to attract traditional users.

Through these three major initiatives, Coinbase has not only built an "express lane" on-chain for compliant assets but also created a complete value closed loop for US dollar stablecoins.

High-Potential Projects in the Base Ecosystem

• Aerodrome and Uniswap: As DEXs integrated by Coinbase, they are expected to receive ongoing institutional liquidity support.

• Keeta: A high-performance RWA public chain that 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 launches 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.

Base is gradually evolving from a transaction-active L2 network into a well-structured on-chain financial and content infrastructure. Although some hot projects face challenges in the short term, in the long run, the narrative sustainability and institutional connectivity exhibited by the Base ecosystem make it likely to become an important bridge for traditional capital to enter Web3. For investors, Base is not only a track for hot rotation but also a key sample for observing the transformation path of the cryptocurrency industry.