Analysis of Recent Dynamics and Development Trends in the Base Ecosystem

1. Recent Changes in the Base Ecosystem

Since the end of May 2025, the Base ecosystem has shown obvious characteristics of an "explosive period". The activity of ecosystem users, total locked value ( TVL ), and daily trading volume are all on a rapid upward trend. This explosion is mainly attributed to the successive hype of several hot topics within the ecosystem, attracting widespread attention from the market. From a macro perspective, due to the warming optimism in global stock markets regarding the concept of stablecoins, especially in the context of a potentially improving regulatory environment, Base is expected to become a favored choice for traditional institutions.

Main data changes:

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

2. Analysis of Popular Projects in the Base Ecosystem

1. Virtual: An innovative mechanism for initial offerings ignites market enthusiasm.

Virtual is one of the most关注ed projects in the Base ecosystem recently. Its innovative new token mechanism has quickly attracted a large amount of capital and user participation, becoming the core representative of the current new token narrative in the Base ecosystem. The price of the VIRTUAL token has risen from $0.5 in mid-April to a high of $2.5 in early June, an increase of 400%.

The core advantages of the Virtual IPO mechanism:

• Extremely low financing price: Each new project raises funds at a market value of $224,000, allowing users to participate at an extremely low price, with significant potential profit space.
• Token Linear Unlocking: New project tokens adopt a transparent economic model similar to VC coins for phased unlocking.
• Low-risk participation: Full refunds for projects that do not successfully raise funds, and only a small number of high-quality projects are released daily.
• Reduce the risk of project parties running away: Set a 1% transaction fee, of which 70% is returned to the project party to encourage them to increase trading activity.

However, as the platform gained popularity, early users frequently adopted the "buy and dump" strategy to obtain short-term high returns, resulting in immense selling pressure on new projects. In response, Virtual launched the "Green Lock Mechanism" in mid-June, imposing a mandatory lock-up period for new buyers. Although this mechanism helps to extend the project lifecycle, it also alters the original speculative logic, leading to a decline in market enthusiasm. The price of Virtual has fallen from its peak to $1.69, a decrease of over 37%.

2. Kaito: A leading project in the attention economy field

Kaito is a leading project in the "Information Finance (InfoFi)" sector. Since May, the price of Kaito 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:

• Tokenize the content published by users on social media platforms as "attention tokens"
• Encourage users to create high-quality content around popular projects
• Build a content-driven influence mechanism for Web3 communication

This mechanism greatly enhances community participation, combined with weekly airdrops and leaderboard rewards, allowing users to both "voice their opinions" and "monetize". At the same time, it has attracted a large number of content creators and opinion leaders, effectively promoting the prosperity of social and narrative content on Base.

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. This content-value anchored model brings a new narrative to Base that differs from traditional DeFi, creating new imaginative space in the integration track of social and finance.

3. Analysis of Future Development Trends

In June 2025, the United States passed the GENIUS stablecoin bill, establishing a legislative framework for USD stablecoins. In this regulatory context, the compliant exchange began its three major layouts:

1. Establish an interaction channel with on-chain assets through Base, becoming a compliant entry point for on-chain transactions.
2. Collaborate with traditional financial institutions to issue compliant stablecoins on Base, promoting the on-chain flow of traditional financial capital.
3. Establish content including on-chain US stocks, compliant payments, DeFi, AI Agents, etc. within the Base ecosystem to attract traditional capital inflow.

Specific layout strategy:

1. Open up compliance asset access to the blockchain

Recently, it is promoting the deep integration of its centralized trading platform with the Base chain, launching the Verified Pools feature, which allows KYC users to directly use their account balance to interact with DApps on Base. It has currently announced a certain DEX platform as its on-chain trading platform.

2. Co-building a compliant stablecoin system with traditional financial institutions

Join hands with Wall Street financial giants to pilot the issuance of "compliant stablecoins" and "deposit tokens" on the Base chain. These assets are custodied by regulated banks and possess traditional financial attributes such as interest income, legal protection, and bank insurance, far exceeding the trust foundation of general crypto stablecoins.

3. Build a diverse ecological scenario

To enhance the practical use cases of on-chain US dollars and simultaneously promote the diversification of the Base ecosystem:

• On-chain US stock trading: Apply for on-chain access to US stocks, planning to launch tokenized stock products.
• Linking with payment company ecosystems: Providing a stronger clearing infrastructure for USDC.
• Global Crypto Payments: Collaborate with e-commerce platforms to embed stablecoins into the e-commerce checkout process.
• Compliant DeFi and On-chain Lending: Guiding DeFi projects to operate in compliance through KYC modules.
• AI Agent and innovative applications like InfoFi: creating more on-chain innovative gameplay to attract traditional users.

4. High-Potential Projects in the Ecosystem

1. A certain DEX platform: As the leader of the ecosystem, it is expected to receive continuous and stable institutional liquidity support, driving the growth of trading volume, TVL, and platform revenue.

2. A well-known DEX: As another integrated DEX, it will gain more on-chain liquidity through this, enhancing the platform's potential earnings.

3. Keeta: A high-performance RWA public chain, featuring tens of millions of TPS and sub-second transaction confirmations, has been validated for performance authenticity through independent stress testing.

4. Creator Bid: Launching version 2.0, adding new mechanisms such as staking for new projects to enhance user participation and expand creator economy gameplay.

5. Upside: The first social-oriented prediction market platform on Base, where users can convert social media content into "content tokens" and trade them.

Currently, 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 from fading popularity and user speculation in the short term, in the long run, the narrative sustainability and institutional connectivity exhibited by the Base ecosystem suggest that it may become an important bridge for traditional capital to enter Web3 in the next stage. For investors, Base is not only a track for hot rotation but also a key sample for observing the transformation path of the crypto industry towards "compliance, financialization, and practicality."