Analysis of Recent Changes and Future Development Trends of the Base Ecosystem

1. Recent Changes in the Base Ecosystem

Since the end of May 2025, the Base ecosystem has entered a noticeable "explosion period". The number of daily active addresses, total locked value ( TVL ), and daily transaction volume have all shown a rapid upward trend. This explosion is primarily driven by the repeated hype of several popular narratives within the ecosystem, attracting widespread market attention. From a macro perspective, the optimistic sentiment around stablecoins in the global stock market has also positively impacted Base, especially in the context of a potentially improving regulatory environment, making Base a more favored choice for traditional institutions.

The specific performance is as follows:

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

2. Popular Projects in the Base Ecosystem

1. Virtual: Innovative new mechanism ignites market enthusiasm

Virtual is one of the most关注 projects in the recent Base ecosystem, and its innovative new launch mechanism has quickly attracted a large amount of capital and user participation. The price of VIRTUAL 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 launch mechanism include:

• Extremely low financing price
• Token Linear Unlocking
• Low-risk participation opportunity
• Reduce the probability of project parties absconding

However, as the platform's popularity rose, early users frequently obtained short-term 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" in mid-June, imposing a mandatory lock-up period for new buyers. Although this mechanism helps to suppress early selling and extend the project lifecycle, it also significantly alters the original speculative logic, leading to a phased retreat of market enthusiasm. Virtual's price entered a downward channel in mid-June, falling from a peak of $1.69, with a decline of over 37%.

2. Kaito: Leader in the attention economy track

Kaito is the leading project in the "Information Finance ( InfoFi )" sector. Since May, Kaito's price has risen from $0.79 to a high 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" from the content they post on social media platforms, thereby 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 among content contribution, point distribution, and project selection. This model, anchored in content as a 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.

3. Future Development Trends

Against the backdrop of the U.S. Senate passing the GENIUS stablecoin bill, a certain trading platform has begun its three major layouts as a compliant exchange:

1. Open up interaction channels with on-chain assets through Base, serving as a compliant entry point for on-chain transactions.
2. Collaborate with traditional financial institutions to issue compliant stablecoins based on Base, promoting the on-chain of traditional financial funds.
3. Establish on-chain US stocks, compliant payments, DeFi, AI Agents, and other contents within the Base ecosystem to attract traditional capital inflow.

Specific strategies include:

• Promote deep integration of centralized trading platforms with the Base chain
• Collaborate with traditional financial institutions to issue "compliant stablecoins" and "deposit tokens"
• Build a diverse ecological scene, including on-chain US stock trading, global crypto payments, compliant DeFi, and on-chain lending, etc.

Through these measures, a certain trading platform has not only built a "fast lane" for compliant asset entry on the chain but has also constructed a complete value closed loop for the US dollar stablecoin.

4. 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. A certain DEX: As a DEX integrated by a certain trading platform, 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 investments, enhancing user participation and expanding the gameplay of the creator economy.
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 evolving from a "transaction-active" L2 network into a "structurally complete" on-chain financial and content infrastructure. Although some hot projects face challenges of waning popularity and user speculation in the short term, the narrative sustainability and institutional connectivity displayed by the Base ecosystem in the long run suggest that it could become an important bridge for traditional capital to enter Web3 in the next phase.