New Developments in the Base Ecosystem: Building On-chain Financial and Content Infrastructure

Since the end of May 2025, the Base ecosystem has experienced a significant growth period. The daily active addresses of ecosystem users, total locked value ( TVL ), and daily trading volume have all shown a rapid upward trend. This explosion is mainly driven by the successive hype of multiple popular narratives within the ecosystem, attracting widespread market attention. From a macro perspective, against the backdrop of the global stock market's optimistic attitude towards the concept of stablecoins, especially in the context of a potentially improving regulatory environment, Base is expected to become a more favored choice for traditional institutions.

Recent data shows:

• The number of active users has grown exponentially, with daily active addresses hitting a historic high of 3.6 million.
• TVL rapidly climbed from 2.8 billion dollars in May to nearly 4 billion dollars, returning to the peak levels of the 2024 bull market.
• On-chain transaction activity has significantly increased, with an average of nearly 9 million transactions per day since May, reaching the highest level of the 2024 bull market.

Popular Project Analysis

Virtual: Innovative New Mechanism Ignites the Market

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

1. Extremely low financing threshold
2. Token Linear Unlocking Model
3. Low-risk participation mechanism
4. Incentive design to reduce the probability of project teams running away

However, as the platform's popularity rises, early users frequently obtain short-term high returns through the "new listing and selling" strategy, causing significant selling pressure on new projects. In response, Virtual has introduced a "green lock mechanism" that imposes a mandatory lock-up period for new listing users. Although this measure helps to extend the project's lifecycle, it also significantly alters the original speculative logic, leading to a phase of market enthusiasm retreat.

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 peak of $2.41 since May, an increase of nearly 205%. Kaito's core highlight lies in its Yaps module, which incentivizes users to create high-quality content around popular projects by "tokenizing attention" on the content they publish on social platforms.

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 screening. This model, anchored in content as a value point, has brought a new narrative to Base that differs from traditional DeFi, opening up new imaginative spaces in the integration of social and financial sectors.

Future Development Strategies of Coinbase and Base

Against the backdrop of the U.S. Senate passing the GENIUS stablecoin bill, Coinbase has made three major moves around Base:

1. Open up the compliance asset on-chain channel: Launch the Coinbase verification pool function, 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 Base, providing a channel for fiat funds to go on-chain.

3. Build a diverse ecological scenario: covering on-chain U.S. stock trading, global crypto payments, compliant DeFi, on-chain credit, as well as innovative applications such as AI Agent and InfoFi, to activate the actual usage demand for on-chain USD.

High-Potential Projects in the Ecosystem

• Aerodrome and Uniswap: As DEX integrated by Coinbase, they are expected to receive continuous institutional liquidity support.
• Keeta: A high-performance RWA public chain that may engage in deep cooperation with Base in the direction of RWA compliance in the future.
• Creator Bid: Collaborate with Kaito to launch version 2.0, expanding the creator economy gameplay.
• 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 an actively traded L2 network into a well-structured on-chain financial and content infrastructure. Although some hot projects face challenges in the short term, the narrative continuity and institutional linkage capability demonstrated by the Base ecosystem make it likely to become an important bridge for traditional capital entering Web3 in the long run. For investors, Base is not only a track for hot rotation but also an important sample for observing the transformation of the crypto industry towards compliance, financialization, and practicality.