Recent Development and Popular Projects Analysis of the Base Ecosystem

I. Recent Changes in the Base Ecosystem

Since the end of May 2025, the Base ecosystem has shown obvious characteristics of an "explosive period." The daily active addresses of ecosystem users, total locked value ( TVL ), and daily transaction volume have all shown a rapid upward trend. This explosion mainly stems from the successive hype of several popular narratives within the ecosystem, attracting widespread market attention. From a macro perspective, the optimistic sentiment in the global stock market towards the concept of stablecoins is also spreading, especially against the backdrop of a potentially improving regulatory environment, Base may become a more favored choice for traditional institutions.

The main performances are as follows:

1. The number of active users has grown exponentially, recently reaching a historic high of 3.6 million.

2. The total locked value rapidly climbed from $2.8 billion to a peak of nearly $4 billion in May, returning to the highest levels of the 2024 bull market.

3. On-chain trading activity has significantly increased, with an average daily transaction count nearing 9 million since May, reaching the highest level of the 2024 bull market.

2. Popular Projects in the Base Ecosystem

1. Virtual: Innovative new mechanism ignites market enthusiasm

Virtual is one of the most关注ed 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 rose from $0.5 in mid-April to a peak of $2.5 in early June, a staggering increase of 400%.

The core advantages of the Virtual IPO mechanism include:

• Extremely low financing price
• Token Linear Unlocking Model
• A low-risk way to participate in new offerings
• Incentive mechanism to reduce the likelihood of project teams absconding

However, as the platform gained popularity, early users frequently adopted a "buy and sell immediately" strategy to obtain short-term high returns, resulting in significant selling pressure on new projects and affecting the overall stability of the ecosystem. To address this issue, Virtual introduced the "Green Lock Mechanism" in mid-June, which imposes a mandatory lock-up period for early investors. While this mechanism helps to curb early selling and extend the project lifecycle, it also significantly alters the original speculative logic, forcing users to have a longer profit cycle, decreasing capital efficiency, and leading to a temporary decline in market enthusiasm.

2. Kaito: The Leader of the Attention Economy

Kaito is a 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 tokenizes the "attention" of users' content posted 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 points ranking and the AI-driven information network Kaito Connect, achieving a synergistic closed loop among content contribution, point distribution, and project selection. This model, which uses content as a value anchor, brings a new narrative to Base that is distinct from traditional DeFi, opening up new imaginative spaces in the integration of social and financial sectors.

3. Future Development Trends of Base

With the gradual clarification of the regulatory environment in the United States, Base, as a compliant on-chain trading entry, is actively laying out the following three directions:

1. Open up the compliance asset onboarding channel: Promote deep integration between centralized trading platforms and the Base chain to simplify user operation processes.

2. Co-build a compliant stablecoin system with traditional financial institutions: Collaborate with mainstream financial institutions to pilot the issuance of "compliant stablecoins" and "deposit tokens" on the Base chain, providing a digital migration path for traditional financial assets.

3. Build a diverse ecological scenario: covering on-chain US stock trading, global crypto payments, compliant DeFi, on-chain lending, and innovative applications such as AI Agents, to activate the actual usage demand for on-chain US dollars.

Through these three major initiatives, Base has not only built a "fast track" for compliant assets to enter the market, but also established a complete value closed loop for USD stablecoins, from fiat currency on-chain to on-chain access and circulation, and then to the implementation of real use cases.

High Potential Projects in the Ecosystem

1. Aerodrome: As an ecological leading DEX, it is expected to gain continuous and stable institutional liquidity support.

2. Uniswap: As another integrated DEX, it is expected to gain more on-chain liquidity.

3. Keeta: A high-performance RWA public chain that may explore in-depth cooperation with Base in the direction of RWA compliance in the future.

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

5. 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.

Overall, Base is gradually evolving from a "transaction-active" L2 network into a "structurally complete" on-chain financial and content infrastructure. Although some popular projects are facing the challenge of declining interest in the short term, in the long run, the narrative continuity and institutional connectivity demonstrated by the Base ecosystem give it the potential to become an important bridge for traditional capital to enter Web3 in the next phase.