Analysis of the Current Status and Future Development Trends of the Base Ecosystem

1. Recent ecological changes in Base

Since the end of May 2025, the Base ecosystem has shown significant characteristics of an "explosive period." The daily active addresses, total locked value ( TVL ), and daily transaction volume of ecological users 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, due to the optimism surrounding the concept of stablecoins spreading in the global stock market, especially against the backdrop of potentially improving regulatory environments, Base is expected to become a more favored choice for traditional institutions.

• The number of active users has grown exponentially, recently reaching an all-time high of 3.6 million.
• The total locked value surged from 2.8 billion dollars in May to nearly 4 billion dollars at its peak, returning to the highest level of the 2024 bull market.
• Since May, the average daily trading volume has approached 9 million times, reaching the peak of the bull market in 2024.

2. Popular Projects in the Base Ecosystem

1. Virtual: Innovative subscription mechanism ignites market enthusiasm

Virtual is one of the most关注ed projects in the recent Base ecosystem, and its innovative new issuance mechanism has quickly attracted a large amount of funds and user participation. 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 new issuance mechanism include:

• Extremely low financing price: Each new project raises funds with a market value of 42,425 virtual (approximately $224,000), allowing users to participate in financing at an extremely low price.
• Token Linear Unlocking: New projects adopt a transparent token economic model similar to VC coins, unlocking in batches.
• Low-risk participation: Projects that do not successfully raise funds will fully refund users, and Virtual issues only a small number of high-quality new projects daily.
• Reduce the probability of project teams absconding: Set a 1% fee, with 70% returned to the project team, encouraging them to increase trading activity rather than cashing out in the short term.

However, as the platform gained popularity, early users frequently obtained high short-term returns through the "new listing and selling" strategy, resulting in significant selling pressure on new projects. In response, Virtual launched a "green lock mechanism" in mid-June, imposing a mandatory lock-up period for new listing users. This measure, while helping to curb early sell-offs and extending the project lifecycle, also significantly altered the original speculative logic, forcing the profit cycle for users to lengthen, reducing capital efficiency, and leading to a temporary decline in market enthusiasm. Consequently, Virtual's price entered a downward channel, falling from a high of $1.69, with a drop of over 37%.

2. Kaito: Pioneer of Attention Economy

Kaito is a leading project in the "Information Finance (InfoFi)" sector, with its price rising from $0.79 to a peak of $2.41 since May, an increase of nearly 205%. The core highlight of Kaito lies in its Yaps module, which tokenizes the "attention" of users based on the content they post on social platforms, incentivizing users to create high-quality content around popular projects and building a content-driven influence mechanism for Web3 communication.

Kaito has also launched the Yapper Launchpad system based on point ranking and the AI-driven information network Kaito Connect, achieving a collaborative closed loop of content contribution, point distribution, and project selection. Users can not only obtain airdrop qualifications and platform governance rights through Yaps, but also participate in project leaderboard voting and quality content incentives, forming a unique "create while investing" logic. This model, anchored in content as a value point, brings a new narrative that distinguishes Base from traditional DeFi, opening up new imaginative spaces in the integration of social and financial sectors.

3. Future Development Trends of Base

In June 2025, the U.S. Senate passed the GENIUS Stablecoin Act, establishing a legislative framework for dollar stablecoins, marking the first time regulators legally affirmed the compliance status of digital assets. Against this regulatory backdrop, Base initiated three major strategic deployments:

Step 1: Open the compliance asset access channel to the blockchain

A centralized exchange platform is promoting the deep integration of its platform with the Base chain, launching the Verified Pools feature. Users who have completed KYC can directly use their platform account balance to interact with DApps on Base, simplifying the wallet switch and on-chain transfer process. Several DEX platforms have already been announced as partners for its on-chain trading.

Step 2: Co-build a compliant stablecoin system with traditional financial institutions

Base is collaborating with multiple Wall Street financial institutions to pilot the issuance of "compliant stablecoins" and "deposit tokens" on the blockchain. These assets are custodial by regulated banks and possess traditional financial attributes such as interest income, legal protection, and bank insurance, significantly enhancing the trust foundation. This initiative means that not only can the US dollar circulate on-chain, but also the core asset structure within the traditional financial system will undergo digital migration, making Base the on-chain carrier layer for traditional finance.

Step 3: Build a diversified ecological scenario

To enhance the practical use cases of on-chain dollars, Base is simultaneously promoting the diversification of the ecosystem, covering multiple dimensions:

• On-chain US stock trading: Plans to launch tokenized stock products that allow users to trade well-known US stocks on-chain.
• Global crypto payments: Collaborate with e-commerce platforms to integrate stablecoins into the checkout process, expanding the use of on-chain US dollars in cross-border settlements.
• Compliant DeFi and On-chain Lending: Guiding DeFi projects to operate in compliance through KYC modules, providing stable and auditable on-chain services for institutions and retail investors.
• AI Agent and innovative gameplay such as InfoFi: create more on-chain innovative applications to attract traditional users to participate.

Through these three major measures, Base has not only built a "fast track" for compliant assets to enter the market but has also established a complete value closed loop for the US dollar stablecoin—from fiat currency on-chain, to on-chain storage and circulation, and finally to the implementation of real-use scenarios.

High-Potential Projects in the Ecosystem

1. A certain DEX platform: Expected to gain continuous and stable institutional liquidity support, driving its trading volume, TVL, and platform revenue growth.

2. A certain decentralized exchange: As one of the integrated DEXs, it is expected to gain more on-chain liquidity and enhance the platform's potential returns.

3. Keeta: A high-performance RWA public chain, featuring tens of millions of TPS and sub-second transaction confirmation. It has been verified for performance authenticity through independent stress testing and has gained support from multiple institutions.

4. Creator Bid: Launched version 2.0 in collaboration with Kaito, adding new mechanisms such as staking and 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" for voting and trading.

Base is gradually evolving from a "trading-active" L2 network into a "structurally complete" on-chain financial and content infrastructure. Although some hot projects are facing challenges due to waning enthusiasm and user speculation in the short term, from a long-term perspective, the narrative sustainability and institutional linkage capabilities demonstrated by the Base ecosystem position it as a potential important bridge for traditional capital to enter Web3 in the next phase. For investors, Base is not only a hot rotation track but also a key sample for observing the "compliance, financialization, and practicalization" transformation path of the crypto industry.