The Base ecosystem is entering a period of explosive growth, with multiple hot projects taking turns to ignite the market.

Since the end of May 2025, the Base ecosystem has shown a significant prosperous scene. User activity, total locked value ( TVL ), and daily trading volume have all shown a rapid upward trend. This wave of ecological explosion is mainly derived from the successive hype of several popular narratives, attracting a lot of market attention. From a macro perspective, the concept of stablecoins is spreading optimistic sentiment in the global stock market, especially in the context of a potentially improving regulatory environment, making Base likely to become a preferred choice for traditional institutions.

Data shows that the Base ecosystem has performed impressively recently:

• The number of active users has grown exponentially, recently peaking at 3.6 million.
• The total locked value rose from $2.8 billion in May to nearly $4 billion at its peak, returning to the peak levels of the 2024 bull market.
• Since May, the average daily transaction volume has approached 9 million times, reaching the peak of the bull market in 2024.

Analysis of Popular Projects in the Base Ecosystem

Virtual: Innovative New Mechanism Sparks Market Boom

Virtual has quickly become one of the most noteworthy projects in the Base ecosystem due to its unique new token issuance mechanism. Its token price soared from $0.5 in mid-April to a peak of $2.5 in early June, with an increase of 400%. The core advantages of Virtual include:

1. Extremely low financing price: The new project raised funds at a market value of only $224,000, providing users with an extremely attractive entry price.
2. Token linear unlocking: Adopts a transparent token economic model similar to VC coins, unlocking in batches.
3. Low-risk participation: Projects that fail to raise funds will receive a full refund, and only a limited number of high-quality projects will be issued daily.
4. Project Party Incentive Mechanism: Set a 1% fee, of which 70% is returned to the project party to encourage increased trading activity.

However, as the platform's popularity surged, early users frequently adopted a "buy and sell immediately" strategy to obtain high short-term profits, resulting in significant selling pressure on new projects. To address this, Virtual launched a "Green Lock Mechanism" in mid-June, implementing a mandatory lock-up period for new users. While this measure helps to curb early selling and extend the project lifecycle, it also significantly alters the original speculative logic. Subsequently, the price of Virtual experienced a correction, falling from a high of $1.69, with a decline of over 37%.

Kaito: Pioneer of the Attention Economy

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 is its Yaps module, which incentivizes users to create high-quality content around popular projects by "tokenizing attention" for content published on social platforms. This mechanism greatly enhances community engagement, combined with weekly airdrops and leaderboard rewards, allowing users to both "voice their opinions" and "monetize".

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 allocation, and project screening. Users can obtain airdrop eligibility and platform governance rights through Yaps, participate in project leaderboard voting and premium content incentives, forming a unique "create while investing" logic. Kaito Connect provides an open InfoFi network for ordinary users, allowing everyone to be rewarded for their information contributions.

Future Development Strategy of Coinbase and Base

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

1. Open up the interaction channel 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 on Base, facilitating the on-chain of traditional financial funds.
3. Build diverse content within the Base ecosystem, including on-chain US stocks, compliant payments, DeFi, AI Agents, etc., to attract traditional capital inflow.

Open the compliance asset access channel to the blockchain.

Coinbase is pushing for deep integration of its centralized trading platform with the Base chain, launching the Coinbase verification pool feature, which allows KYC users to interact directly with DApps on Base using their Coinbase account balance, simplifying the wallet switching and on-chain transfer processes.

Build a compliant stablecoin system in collaboration with traditional financial institutions

Coinbase collaborates with Wall Street financial giants to pilot the issuance of "compliant stablecoins" and "deposit tokens" on the Base chain. These assets are custodied by regulated banks, offering traditional financial attributes such as interest income, legal protection, and bank insurance, significantly enhancing the trust foundation of crypto stablecoins.

Build a diversified ecological scenario

To enhance the practical use cases of on-chain USD, Coinbase is simultaneously promoting the diversification of the Base ecosystem:

• On-chain US stock trading: Plans to launch tokenized stock products that allow users to trade mainstream US stocks on-chain.
• Collaborate with payment giants: Utilize the Circle Payments Network to provide a strong clearing infrastructure for the Base ecosystem.
• Global crypto payments: Collaborate with e-commerce platforms to integrate stablecoins into the checkout process and expand cross-border settlement applications.
• Compliant DeFi and On-chain Lending: Guide DeFi projects to operate compliantly through KYC modules, providing stable and auditable on-chain financial services.
• AI Agent and InfoFi: Creating innovative on-chain applications to attract traditional users.

High-Potential Projects Worth Noting in the Base Ecosystem

1. Aerodrome: As an ecological leading DEX, it is expected to gain continuous institutional liquidity support, driving the growth of trading volume, TVL, and platform revenue.

2. Uniswap: As another DEX integrated with Coinbase, it will gain more on-chain liquidity, enhancing the platform's potential revenue.

3. Keeta: A high-performance RWA public chain that has been verified for performance through independent stress testing, and may engage in deep cooperation with Base in the direction of RWA compliance in the future.

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

5. Upside: The first social-oriented prediction market platform on Base, although it has not yet issued tokens, has already attracted early user participation with its innovative design.

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 in the short term, the narrative sustainability and institutional linkage ability exhibited by the Base ecosystem in the long run make it likely to become an important bridge for traditional capital to enter Web3. For investors, Base is not only a hot rotation track but also a key sample for observing the "compliance, financialization, and practicality" transformation path of the cryptocurrency industry.