Analysis of Recent Developments and Popular Projects in the Base Ecosystem

1. Recent Changes in the Base Ecosystem

Since the end of May 2025, the Base ecosystem has shown a clear "explosive period". The daily active addresses, total locked value ( TVL ), and daily trading volume have all risen rapidly. This is mainly due to the successive hype of several popular narratives within the ecosystem, attracting widespread attention from the market. From a macro perspective, as the optimism surrounding the concept of stablecoins spreads in global stock markets, especially against the backdrop of potential regulatory improvements, Base is expected to become a preferred choice for traditional institutions.

Main performance:

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

2. Analysis of Popular Projects in the Base Ecosystem

1. Virtual: The innovative new mechanism ignites the market

Virtual is one of the most notable projects in the Base ecosystem recently. Its innovative new issuance mechanism quickly attracted a large amount of funding and user participation, becoming the core representative of the current new issuance narrative in the Base ecosystem. The price of the VIRTUAL token skyrocketed 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:

• Extremely low financing price: Each new project raises funds at a market value of approximately $224,000 with 42,425 Virtual (, allowing users to participate at a very low price and offering huge potential profit margins.
• Token Linear Unlocking: New projects adopt a transparent token economic model to unlock in batches, rather than unlocking all at once.
• Low-risk participation: Full refunds for projects that do not successfully raise funds, and only a limited number of high-quality projects are published daily, reducing user participation risk.
• Reduce the probability of project teams running away: Set a 1% fee, of which 70% is returned to the project team, incentivizing them to improve trading activity rather than cashing out in the short term.

However, as the platform's popularity increased, early users frequently obtained short-term high returns through the "subscribe and sell" strategy, leading to significant selling pressure on new projects. In response, Virtual introduced the "Green Lock Mechanism" in mid-June, imposing a mandatory lock-up period for new subscribers. This mechanism helps to suppress early selling and extend the project lifecycle, but it also significantly alters the original speculative logic. Users' profit cycles are forced to lengthen, capital efficiency declines, and market enthusiasm experiences a periodic decline. The price of Virtual entered a downward channel in mid-June, falling from its peak to $1.69, a decrease of over 37%.

![Reconstructing On-chain Narratives: What New Stories is the Base Ecosystem Telling?])https://img-cdn.gateio.im/webp-social/moments-c0090367baf8787c4ea3a0f4afce931a.webp(

) 2. Kaito: Attention Economy Leader

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

The core highlight of Kaito lies in its Yaps module, which encourages users to create high-quality content around popular projects by "tokenizing attention" on the content they publish on social platforms. This mechanism greatly enhances community engagement, and with weekly airdrops and leaderboard rewards, users can both "voice their opinions" and "monetize" their contributions, while also attracting a large number of content creators and opinion leaders, effectively promoting the prosperity of social and narrative content on Base.

In addition, Kaito has launched the Yapper Launchpad system based on point rankings and the AI-driven information network Kaito Connect, achieving a synergistic closed loop among 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 ranking votes and quality content incentives, forming a unique "create while investing" logic. Kaito Connect provides an open InfoFi network, allowing ordinary users to receive corresponding rewards for their information contributions. This model, anchored in content as a value point, brings a new narrative to Base that differs from traditional DeFi, opening up new imaginative spaces in the integration of social and financial sectors.

![Reconstructing On-Chain Narratives: What New Stories Are Being Told in the Base Ecosystem?])https://img-cdn.gateio.im/webp-social/moments-57509eac26821fa590fd905ca6eb73b9.webp(

III. Future Development Trends of Coinbase and Base

In June 2025, the U.S. Senate passed the GENIUS Stablecoin Act, establishing a legislative framework for U.S. dollar stablecoins. Against this regulatory backdrop, Coinbase, as a compliant exchange in the U.S., began three major initiatives:

1. Establish a channel for interaction between Coinbase and on-chain assets through Base, serving as a compliant entry point for on-chain transactions.
2. Collaborate with traditional financial institutions to issue compliant stablecoins based on Base, promoting the on-chain integration of traditional financial funds.
3. Establish content within the Base ecosystem, including on-chain US stocks, compliant payments, DeFi, AI Agents, etc., to attract traditional capital inflows.

Specific measures include:

• Launched the Coinbase verification pool feature, allowing KYC users to directly use their Coinbase account balance to interact with DApps on Base.
• Collaborate with Wall Street financial institutions to pilot the issuance of "compliant stablecoins" and "deposit tokens" on the Base chain.
• Diversified ecological construction, including on-chain US stock trading, integration with the Circle ecosystem, global cryptocurrency payments, compliant DeFi and on-chain credit, AI Agent and InfoFi, and other innovative applications.

Through these measures, Coinbase has not only built a "fast track" for compliant asset entry but also created a complete value closed loop for USD stablecoins—from fiat currency onboarding, to on-chain access and circulation, and finally to the implementation of real use cases.

![Reconstructing On-Chain Narratives: What New Story is the Base Ecosystem Telling?])https://img-cdn.gateio.im/webp-social/moments-3000de06b6a10134acd89e14f2733846.webp(

4. High-Potential Projects in the Ecosystem

1. Aerodrome: As one of the DEXs integrated with Coinbase, it is expected to gain ongoing institutional liquidity support, driving growth in trading volume, TVL, and platform revenue.

2. Uniswap: As a DEX integrated with Coinbase, it is expected to gain more on-chain liquidity, enhancing the platform's potential returns.

3. Keeta: A high-performance RWA public chain, featuring tens of millions of TPS and sub-second transaction confirmations, and may collaborate with Base in the direction of RWA compliance in the future.

4. Creator Bid: Collaborate with Kaito to launch version 2.0, introducing new mechanisms such as staking for new projects, enhancing user participation and expanding creator economy gameplay.

5. Upside: The first social-oriented prediction market platform on Base. Although it has not issued tokens yet, its innovative design combining social predictions and investment mechanisms has already attracted early users to participate.

Currently, Base is evolving from a "trading active" L2 network into a "structurally complete" on-chain financial and content infrastructure. Although some hot projects are facing challenges from the cooling off and speculative behaviors in the short term, in the long run, the narrative continuity and institutional linkage capabilities exhibited by the Base ecosystem suggest that it may become an important bridge for traditional capital entering Web3 in the next phase. For investors, Base is not only a track for the rotation of hot projects but also a key sample for observing the transformation path of the crypto industry towards "compliance, financialization, and practicality."

![Reconstructing On-chain Narratives: What New Story is the Base Ecosystem Telling?])https://img-cdn.gateio.im/webp-social/moments-a4b963b9726b78e5cb7480fb4a0396a8.webp(