Analysis of Recent Developments and Hot Projects in the Base Ecosystem

1. Recent Changes in the Base Ecosystem

Since the end of May 2025, the Base ecosystem has shown a clear "explosive period". The daily active addresses of ecosystem users, TVL, and daily transaction numbers have all shown a rapid upward trend. This explosion is mainly due to the successive hype of several popular projects within the ecosystem, attracting widespread attention from the market. From a macro perspective, due to the optimistic sentiment surrounding stablecoins in the global stock market, especially in the context of a potentially improving regulatory environment, Base may become a more favored choice for traditional institutions.

The main performance is as follows:

• Significant increase in active users: The number of active addresses has grown exponentially, recently reaching a historic high of 3.6 million.

• TVL Rapid Rise: The total locked value of Base rose from 2.8 billion USD in May to nearly 4 billion USD, returning to the peak levels of the 2024 bull market.

• On-chain trading is active: Since May, the average daily number of transactions has been close to 9 million, reaching the highest point of the bull market in 2024.

2. Analysis of Popular Projects in the Base Ecosystem

1. Virtual: Innovative new mechanism ignites market enthusiasm

Virtual is one of the most关注的 projects in the recent Base ecosystem. Through an innovative new token mechanism, the project quickly attracted a large amount of capital and user participation, becoming the core representative of the current new token narrative in the Base ecosystem. The price of VIRTUAL surged from $0.5 in mid-April to a peak of $2.5 in early June, an increase of as much as 400%.

The core advantages of the Virtual IPO mechanism:

• 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 a very low price, with huge potential profit margins after the project launches.

• Token Linear Unlocking: The new projects adopt a batch unlocking model, similar to the token economic model of VC coins, which improves transparency.

• Low-risk participation: Projects that do not successfully raise funds will fully refund users, and only a small number of high-quality projects are issued daily, reducing the risk for users.

• Reduce the probability of project teams absconding: The platform sets a 1% transaction fee, of which 70% is returned to the project team, incentivizing them to enhance trading activity rather than cashing out in the short term.

However, as the platform's popularity increased, early users frequently used the "buy new and sell" strategy to achieve short-term high returns, leading to significant selling pressure on new projects and affecting ecological stability. In response, Virtual introduced the "Green Lock Mechanism" in mid-June, which imposes 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. Users' profit cycles are forced to lengthen, capital efficiency declines, and market enthusiasm experiences periodic declines. The price of Virtual entered a downward channel in mid-June, falling from a high of $1.69, a drop of more than 37%.

2. Kaito: Leader in the attention economy track

Kaito is a leading project in the "Information Finance (InfoFi)" sector. 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 lies in its Yaps module, which incentivizes users to create high-quality content around popular projects by "tokenizing the attention" of users based on the content they post on social platforms, thus building a content-driven influence mechanism for Web3 dissemination.

Kaito's innovative mechanism includes:

• Content-driven influence mechanism: incentivizing users to create high-quality content around popular projects.

• Weekly airdrops and leaderboard rewards: Increase user engagement and creativity.

• Yapper Launchpad System: A project screening mechanism based on points ranking.

• AI-driven information network Kaito Connect: Achieving a collaborative closed loop for content contribution, point distribution, and project selection.

This model, which anchors value in content, brings a new narrative to Base that distinguishes it 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 bill, a legislative framework for U.S. dollar stablecoins has been established, and the regulatory environment is gradually becoming clearer. Against this backdrop, Base, as a compliant on-chain trading entry point, is advancing three key layouts:

1. Open up the compliance asset onboarding channel: Introduce the verification pool feature, allowing KYC users to directly use the balance in their trading platform accounts 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 the Base chain, migrating traditional financial assets to the chain in a digital format.

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

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

High-Potential Projects in the Ecosystem

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

2. Uniswap: As an integrated DEX, it will gain more on-chain liquidity, enhancing the platform's potential returns.

3. Keeta: A high-performance RWA public chain that has been validated for performance through independent stress testing, and may engage in deep collaboration with Base in the direction of RWA compliance in the future.

4. Creator Bid: Launched version 2.0, introducing new mechanisms such as staking for new projects, enhancing user participation and expanding 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.

Currently, Base is gradually evolving from a "transaction-active" L2 network into a "structurally complete" on-chain financial and content infrastructure. Although some hot projects are facing challenges from a decline in popularity and user speculation in the short term, in the long run, the narrative continuity and institutional linkage capabilities demonstrated by the Base ecosystem suggest that it may 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 an important sample for observing the "compliance, financialization, and practicality" transformation path of the cryptocurrency industry.