The Base ecosystem is迎来发展新高峰, with multiple popular projects leading the market trend.

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

Recently, the Base ecosystem has shown the following significant characteristics:

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

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

3. The on-chain transaction activity has significantly increased, with an average daily transaction volume approaching 9 million since May, reaching the peak of the bull market in 2024.

Popular Projects in the Base Ecosystem

1. Virtual: Innovative subscription mechanism ignites the market

As one of the most关注 projects in the recent Base ecosystem, Virtual has quickly attracted a large amount of capital and user participation with its innovative new project mechanism, becoming the core representative of the current new project narrative in the Base ecosystem. The price of VIRTUAL has risen from $0.5 in mid-April to a peak of $2.5 in early June, 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 the opportunity to participate in financing at an extremely low price.
• Token Linear Unlocking: New projects adopt a transparent token economic model with phased unlocking.
• Low-risk participation: Projects that do not successfully raise funds will be fully refunded, and only a small number of high-quality projects will be released daily.
• Reduce the probability of project party defaults: set a 1% fee, of which 70% is returned to the project party, forming a positive ecological closed loop.

However, as the platform's popularity rose, early users frequently employed the "buy and sell on new listings" strategy to obtain short-term high returns, resulting in significant selling pressure on new projects. In response, Virtual launched the "Green Lock Mechanism" in mid-June, imposing a mandatory lock-up period for users participating in new listings. This mechanism, while helping to curb early sell-offs and extend the project's lifecycle, also significantly altered the original speculative logic. Subsequently, Virtual's price entered a downward channel, falling from its peak to $1.69, a decline of over 37%.

2. Kaito: Leader in the attention economy sector

Kaito is a leading project in the "Information Finance (InfoFi)" sector, with its price rising 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 incentivizes users to create high-quality content around popular projects by "tokenizing attention" on content published on social media platforms, 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 among content contribution, points distribution, and project selection. This model, anchored in content as the value point, brings a new narrative to Base that differs from traditional DeFi, opening up new imaginative spaces in the integration of social and financial sectors.

The Future Development Trends of Coinbase and Base

With the U.S. Senate passing the GENIUS Stablecoin Act, establishing a legislative framework for USD stablecoins, Coinbase, as a compliant exchange, has initiated its three major strategic layouts:

1. Connect Coinbase with on-chain assets through Base, serving as a compliant on-chain trading entry point.
2. Collaborate with traditional financial institutions to issue compliant stablecoins based on Base, promoting the on-chain integration of traditional financial funds.
3. Establish diverse content within the Base ecosystem, including on-chain US stocks, compliant payments, DeFi, AI Agents, etc., to attract traditional capital inflow.

The specific implementation steps are as follows:

Step 1: Open the compliance asset access channel to the blockchain

Coinbase has launched the Verified Pools feature, allowing KYC users to interact directly with DApps on Base using their Coinbase account balance, without the cumbersome wallet switching and on-chain transfer processes.

Step 2: Co-construct a compliant stablecoin system with traditional financial institutions.

Coinbase partners with traditional financial institutions to pilot the issuance of "compliant stablecoins" and "deposit tokens" on the Base chain. These assets are custodial by regulated banks and possess traditional financial attributes such as interest income, legal protection, and bank insurance.

Step 3: Build a diversified ecological scenario

To enhance the practical use cases of on-chain US dollars, Coinbase is promoting the diversification of the Base ecosystem, including:

• Apply for US stock on-chain permissions and launch tokenized stock products.
• Collaborate with Circle for ecological linkage and integrate global stablecoin payment channels.
• 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 Agent and innovative gameplay like InfoFi: attracting traditional users to participate

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 DEX integrated with Coinbase, it will gain more on-chain liquidity.

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

4. Creator Bid: The new version introduces mechanisms such as staking for new bids, enhancing user participation and expanding the creator economy gameplay.

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.

Base is 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 suggest that it may become an important bridge for traditional capital to enter Web3. For investors, Base is not only a track for hot rotation but also an important sample for observing the transformation path of the crypto industry towards "compliance, financialization, and practicality."