Analysis of the Current Status and Future Trends of Base Ecosystem Development

1. Recent Changes in the Base Ecosystem

Since the end of May 2025, the Base ecosystem has shown a clear "explosive period". The daily active addresses of ecosystem users, the total locked value ( TVL ), and the daily trading volume have all risen rapidly. This is mainly due to the successive hype of multiple popular narratives within the ecosystem, attracting widespread market attention. From a macro perspective, the optimistic sentiment in global stock markets towards 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.

Specifically manifested as:

• The number of active users has grown exponentially, recently reaching a historical high of 3.6M.
• TVL surged from $2.8 billion in May to nearly $4 billion, returning to the highest level of the 24-year bull market.
• Since May, the average daily trading volume has approached 9 million transactions, reaching the peak of the bull market in 2024.

2. Analysis of Popular Projects in the Base Ecosystem

1. Virtual: Innovative New Mechanism Ignites the Market

Virtual has quickly become one of the most关注的 projects in the Base ecosystem due to its unique new issuance mechanism. Its core advantages include:

• Extremely low financing price: Each new project raises funds at a market value of approximately $224,000, providing users with low-cost participation opportunities.
• Token linear unlocking: Adopts a transparent token economic model similar to VC coins, unlocking in batches.
• Low-risk participation: Full refunds for unsuccessful fundraising projects, with only a small number of high-quality projects issued daily.
• Reduce malicious exits: Set a 1% fee, with 70% returned to the project party, creating a positive ecological cycle.

However, with the rising popularity of the platform, early users frequently adopted a strategy of buying new projects and selling them immediately, resulting in significant selling pressure on new projects. In response, Virtual introduced the "Green Lock Mechanism", which imposes a mandatory locking period for users participating in new projects. Although this measure helps to extend the lifecycle of projects, it also significantly alters the original speculative logic, leading to a phase of cooling market enthusiasm.

2. Kaito: Leader of the Attention Economy

As a leading project in the "Information Finance (InfoFi)" sector, Kaito has seen a price increase of nearly 205% since May. Its core highlight is the Yaps module, which tokenizes the "attention" of users' content posted on social media, creating a content-driven influence mechanism for Web3 dissemination. This mechanism has significantly enhanced community engagement and attracted a large number of content creators and opinion leaders.

Kaito has also launched the Yapper Launchpad system based on a points ranking and the AI-driven information network Kaito Connect, achieving a collaborative closed loop for content contribution, points distribution, and project selection. Users can obtain airdrop qualifications and platform governance rights through creation, participate in project ranking voting and quality content incentives, forming a unique "create while investing" logic.

3. Development Strategy of Coinbase and Base

With the gradual clarification of the regulatory environment in the United States, Coinbase has initiated its three major strategic layouts:

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

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, providing a digital migration channel for traditional financial assets.

3. Build a diversified ecological scenario:

   • Apply for U.S. stock on-chain permissions, plan to launch tokenized stock products
   • Collaborate with Circle to enhance the application of USDC in the Base ecosystem.
   • Collaborate with e-commerce platforms to promote the application of stablecoins in cross-border settlements.
   • 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 measures, Coinbase has not only provided an on-chain entry channel for compliant assets but also constructed a complete value closed loop for USD stablecoins.

4. Outlook on High-Potential Projects

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

2. Keeta: A high-performance RWA public chain that has been verified for performance through independent stress testing. It may collaborate with Base in the future on RWA compliance.

3. Creator Bid: Launched version 2.0 in collaboration with Kaito, introducing new mechanisms such as staking and new offerings to enhance user participation and expand creator economy gameplay.

4. Upside: The first social-oriented prediction market platform on Base, although it has not yet issued tokens, the innovative social prediction + investment mechanism has already attracted early users to participate.

Overall, Base is gradually evolving from an actively traded 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 continuity and institutional connectivity exhibited by the Base ecosystem make it a promising bridge for traditional capital to enter Web3. For investors, Base is not only a hot rotation track but also a key sample for observing the "compliance, financialization, and practicality" transformation of the crypto industry.