Analysis of Recent Developments and Future Trends of the Base Ecosystem

1. Recent Changes in the Base Ecosystem

Since the end of May 2025, the Base ecosystem has entered a significant "explosion period". The daily active addresses of ecological users, total locked value ( TVL ), and daily transaction volume are all showing a rapid upward trend. This wave of growth is mainly driven by the successive hype of several popular topics within the ecosystem, attracting widespread attention from the market. From a macro perspective, due to the listing of a certain payment giant, there has been an optimistic sentiment among investors regarding the concept of stablecoins in the global stock market, especially in the context of a potentially improving regulatory environment, making Base a promising choice favored by traditional institutions.

Changes in main ecological indicators:

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

2. The total locked value rose from 2.8 billion dollars in May to nearly 4 billion dollars, returning to the peak levels of the 2024 bull market.

3. Since May, the on-chain daily average number of transactions has approached 9 million, also reaching the highest level of the 2024 bull market.

2. Analysis of Popular Projects in the Base Ecosystem

1. Virtual: The innovative new mechanism ignites market enthusiasm.

Virtual is one of the most notable projects in the Base ecosystem recently. Through its unique new listing mechanism, the project quickly attracted a large amount of capital and user participation, becoming a core representative of the current new listing narrative in the Base ecosystem. From mid-April to early June, the price of VIRTUAL skyrocketed from $0.5 to $2.5, an increase of 400%.

The core advantages of the Virtual New Share Mechanism:

• Extremely low financing price: Each new project raises funds at a market value of 42,425 virtual (approximately $224,000), allowing users to participate in financing at a very low cost, with significant potential profit margins.

• Token linear unlocking: Adopts 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 only a small number of high-quality projects will be released daily.

• Reduce the risk of project abandonment: set a 1% fee, of which 70% is returned to the project party, incentivizing the project party to enhance trading activity rather than cashing out in the short term.

However, as the platform's popularity soared, early users frequently obtained short-term high returns through the "buying and selling new projects" strategy, leading to significant selling pressure on new projects and impacting the overall stability of the ecosystem. In response, Virtual introduced the "Green Lock Mechanism" in mid-June, which imposes a mandatory lock-up period for users who buy new projects. While this mechanism helps to suppress early selling and prolong the project lifecycle, it also significantly alters the original speculative logic, resulting in an extended profit cycle for users, decreased capital efficiency, and a periodic decline in market enthusiasm. Consequently, Virtual's price entered a downward channel in mid-June, falling from a high point to $1.69, a drop of over 37%.

2. Kaito: Leader of the Attention Economy

Kaito is a leading project in the "Information Finance (InfoFi)" sector. Since May, the price of Kaito 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 incentivizes users to create high-quality content around popular projects by "tokenizing attention" on the content they post on social platforms, thus building a content-driven influence mechanism for Web3 communication.

Kaito's innovative mechanism:

• Content-driven influence: Encourage users to create high-quality content around popular projects.
• Dual incentives: Combining weekly airdrops with leaderboard rewards allows users to both "voice" and "monetize".
• Ecological Closed Loop: Launching the Yapper Launchpad system based on points ranking and the AI-driven information network Kaito Connect, achieving synergy in content contribution, points allocation, and project selection.
• Open Participation: Kaito Connect allows ordinary users to receive rewards for their 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. Future Development Trends

In June 2025, the U.S. Senate passed the GENIUS Stablecoin Act, establishing a legislative framework for U.S. dollar stablecoins, marking the first time regulators have legally affirmed the compliant status of digital assets. Against this backdrop, a large cryptocurrency exchange began its three major initiatives:

1. Open up the compliance asset access channel to the blockchain: Launch the Verified Pools function, allowing KYC users to directly interact with DApps on Base using their exchange account balance.

2. Build a compliant stablecoin system in collaboration with traditional financial institutions: Partner with Wall Street financial giants to pilot the issuance of "compliant stablecoins" and "deposit tokens" on the Base chain, providing on-chain circulation channels for traditional financial assets.

3. Build a diverse ecological scenario:

   • On-chain US stock trading: Plan to launch tokenized stock products.
   • Global crypto payments: Collaborating with e-commerce platforms to integrate stablecoins into the checkout process.
   • Compliant DeFi and On-chain Credit: Guiding DeFi projects to operate in compliance through KYC modules.
   • AI Agents and innovative applications like InfoFi: creating more on-chain new ways to attract traditional users to participate.

These three major measures not only build a "fast lane" on-chain for compliant assets but also create a complete value closed loop for USD stablecoins, from fiat currency on-chain to on-chain deposits and circulation, and finally to the implementation of actual use cases.

IV. High-Potential Projects in the Ecosystem

1. Aerodrome and Uniswap: As DEXs integrated into the main application, they are expected to receive ongoing institutional liquidity support, driving growth in trading volume, TVL, and platform revenue.

2. Keeta: A high-performance RWA public chain that has passed independent stress testing to verify its performance and has received support from multiple institutions. It 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 token launches to enhance user participation and expand creator economy gameplay.

4. Upside: The first social-oriented prediction market platform on Base that allows users to convert social content into "content tokens" and engage in voting transactions. Although tokens have not yet been issued, it has already attracted early users and has the potential to become a new type of application.

Overall, Base is gradually evolving from a "trading-active" L2 network into a "well-structured" on-chain financial and content infrastructure. Although some hot projects face challenges of waning popularity and speculative behavior 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 to enter Web3 in the next stage. For investors, Base is not only a hot rotation track but also a key sample for observing the transformation path of the crypto industry towards "compliance, financialization, and practicality."