Recent Changes and Popular Project Analysis 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, total locked value (TVL), and daily trading volume have all rapidly increased. This is primarily attributed to the successive hype of several popular narratives within the ecosystem, attracting widespread attention from the market. From a macro perspective, the optimistic sentiment in global stock markets regarding the concept of stablecoins is also spreading, especially against the backdrop of a potentially improving regulatory environment, making Base a more favored choice among traditional institutions.

Recent data shows:

• The number of active addresses has seen exponential growth, recently reaching a historic high of 3.6 million.
• The TVL of Base has risen from $2.8 billion in May to nearly $4 billion, returning to the peak level of the bull market in 2024.
• Since May, the average daily trading volume has approached 9 million transactions, reaching the peak of the bull market in 2024.

Popular Project Analysis

Virtual: Innovative New Mechanism Ignites the Market

Virtual is one of the most关注的 projects in the recent Base ecosystem. Its innovative new issuance mechanism has quickly attracted a large amount of capital and user participation, becoming the core representative of the current new issuance narrative in the Base ecosystem. The price of VIRTUAL has risen 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 IPO mechanism:

1. Extremely low financing price
2. Token Linear Unlocking
3. Low-risk new share participation
4. Reduce the probability of project team Rug

However, as the platform's popularity grew, early users frequently utilized the "buy new and sell" strategy to achieve short-term high returns, resulting in significant selling pressure on new projects. To address this, Virtual introduced the "green lock mechanism" in mid-June, imposing a mandatory lock-up period for new investors. Although this mechanism helps to curb early selling and extend the project lifecycle, it also significantly alters the original speculative logic. Subsequently, Virtual's price entered a downward channel, falling from its peak to $1.69, a decline of over 37%.

Kaito: Leader of the Attention Economy

Kaito is the leading project in the "Information Finance (InfoFi)" sector. Since May, Kaito's price has risen from $0.79 to a high 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" on the content posted by users on social platforms.

Kaito's innovative mechanism includes:

1. Content-driven Web3 communication mechanism
2. Yapper Launchpad system based on points ranking
3. AI-driven information network Kaito Connect

This model, which anchors value in content, brings a new narrative to Base that distinguishes it from traditional DeFi, opening up new imaginative spaces in the integration of social and financial sectors.

Future Development Trends

With the U.S. Senate passing the GENIUS stablecoin bill, a legislative framework for dollar stablecoins has been established, and the regulatory environment is becoming clearer. Against this backdrop, the Base ecosystem is making three major layouts:

1. Open up the channel for compliant assets to enter the blockchain: Bring the account balances from centralized exchange platforms into the Base chain.
2. Collaborate with traditional financial institutions to build a compliant stablecoin system: Promote the on-chain of fiat funds.
3. Build a diverse ecological scenario: including on-chain US stock trading, global crypto payments, compliant DeFi, on-chain credit, and innovative applications such as AI Agent.

These three major measures not only create a "fast track" for compliant assets to enter the market but also build a complete value closed loop for stablecoins in US dollars.

High Potential Project Outlook

1. Aerodrome and Uniswap: As DEX platforms integrated into the main application, they are expected to receive continuous and stable institutional liquidity support.
2. Keeta: A high-performance RWA public chain that may engage in deep cooperation with Base in the direction of RWA compliance in the future.
3. Creator Bid: The new version introduces mechanisms such as staking for new bids, enhancing user participation and expanding the creator economy gameplay.
4. Upside: The first social-oriented prediction market platform on Base, with the potential to become a new type of application that combines liquidity and content attributes.

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 of declining interest and user speculation in the short term, from a long-term perspective, the narrative sustainability and institutional connectivity demonstrated by the Base ecosystem suggest that it could become an important bridge for traditional capital to enter Web3 in the next phase.