Analysis of Base Ecosystem Development Trends and Popular Projects

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 ecosystem users, total locked value ( TVL ), and daily transaction volume have all shown a rapid upward trend. This explosion mainly stems from the continuous hype of several popular narratives within the ecosystem, attracting widespread market attention. From a macro perspective, due to the spread of optimistic sentiment regarding stablecoins in the global stock market, especially against the backdrop of a potentially improving regulatory environment, Base is expected to become a more favored choice for traditional institutions.

The specific performance is as follows:

1. Significant growth in active users: The number of active addresses has increased exponentially, recently hitting a historic high of 3.6 million.

2. Rapid Increase in TVL: The total locked value of Base surged from 2.8 billion dollars in May to nearly 4 billion dollars at its peak, returning to the highest level of the 2024 bull market.

3. Active on-chain transactions: Since May, the average daily transaction volume has approached 9 million, reaching the highest level of the 2024 bull market.

Popular Projects in the Base Ecosystem

1. Virtual: An innovative new issuance mechanism ignites market enthusiasm.

Virtual is one of the most关注的项目 in the recent Base ecosystem. With its innovative new project mechanism, the project has quickly attracted a large amount of funding and user participation, becoming the core representative of the current new project narrative in the Base ecosystem. The price of Virtual rose 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 IPO mechanism include:

• Extremely low financing price: Each new project raises funds at a market value of $224,000, allowing users to participate in financing at a very low price, with significant potential for profit.
• Token linear unlocking: The new project adopts a transparent token economic model with batch unlocking.
• Low-risk participation: Full refund in case of fundraising failure, and only a small number of high-quality projects are released daily.
• Reduce the probability of project parties absconding: Set a 1% transaction fee, of which 70% is returned to the project parties, incentivizing them to increase trading activity.

However, as the platform gained popularity, early users frequently obtained short-term high returns through the "buy and sell on new listings" strategy, leading to significant selling pressure on new projects. In response, Virtual launched the "Green Lock Mechanism" in mid-June, imposing a mandatory lock-up period for new listing users. Although this mechanism helps curb early selling and extend the project lifecycle, it also significantly alters the original speculative logic. The profit cycle for users is forced to lengthen, capital efficiency declines, and market enthusiasm experiences a phase of retreat. The price of Virtual entered a downward channel in mid-June, falling from a high of $1.69, a decline of over 37%.

2. Kaito: Leader in the attention economy track

Kaito is the leading project in the "Information Finance (InfoFi)" track. Since May, Kaito's price has risen from $0.79 to a peak of $2.41, 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" on user-published content, thereby building a content-driven influence mechanism for Web3 communication.

Kaito's innovative mechanism includes:

• Content Tokenization: Incentivize users to create high-quality content while achieving "voice" and "monetization".
• Points Ranking System: Launching the Yapper Launchpad system to achieve a collaborative closed loop of content contribution, points distribution, and project selection.
• AI-driven information network: Kaito Connect provides an open InfoFi network, allowing ordinary users to be rewarded for their information contributions.

This content-driven value anchoring model brings a new narrative to Base, distinguishing it from traditional DeFi, and opens up new imaginative spaces in the intersection of social and financial sectors.

Future Development Trends

With the U.S. Senate passing the GENIUS Stablecoin Act, a legislative framework for U.S. dollar stablecoins has been established, affirming the compliance status of digital assets for the first time in legal form by regulators. Against this backdrop, the future development of the Base ecosystem may present the following trends:

1. Unblocking the compliance asset onboarding channel: This will promote the deep integration of centralized exchange account balances with the Base chain, simplifying user interaction processes.

2. Build a compliant stablecoin system: Collaborate with traditional financial institutions to pilot the issuance of "compliant stablecoins" and "deposit tokens" on the Base chain, migrating traditional financial assets to the chain.

3. Building a Diverse Ecological Scenario:

   • On-chain US stock trading: promoting tokenized stock products, allowing users to trade US stocks on-chain.
   • 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 InfoFi: Developing innovative on-chain applications to attract traditional users to participate.

High-Potential Projects in the Ecosystem

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

2. Uniswap: Similar to Aerodrome, it will benefit from increased on-chain liquidity, enhancing the platform's potential returns.

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

4. Creator Bid: Launched version 2.0 in collaboration with Kaito, adding new mechanisms such as staking for new listings, 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.

Overall, Base is gradually evolving from a transaction-active L2 network into a well-structured on-chain financial and content infrastructure. Although some hot projects face challenges of declining popularity and speculative behavior in the short term, in the long run, the narrative sustainability and institutional connectivity demonstrated by the Base ecosystem suggest that it could become an important bridge for traditional capital to enter Web3 in the next phase. For investors, Base is not only a track for hot rotation but also an important sample for observing the "regulation, financialization, and practicality" transformation path of the crypto industry.