Emerging Trends and Future Development of the Base Ecosystem

Since the end of May 2025, the Base ecosystem has shown clear characteristics of an "explosion period." User activity, total locked value ( TVL ), and daily trading volume within the ecosystem have all shown a rapid upward trend. This phenomenon is mainly due to the repeated hype of several popular narratives within the ecosystem, attracting widespread attention from the market. From a macro perspective, as global stock markets spread optimistic sentiments about the concept of stablecoins, especially against the backdrop of a potentially improving regulatory environment, Base may become a more favored choice for traditional institutions.

1. Recent Changes in the Base Ecosystem

1. The number of active users has grown exponentially and recently reached a historic high of 3.6 million.

2. The total locked value ( TVL ) surged from 2.8 billion USD to nearly 4 billion USD in May, returning to the peak level of the 2024 bull market.

3. On-chain transaction activity has significantly increased, with an average of nearly 9 million transactions per day since May, reaching the peak level of the bull market in 2024.

2. Popular Projects in the Base Ecosystem

1. Virtual: Innovative new mechanism ignites market enthusiasm

Virtual has quickly attracted a large amount of capital and user participation with its unique new token issuance mechanism, becoming the core representative of the current new token issuance narrative in the Base ecosystem. The price of the VIRTUAL token has risen from $0.5 in mid-April to a peak of $2.5 in early June, an increase of 400%. The core advantages of the Virtual new token issuance mechanism include:

• Extremely low financing price: Each new project raises funds with a market value of 42,425 virtual (approximately $224,000), allowing users to participate in financing at an extremely low price.
• Token linear unlocking: New project tokens adopt a transparent economic model for phased unlocking, avoiding large-scale sell-offs at once.
• Low-risk participation: Projects that do not successfully raise funds will fully refund users, and Virtual only releases a small number of high-quality projects daily.
• Reduce the probability of project parties running away: set a 1% transaction fee, of which 70% is returned to the project party, encouraging project parties to enhance trading activity rather than cashing out in the short term.

However, as the platform's popularity soared, early users frequently adopted the "new listing and sell" strategy to achieve substantial short-term profits, leading to immense selling pressure on new projects. In response, Virtual launched the "Green Lock Mechanism" in mid-June, implementing a mandatory lock-up period for new listing users. Although this measure helps extend the project's lifecycle, it also significantly alters the original speculative logic, resulting in a prolonged profit cycle for users, decreased capital efficiency, and a temporary decline in market enthusiasm. Consequently, the price of the Virtual token entered a downward channel in mid-June, falling from a peak to $1.69, a drop of over 37%.

2. Kaito: Leader of the Attention Economy

As a leading project in the "Information Finance (InfoFi)" sector, Kaito 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 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 media, thus building a content-driven influence mechanism for Web3 communication.

Kaito has also launched the Yapper Launchpad system based on point rankings and the AI-driven information network Kaito Connect, achieving a collaborative closed loop of content contribution, point distribution, and project selection. Users can obtain airdrop qualifications and platform governance rights through Yaps, participate in project ranking voting, and receive incentives for high-quality content, forming a unique "create while investing" logic. Kaito Connect provides an open InfoFi network, allowing ordinary users to receive due rewards for their information contributions. This model, anchored in content as a value point, brings a new narrative to Base that is different from traditional DeFi, opening up new imaginative spaces in the integration of social and financial sectors.

3. Future Development Trends of Base

With the U.S. Senate passing the GENIUS Stablecoin Act to establish a legal framework for USD-backed stablecoins, a well-known exchange is actively laying out its Base ecosystem, aiming to build compliant on-chain financial infrastructure. Its strategic deployment mainly includes three major steps:

1. Open up the compliance asset on-chain channel: Launch the verification pool function, allowing KYC users to directly use their exchange account balance to interact with DApps on Base.

2. Co-building a compliant stablecoin system with traditional financial institutions: Collaborating 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. Building a diverse ecological scenario:

   • Apply for on-chain access to US stocks, planning to launch tokenized stock products
   • Partnering with payment giants to integrate stablecoins into e-commerce checkout processes
   • Guide DeFi projects to operate in compliance through the KYC module
   • Build AI Agents and innovative on-chain applications like InfoFi

Through these measures, Base has not only created a "fast track" for compliant assets to enter the market but also constructed a complete value closed loop for USD stablecoins, from fiat currency on-chain to on-chain access and circulation, and then to the implementation of actual use cases.

High-Potential Projects in the Ecosystem

1. A certain DEX platform: With the integration plan of large exchanges, it is expected to gain continuous and stable institutional liquidity support, driving the growth of trading volume, TVL, and platform revenue.

2. Another DEX platform: Similarly benefiting from exchange integration, expected to gain more on-chain liquidity and enhance the platform's potential returns.

3. High-performance RWA public chain project: Focused on tens of millions of TPS and sub-second transaction confirmation, has validated performance through independent stress testing, and has received support from multiple institutions. Future deep cooperation with Base may be developed in the direction of RWA compliance.

4. Creator Economy Platform: Launched version 2.0, introducing new mechanisms such as staking and new token offerings, enhancing user engagement. The new mechanisms have driven its token to break the historical market value of $150 million in a short period, demonstrating strong growth potential.

5. Social-Oriented Prediction Market Platform: Users can convert social media content into "Content Tokens" and engage in voting transactions. Currently in the testing phase, it is expected to become a new type of application on Base that combines liquidity and content attributes with its innovative social prediction + investment mechanism.

Currently, Base is gradually evolving from an "actively traded" L2 network into a "structurally complete" on-chain financial and content infrastructure. Although some hot projects face challenges from declining popularity and user speculation in the short term, from a long-term perspective, the narrative continuity and institutional connectivity demonstrated by the Base ecosystem suggest that it could become an important bridge for traditional capital entering Web3 in the next phase. 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."