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 experienced a significant growth period. User activity, total locked value ( TVL ), and daily trading volume have all shown a rapid upward trend. This growth is mainly driven by the cyclical hype of several popular topics within the ecosystem, attracting widespread attention from the market. From a macro perspective, due to the favor of stablecoin concepts in global stock markets, especially in the context of a potentially improving regulatory environment, Base may become a more favored choice for traditional institutions.

Key Growth Metrics:

1. The number of active users has grown exponentially, recently reaching a historic high of 3.6 million.

2. The total locked value ( TVL ) quickly rose from 2.8 billion dollars to nearly 4 billion dollars in May, returning to the highest level of the 2024 bull market.

3. The on-chain trading activity has significantly increased, with an average daily trading volume close to 9 million transactions since May, reaching the highest level of the bull market in 2024.

2. Analysis of Popular Projects in the Base Ecosystem

1. Virtual: Innovative new mechanism ignites market enthusiasm

Virtual is one of the most关注的项目 in the recent Base ecosystem, and its innovative new token mechanism has quickly attracted a large amount of capital and user participation. The price of the VIRTUAL token rose from $0.5 in mid-April to a peak of $2.5 in early June, an increase of 400%.

The core advantage 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), providing users with an opportunity to participate at a very low price.
• Token linear unlocking: The new projects adopt a transparent token economic model similar to VC coins, unlocking in batches.
• Low-risk participation: Full refunds for projects that fail to raise funds, and only a limited number of high-quality projects are released daily.
• Project party incentive mechanism: Set a 1% transaction fee, of which 70% is returned to the project party to encourage increased trading activity.

However, as the platform gained popularity, early users frequently adopted the "buy new and sell" strategy to obtain short-term high returns, resulting in significant selling pressure on new projects. In response, Virtual launched the "Green Lock Mechanism" in mid-June, imposing a mandatory lock-up period for new buyers. Although this mechanism helps curb early selling and extends the project lifecycle, it also significantly changes the original speculation logic. Users' profit cycles are forced to lengthen, capital efficiency declines, and market enthusiasm experiences a phased retreat. Virtual's price entered a downward channel in mid-June, falling from a high of $1.69, with a drop of over 37%.

2. Kaito: A leading project in the attention economy.

Kaito is a representative project in the "Information Finance (InfoFi)" track. Since May, its price has risen from $0.79 to a high of $2.41, an increase of nearly 205%. The core highlight of Kaito lies in its Yaps module, which tokenizes the "attention" of users' content posted on social platforms, incentivizing users to create high-quality content around popular projects and build a content-driven influence mechanism for Web3 communication.

Kaito's innovative mechanism:

• Content creation incentives: Encourage community participation through weekly airdrops and leaderboard rewards.
• Diversified functions: Launch of the points-based ranking Yapper Launchpad system and the AI-driven information network Kaito Connect.
• Open Participation: Kaito Connect offers an open InfoFi network that everyone can participate in, allowing ordinary users to earn rewards for their information contributions.

This model, which uses content as a value anchor, 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.

3. Future Development Trends of Base

Against the backdrop of the GENIUS stablecoin bill being passed in the U.S. Senate, Base, as a compliant on-chain trading gateway, is advancing three major layouts:

1. Open up compliance asset access to the blockchain:

   • Launched the Coinbase verification pool feature, allowing KYC users to directly use their account balance to interact with DApps on Base.
   • Choose a certain DEX as the on-chain trading platform.

2. Co-build a compliant stablecoin system with traditional financial institutions:

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

3. Build a diversified ecological scenario:

   • On-chain US stock trading: Apply for on-chain permissions for US stocks, planning to launch tokenized stock products.
   • Global Crypto Payments: Collaborate with e-commerce platforms to integrate stablecoins into the checkout process.
   • Compliance DeFi and On-chain Credit: Guiding DeFi projects to operate in compliance through the KYC module.
   • AI Agent and innovative gameplay such as InfoFi: creating more on-chain innovative applications to attract traditional users to participate.

Through these three major measures, Base has not only built a "fast track" for compliant asset entry but has also created a complete value closed loop for stablecoins, from fiat currency on-chain to on-chain deposit and circulation, and finally to the implementation of real use cases.

High-Potential Projects in the Ecosystem

1. A certain DEX: As the leader in the ecosystem, it is expected to receive continuous and stable institutional liquidity support.

2. A certain DEX: As a DEX integrated with a certain exchange, it will gain more on-chain liquidity.

3. Keeta: A high-performance RWA public chain, featuring tens of millions of TPS and sub-second transaction confirmations, is expected to engage in in-depth cooperation with Base in the direction of RWA compliance in the future.

4. Creator Bid: Collaborating with Kaito to launch version 2.0, introducing new mechanisms such as staking and new projects, enhancing user participation and expanding the creator economy gameplay.

5. Upside: The first social-oriented prediction market platform on Base, where users can convert social media content into "content tokens" for voting and trading.

Base is gradually evolving from an "actively traded" L2 network into a "well-structured" on-chain financial and content infrastructure. From innovative mechanisms to the construction of an on-chain dollar value system, although some hot projects face challenges of declining popularity and speculative behavior from users in the short term, from a long-term perspective, the narrative continuity and institutional engagement capabilities displayed by the Base ecosystem imply that it may become a bridge for traditional capital to enter Web3 in the next stage. For investors, Base is no longer just a hotspot rotation track, but an important sample for observing the transformation path of the crypto industry towards "compliance, financialization, and practicality."