New Narratives and Future Trends of the Base Ecosystem

The Era of Ecological Explosion Has Arrived

Since the end of May 2025, the Base ecosystem has entered a significant growth period. The number of daily active user addresses, total locked value ( TVL ), and daily trading volume have all shown a rapid upward trend. This wave of growth is mainly driven by the hype around several hot topics within the ecosystem, attracting widespread market attention. From a macro perspective, global stock markets are optimistic about the concept of stablecoins, especially against the backdrop of a potentially improving regulatory environment, making Base likely a preferred choice for traditional institutions.

Recent data shows:

• The number of active users has grown exponentially, recently reaching an all-time high of 3.6 million.
• The total locked value rose from $2.8 billion in May to nearly $4 billion, returning to the peak level of the 2024 bull market.
• Since May, the average daily trading volume has approached 9 million transactions, reaching the peak of the 2024 bull market.

Popular Project Analysis

Virtual: Innovative New Mechanism Ignites the Market

Virtual is one of the most关注 projects in the Base ecosystem recently. It has rapidly attracted a large amount of capital and user participation through its innovative new token issuance mechanism, becoming the core representative of the current new token issuance narrative in the Base ecosystem. The price of VIRTUAL has risen from $0.5 in mid-April to a peak of $2.5 in early June, with an increase of up to 400%.

The main advantages of the Virtual IPO mechanism include:

1. 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.
2. Token Linear Unlocking: New projects adopt a transparent token economic model to unlock in batches.
3. Low-risk participation: Projects that fail to raise funds will refund users in full.
4. Incentive mechanism for project parties: Set a 1% fee, of which 70% is returned to the project parties to encourage increased trading activity.

However, as the platform gained popularity, early users frequently used the "buy and sell on new listings" strategy to obtain short-term high returns, resulting in significant selling pressure on new projects. To address this, Virtual launched the "green lock mechanism" in mid-June, imposing a mandatory lock-up period for users participating in new listings. Although this mechanism helps to extend the project lifecycle, it also significantly alters the original speculative logic, leading to a phase of declining market enthusiasm.

Kaito: Pioneer of Attention Economy

Kaito is a 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 lies in its Yaps module, which incentivizes users to create high-quality content around popular projects by "tokenizing attention" on content published on social platforms. This mechanism greatly enhances community engagement, complemented by weekly airdrops and leaderboard rewards, allowing users to both "voice their opinions" and "monetize".

In addition, Kaito has 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 allocation, and project selection. This model, with content as the value anchor, brings a new narrative to Base that is distinct from traditional DeFi, opening up new imaginative space in the fusion track of social and finance.

Future Development Trends

Against the backdrop of the U.S. Senate passing the GENIUS stablecoin bill, a trading platform has launched its three major strategic layouts:

1. Open the compliance asset on-chain access channel: launch the verification pool function, allowing KYC users to directly interact with DApps on Base using the balance of their trading platform accounts.

2. Co-construct a compliant stablecoin system with traditional financial institutions: Partner with Wall Street financial giants to pilot the issuance of "compliant stablecoins" and "deposit tokens" on the Base chain.

3. Build a diverse ecological scenario:

   • Apply for US stock on-chain access, planning to launch tokenized stock products
   • Collaborate with payment companies to integrate stablecoins into the e-commerce checkout process
   • Guide DeFi projects to operate compliantly through the KYC module
   • Develop innovative applications such as AI Agent and InfoFi

These three major measures not only create a "fast track" for compliant assets to enter the market, but also build a complete value loop for US dollar stablecoins, from fiat currency on-chain to real-world use cases.

Prospects of High-Potential Projects

• Aerodrome and certain DEXs: Expected to receive continuous and stable institutional liquidity support, driving growth in trading volume, TVL, and platform revenue.
• Keeta: A high-performance RWA public chain that may engage in deep cooperation with Base in the direction of RWA compliance in the future.
• Creator Bid: The new version introduces mechanisms such as staking and bidding to enhance user participation and expand the creator economy gameplay.
• 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 gradually evolving from a "transaction-active" L2 network to a "structurally complete" 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 run suggest that it may become an important bridge for traditional capital to enter Web3 in the next phase.