New Narratives and Development Trends of the Base Ecosystem

Since the end of May 2025, the Base ecosystem has shown a significant explosive trend. User activity, total locked value ( TVL ), and daily trading volume have all shown 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, the global stock market's optimistic sentiment towards the concept of stablecoins is also spreading, especially against the backdrop of a potentially improving regulatory environment, making Base a more favored choice for traditional institutions.

Ecological indicators reach a new high

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

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 core advantages include:

1. Extremely low financing price
2. Token Linear Unlocking Mechanism
3. Low-risk participation in new investments
4. Incentive design to reduce the probability of project parties absconding

However, as the platform gains popularity, early users frequently adopt the "buy new and sell immediately" strategy to obtain short-term high returns, which places significant selling pressure on new projects. In response, Virtual has introduced a "green lock mechanism" that imposes a mandatory lock-up period for new buyers. Although this measure helps to curb early selling and extends the project lifecycle, it also significantly alters the existing speculation logic, resulting in a forced extension of the profit cycle for users, a decrease in capital efficiency, and a temporary decline in market enthusiasm.

Kaito: Pioneer of the Attention Economy

Kaito, as the leading project in the "Information Finance (InfoFi)" sector, tokenizes users' attention on social platforms through its Yaps module. This mechanism greatly enhances community engagement while attracting a large number of content creators and opinion leaders, effectively promoting the prosperity of social and narrative content on Base.

Kaito also launched the Yapper Launchpad system based on points ranking and the AI-driven information network Kaito Connect, achieving a collaborative closed loop among content contribution, points distribution, and project selection. This model, anchored in content as a value point, brings a new narrative to Base that differs from traditional DeFi, creating new imaginative space in the integration of social and financial tracks.

Future Development Strategy of Coinbase and Base

Against the backdrop of the U.S. Senate passing the GENIUS stablecoin bill, Coinbase has begun its three major strategic layouts:

1. Establish a connection between Coinbase and on-chain assets through Base.
2. Issue compliant stablecoins on Base in conjunction with traditional financial institutions.
3. Build diverse application scenarios within the Base ecosystem

Compliance Asset On-Chain Channel

Coinbase has launched the Verified Pools feature, allowing KYC users to directly interact with DApps on Base using their Coinbase account balance, simplifying the user operation process.

compliant stablecoin system

Coinbase collaborates with traditional financial institutions to pilot the issuance of "compliant stablecoins" and "deposit tokens" on Base. These assets are custodied by regulated banks and have attributes of traditional finance such as interest income, legal protection, and bank insurance, providing a stronger trust foundation for on-chain finance.

Multi-ecological scenario construction

To enhance the practical use cases of on-chain dollars, Coinbase is promoting the diversification of the Base ecosystem, including:

• On-chain US stock trading
• Ecological linkage with Circle
• Global Crypto Payments
• Compliant DeFi and On-chain Credit
• AI Agent and innovative applications like InfoFi

High-Potential Projects in the Ecosystem

1. Aerodrome: As an ecological leading DEX, it is expected to receive continuous institutional liquidity support.
2. Uniswap: As a DEX integrated with Coinbase, it will gain more on-chain liquidity.
3. Keeta: A high-performance RWA public chain that may engage in deep collaboration with Base in the direction of RWA compliance in the future.
4. Creator Bid: Launching version 2.0 in collaboration with Kaito to expand creator economy gameplay.
5. Upside: The first social-oriented prediction market platform on Base, with the potential to become a new type of application.

Base is gradually evolving from a transaction-active L2 network into a structurally complete 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 demonstrated 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 hot rotation track, but also an important sample for observing the transformation of the cryptocurrency industry towards compliance, financialization, and practicality.