Analysis of Base Ecosystem Development and Popular Projects

With the arrival of the "explosive period" of the Base ecosystem since the end of May 2025, its user activity, total locked value, and daily trading volume have all shown significant growth. This phenomenon mainly stems from the continuous hype of several popular concepts within the ecosystem, as well as the global appeal of stablecoin concepts among investors. Against the backdrop of a potentially improving regulatory environment, Base is expected to become a preferred platform for traditional institutions.

Recently, the number of active addresses in the Base ecosystem has grown exponentially, reaching a record high of 3.6 million. At the same time, the total locked value surged from $2.8 billion in May to nearly $4 billion, returning to the highest levels seen during the bull market of 2024. On-chain transactions have also been exceptionally active, with an average daily transaction volume of nearly 9 million since May, reaching peak levels of the 2024 bull market.

Popular Project Analysis

Virtual: Innovative New Mechanism Ignites the Market

As one of the most关注的 projects in the recent Base ecosystem, Virtual has quickly attracted a large amount of funds and users with its unique new token issuance mechanism. 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 new token issuance mechanism of Virtual has the following advantages:

1. Extremely low financing price
2. Token Linear Unlocking
3. Low-risk participation
4. Long-term Incentive Mechanism for the Project Party

However, as the platform gained popularity, early users frequently employed a "buy and sell at new listing" strategy to obtain short-term high returns, which resulted in significant selling pressure on new projects. In response, Virtual introduced a "Green Lock Mechanism," imposing a mandatory lock-up period for new listing users. While this measure helps to curb early sell-offs, it also significantly alters the original speculative logic, leading to an extended profit cycle for users, decreased capital efficiency, and a periodic decline in market enthusiasm.

Kaito: Pioneer of the Attention Economy

As a leading project in the "Information Finance (InfoFi)" sector, Kaito's price has risen from $0.79 to a high of $2.41 since May, an increase of nearly 205%. The core highlight of Kaito is its Yaps module, which incentivizes users to create high-quality content around popular projects by "tokenizing attention" on content published by users on social platforms, thereby 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 collaborative closed loop of content contribution, points distribution, and project selection. This model, anchored in content as a value point, brings a new narrative distinct from traditional DeFi to Base, creating new imaginative space in the fusion track of social and finance.

Coinbase and Base Development Strategy

With the gradual clarification of the regulatory environment in the United States, Coinbase has launched its three major strategic layouts in the Base ecosystem:

1. Open up compliance asset access to the blockchain: Launch the Coinbase verification pool feature, allowing KYC users to directly use their Coinbase 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 the Base chain, paving the way for fiat funds to be brought on-chain.

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

High-Potential Project Outlook

1. Aerodrome and Uniswap: As DEX platforms integrated by Coinbase, they are expected to receive ongoing institutional liquidity support, driving growth in trading volume and TVL.

2. Keeta: A high-performance RWA public chain that may engage in deep collaboration with Base in the direction of RWA compliance in the future.

3. Creator Bid: Launching version 2.0 in collaboration with Kaito, introducing new mechanisms to enhance user participation and expand creator economy gameplay.

4. 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.

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 the challenge of declining popularity in the short term, in the long run, the narrative sustainability and institutional connectivity demonstrated by the Base ecosystem make it likely to become an important bridge for traditional capital to enter Web3. For investors, Base is not only a track for hot rotation but also a key example to observe the transformation of the cryptocurrency industry towards compliance, financialization, and practicality.