Analysis of Recent Changes and Future Development Trends of Base Ecosystem

1. Latest Developments 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 primarily attributed to the repeated hype around several hot topics within the ecosystem, attracting widespread market attention. From a macro perspective, the positive sentiment around stablecoins in the global stock market has also brought benefits to Base, especially in the context of a potentially improving regulatory environment, making Base a more favored choice for traditional institutions.

The specific performance is as follows:

1. Significant increase in active users: The number of daily active addresses has grown exponentially, recently reaching a historical high of 3.6M.

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

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

2. Analysis of Popular Projects in the Base Ecosystem

1. Virtual: Innovative new mechanism ignites the market

Virtual is one of the most关注ed projects in the recent Base ecosystem. Through an innovative new token mechanism, the project quickly attracted a large amount of funding and user participation, becoming the core representative of the current new token narrative in the Base ecosystem. 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 advantages of the Virtual New Share Mechanism include:

• Extremely low financing price: Each new project raises funds at a market value of $224,000, allowing users to participate at a low cost with huge potential for profit.
• Token Linear Unlocking: New project tokens adopt a batch unlocking model, similar to the economic model of VC tokens.
• Low-risk participation: Projects that do not successfully raise funds will be fully refunded, and only a small number of high-quality projects are issued daily.
• Reduce the risk of project parties running away: set a 1% fee, of which 70% is returned to the project party to incentivize long-term development.

However, as the platform's popularity increased, early users frequently employed the "new listing and sell" strategy to achieve 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 listing users. While this mechanism helps to extend the project lifecycle, it also significantly changes the original speculative logic, leading to a temporary decline in market enthusiasm. The price of the VIRTUAL token has fallen from its peak to $1.69, a decrease of more than 37%.

2. Kaito: Pioneer of the Attention Economy

Kaito is a leading project in the "InfoFi" sector. Since May, the price of Kaito token has risen from $0.79 to a peak of $2.41, an increase of nearly 205%.

The core highlight of Kaito lies in its Yaps module, which incentivizes users to create high-quality content around popular projects by "tokenizing attention" on the content they publish on social platforms. This mechanism significantly enhances community engagement, complemented by weekly airdrops and leaderboard rewards, allowing users to both voice their opinions and monetize their contributions.

In addition, Kaito has launched the points ranking-based Yapper Launchpad system and the AI-driven information network Kaito Connect, achieving a collaborative closed loop for content contribution, points 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, creating a unique "create while investing" logic.

3. Future Development Trends of Base

Against the backdrop of the stablecoin bill being passed in the United States, Base, as a compliant on-chain trading entry, is promoting three major strategic layouts:

1. Open up the compliance asset onboarding channel: Launch the Coinbase verification 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 channel for fiat funds to go on-chain.

3. Build a diverse ecological scenario:

   • Promote on-chain US stock trading
   • Collaborate with payment giants to expand the application of USDC in cross-border settlements.
   • Guide DeFi projects to operate in compliance through the KYC module
   • Develop innovative applications such as AI Agent and InfoFi

Through these three major initiatives, Base is gradually evolving from an actively traded L2 network into an on-chain financial and content infrastructure, building a complete value closed loop for USD stablecoins.

4. High-Potential Projects in the Base Ecosystem

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

2. Keeta: Focused on high-performance RWA public chain, it may collaborate with Base in the direction of RWA compliance in the future.

3. Creator Bid: Launched version 2.0 in collaboration with Kaito, introducing new mechanisms to enhance user engagement.

4. Upside: The first social-oriented prediction market platform on Base, with the potential to become a new type of application.

Overall, the Base ecosystem is evolving into a well-structured on-chain financial and content infrastructure. Although some projects face challenges due to a cooling off in enthusiasm in the short term, in the long run, the narrative continuity and institutional collaboration demonstrated by Base make it likely to become an important bridge for traditional capital entering Web3. For investors, Base is not only a hot rotation track but also an important sample for observing the transformation of the crypto industry towards "compliance, financialization, and practicality."