Analysis of Recent Developments and Future Trends in the Base Ecosystem

1. Recent Changes in the Base Ecosystem

Since the end of May 2025, the Base ecosystem has shown distinct characteristics of an "explosive period". The daily active addresses, total locked value ( TVL ), and daily transaction volume have all exhibited a rapid upward trend. This explosion is mainly driven by the repeated hype of several popular narratives within the ecosystem, attracting widespread market attention. From a macro perspective, due to the positive performance of stablecoin concepts in the global stock market, coupled with expectations of a potentially improved regulatory environment, Base is expected to become a favored choice for traditional institutions.

The specific performance is as follows:

1. Surge in active user numbers: The number of active addresses has grown exponentially, recently reaching a historic high of 3.6 million.

2. Significant Increase in TVL: The total value locked in Base surged from $2.8 billion in May to nearly $4 billion, returning to the highest levels of the bull market in 2024.

3. Active on-chain transactions: Since May, the daily average transaction volume has approached 9 million, reaching peak levels of the 2024 bull market.

2. Analysis of Popular Projects in the Base Ecosystem

1. Virtual: Innovative IPO mechanism ignites the market

Virtual is one of the most notable projects in the recent Base ecosystem, with its innovative initial offering mechanism attracting substantial funds and user participation. The VIRTUAL token has surged from $0.5 in mid-April to a high of $2.5 in early June, marking an increase of 400%. The main advantages of the Virtual initial offering mechanism include:

• Extremely low financing threshold: Each new project raises funds with a market value of 42,425 Virtual (approximately $224,000), allowing users to participate at an extremely low price, with significant potential profit margins.

• Token linear unlocking: New projects adopt a transparent token economic model similar to VC coins, unlocking in batches. The raised funds are directly injected into the initial liquidity pool, reducing the risk of the project side dumping.

• Low-risk participation: Full refund in case of fundraising failure, and only a small number of high-quality projects are issued daily, reducing user participation risk.

• Project party incentive mechanism: Set a 1% fee, of which 70% is returned to the project party to encourage the project party to enhance trading activity and form a virtuous ecological cycle.

However, as the platform gained popularity, early users frequently adopted the "buy and sell immediately" 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 users. Although this mechanism helps to curb early selling and extend the project lifecycle, it also significantly alters the original speculative logic. Users' profit cycles are forced to lengthen, capital efficiency decreases, and market enthusiasm experiences periodic decline. Virtual's price entered a downward channel in mid-June, falling from a high of $1.69, a drop of over 37%.

2. Kaito: Pioneer of the Attention Economy

Kaito is a leading project in the "Information Finance (InfoFi)" sector. Since May, Kaito's price has risen from $0.79 to a peak of $2.41, an increase of nearly 205%. The core highlight of Kaito is its Yaps module, which incentivizes users to create high-quality content around popular projects by "tokenizing attention" from the content published by users on social media platforms, thereby building a content-driven influence mechanism for Web3 communication.

Kaito has also launched the Yapper Launchpad system based on point rankings and the AI-driven information network Kaito Connect, achieving a collaborative closed-loop for content contribution, point distribution, and project selection. Users can not only obtain airdrop eligibility and platform governance rights through Yaps, but also participate in project leaderboard voting and quality content incentives, forming a unique "create while investing" logic. Kaito Connect provides an open InfoFi network, allowing ordinary users to receive rewards for their information contributions. This model, anchored in content as a value point, brings a new narrative distinct from traditional DeFi to Base, opening up new imaginative spaces in the integration of social and financial tracks.

3. Future Development Trends of Base

In June 2025, the U.S. Senate passed the GENIUS Stablecoin Act, establishing a legislative framework for USD stablecoins. Against this regulatory backdrop, Base began its three major layouts:

1. Open up compliance asset access to the blockchain: Launch the Coinbase verification pool feature, allowing KYC users to directly use their account balances to interact with DApps on Base, simplifying the on-chain transaction process.

2. Co-construct a compliant stablecoin system with traditional financial institutions: Collaborate with large financial institutions to pilot the issuance of "compliant stablecoins" and "deposit tokens" on the Base chain, digitizing the core asset structure of the traditional financial system and migrating it to the blockchain.

3. Build a diverse ecological scenario:

   • On-chain US stock trading: Plans to launch tokenized stock products that allow users to trade US stocks on-chain.
   • Global Crypto Payments: Collaborating with e-commerce platforms to embed stablecoins into the checkout process, expanding cross-border settlement applications.
   • Compliant DeFi and On-chain Credit: Guiding DeFi projects to operate in compliance through KYC modules, providing auditable on-chain financial services.
   • AI Agent and InfoFi: Creating innovative on-chain gameplay 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 the US dollar stablecoin, from fiat currency on-chain to on-chain access and circulation, and then to the implementation of actual use cases.

4. High-Potential Projects in the Ecosystem

1. Aerodrome: As an ecological leading DEX, it is expected to receive continuous institutional liquidity support, driving an increase in trading volume, TVL, and platform revenue.

2. Uniswap: As another integrated DEX, it will gain more on-chain liquidity and enhance the platform's potential returns.

3. Keeta: A high-performance RWA public chain that has passed independent stress tests to verify its performance, and may collaborate with Base in the direction of RWA compliance in the future.

4. Creator Bid: Launched version 2.0 in collaboration with Kaito, adding new mechanisms such as staking and new project launches, expanding the creator economy gameplay.

5. Upside: The first socially-oriented prediction market platform on Base, with the potential to become a new type of application that combines both liquidity and content attributes.

Base is gradually evolving from an "actively traded" L2 network to a "structurally complete" on-chain financial and content infrastructure. Although some hot projects face challenges of declining popularity and speculative behavior in the short term, in the long run, the narrative continuity and institutional connectivity demonstrated by the Base ecosystem suggest that it could become an important bridge for traditional capital to enter Web3. For investors, Base is not only a hot rotation track but also a key sample to observe the transformation path of the crypto industry towards "compliance, financialization, and practicality."