New Narratives and Development Trends of the Base Ecosystem

Recently, the Base ecosystem has welcomed a significant growth period. Since the end of May 2025, the network's user activity, total locked value ( TVL ), and daily trading volume have all shown a rapid upward trend. This growth is primarily driven by the successive hype of several popular projects within the ecosystem, attracting widespread market attention. From a macro perspective, positive sentiment around global stablecoin concepts is also spreading, especially against the backdrop of a potentially improving regulatory environment, making Base a more favorable choice for traditional institutions.

Recent Changes in the Base Ecosystem

• The number of active users has grown exponentially, recently reaching a historic high of 3.6 million.
• The total locked value surged from 2.8 billion USD to nearly 4 billion USD in May, returning to the peak of the 2024 bull market.
• Since May, the average daily trading volume has approached 9 million times, reaching the highest level of the bull market in 2024.

Popular Projects in the Base Ecosystem

1. Virtual: Innovative new mechanism ignites the market

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

• Extremely low financing price
• Token Linear Unlocking
• Low-risk participation in subscription
• Reduce the possibility of short-term cashing out by the project party

However, as the platform gained popularity, early users frequently obtained high returns through the "buying new and selling immediately" strategy, resulting in significant selling pressure on new projects. In response, Virtual launched the "Green Lock Mechanism," which imposes a mandatory lock-up period for new buyers. Although this mechanism helps to extend the project lifecycle, it also forces users to lengthen their profit cycles, leading to a periodic decline in market enthusiasm.

2. Kaito: Leader of the Attention Economy

Kaito is a leading project in the "Information Finance (InfoFi)" sector. Since May, its price has risen from $0.79 to a peak of $2.41, an increase of nearly 205%. The core of Kaito lies in its Yaps module, which "tokenizes attention" on content published by users on social platforms, incentivizing users to create high-quality content around popular projects.

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, brings a new narrative that distinguishes Base from traditional DeFi, creating new imaginative space in the track of social and financial integration.

Future Development Trends of Coinbase and Base

With the U.S. Senate passing the GENIUS Stablecoin Act, establishing a legislative framework for U.S. dollar stablecoins, Coinbase, as a compliant exchange, has begun its three major strategies:

1. Establish a channel for interaction between Coinbase and on-chain assets through Base.
2. Issue compliant stablecoins on Base in collaboration with traditional financial institutions.
3. Establish diversified content within the Base ecosystem, including on-chain US stocks, compliant payments, DeFi, AI Agents, etc.

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

Coinbase has launched the Coinbase verification pool feature, allowing KYC users to directly interact with DApps on Base using their Coinbase account balance. A certain DEX platform has currently been announced as its on-chain trading platform.

Step 2: Build a compliant stablecoin system

Coinbase collaborates with traditional financial institutions to pilot the issuance of "compliant stablecoins" and "deposit tokens" on the Base chain. These assets are held in custody by regulated banks and possess traditional financial attributes, making Base a layer for traditional finance on the blockchain.

Step 3: Build a diversified ecological scenario

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

• On-chain US stock trading
• Collaborate with stablecoin issuers for ecosystem integration
• Global Crypto Payments
• Compliant DeFi and On-chain Credit
• AI Agent and innovative gameplay such as InfoFi

High-Potential Projects in the Base Ecosystem

• A certain DEX platform: With the integration program of Coinbase, it is expected to receive continuous institutional liquidity support.
• Another DEX platform: will also benefit from Coinbase's integration, gaining more on-chain liquidity.
• Keeta: A high-performance RWA public chain, expected to engage in deep cooperation with Base in the direction of RWA compliance in the future.
• Creator Bid: Launched version 2.0, adding new mechanisms such as staking for new projects to enhance user participation.
• 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 transaction-active L2 network into a well-structured on-chain financial and content infrastructure. Although some hot projects face challenges in the short term, the narrative sustainability and institutional connectivity demonstrated by the Base ecosystem in the long term 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.