Recent Developments and Popular Project Analysis in the Base Ecosystem

1. Recent Changes in the Base Ecosystem

Since the end of May 2025, the Base ecosystem has shown distinct characteristics of a "boom period." User activity, total locked value ( TVL ), and daily trading volume have all shown a rapid upward trend. This boom is mainly driven by the successive hype of multiple popular narratives within the ecosystem, attracting widespread market attention. From a macro perspective, the global stock market's optimistic sentiment towards the concept of stablecoins is also spreading, particularly in the context of a potentially improving regulatory environment, making Base likely to become one of the preferred choices for traditional institutions.

The specific performance is as follows:

• 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 in May to nearly $4 billion, returning to the peak levels of the 2024 bull market.
• The average daily number of on-chain transactions has approached 9 million since May, reaching the highest point of the bull market in 2024.

2. Analysis of Popular Projects in the Base Ecosystem

1. Virtual: Innovative new mechanism ignites market enthusiasm

Virtual is one of the most noteworthy projects in the Base ecosystem recently. With its unique new token issuance mechanism, the project 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 continuously risen from $0.5 in mid-April to a peak of $2.5 in early June, marking an increase of up to 400%.

The core advantages of the Virtual IPO mechanism include:

• Extremely low financing price: Each new project raises funds at a market value of 42,425 Virtual (approximately $224,000), providing users with an opportunity to participate at a very low price.
• Token linear unlocking: The tokens of new projects are unlocked in batches using a transparent economic model, similar to traditional VC investment models.
• Low-risk participation: Full refunds in case of fundraising failure, and only a small number of carefully selected projects are published daily, with strict quality control.
• Project party incentive mechanism: Set a 1% transaction fee, of which 70% is returned to the project party, encouraging the project party to enhance trading activity rather than short-term cashing out.

However, as the platform gained popularity, early users frequently employed the "buy and sell immediately" strategy to obtain substantial short-term profits, resulting in significant selling pressure on new projects. In response, Virtual introduced a "green lock mechanism" in mid-June, imposing a mandatory lock-up period for new investors. While this measure helps to extend the project lifecycle, it also significantly alters the original speculative logic, leading to a prolonged profit cycle for users and decreased capital efficiency. Subsequently, the price of Virtual fell from its peak to $1.69, a decline of over 37%.

2. Kaito: Attention Economy Leading Project

Kaito, as a leading project in the "Information Finance (InfoFi)" sector, has seen its price rise 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' content published on social platforms, incentivizing users to create high-quality content around popular projects, and building a content-driven influence mechanism for Web3 communication.

Kaito's innovations include:

• Content creation incentives: Combining weekly airdrops and leaderboard rewards, allowing users to "voice" while achieving "monetization".
• Diversified ecosystem: Launched the Yapper Launchpad system based on points ranking and the AI-driven information network Kaito Connect.
• Open participation mechanism: Ordinary users can also receive corresponding rewards through information contributions.

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.

3. Analysis of Future Development Trends

With the U.S. Senate passing the GENIUS stablecoin bill, a legislative framework for dollar-backed stablecoins has been established, and the regulatory environment is gradually becoming clearer. Against this backdrop, a well-known trading platform is actively positioning itself, promoting three major strategies centered around Base:

1. Open up compliance asset entry channels: Launch verification pool function, allowing KYC users to directly use their trading platform account balance to interact with DApps on Base.

2. Build a compliant stablecoin system: Collaborate with traditional financial institutions to pilot the issuance of "compliant stablecoins" and "deposit tokens" on Base, providing a channel for fiat funds to be brought on-chain.

3. Building 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 and InfoFi, to activate the demand for the use of on-chain dollars.

These three major measures not only create a "fast track" for compliant assets to enter, but also establish a complete value closed loop for USD stablecoins, from fiat currency being on-chain to on-chain deposit and circulation, and then to the implementation of actual use cases.

High Potential Projects in the Ecosystem

1. Aerodrome and a certain DEX: As a DEX integrated into the main application, it is expected to receive continuous institutional liquidity support, driving the growth of trading volume, TVL, and platform revenue.

2. Keeta: A high-performance RWA public chain, featuring tens of millions of TPS and sub-second transaction confirmation, has already gained support from multiple institutions, and may engage in deep cooperation with Base in the direction of RWA compliance in the future.

3. Creator Bid: Launched version 2.0 in collaboration with Kaito, introducing new mechanisms such as staking for new projects, enhancing user engagement and expanding creator economy gameplay.

4. Upside: The first social-oriented prediction market platform on Base, allowing users to convert social content into "content tokens" and engage in voting transactions, with the potential to become a new type of application that combines liquidity and content attributes.

Overall, Base is gradually evolving from a "trading-active" L2 network into a "structurally complete" on-chain financial and content infrastructure. Although some hot projects face challenges from waning enthusiasm and speculative behavior in the short term, in the long run, the narrative continuity and institutional connectivity demonstrated by the Base ecosystem make it likely to become an important bridge for traditional capital entering Web3 in the next stage. For investors, Base is not only a hot rotation track, but also a key example to observe the "compliance, financialization, and practicalization" transformation path of the cryptocurrency industry.