The Flourishing Development of the Base Ecosystem and Emerging Narratives

Since the end of May 2025, the Base ecosystem has entered a significant "explosive period". The daily active addresses, total locked value (TVL), and daily trading volume of the ecosystem users have all shown a rapid upward trend. This wave of ecological explosion is mainly driven by the successive hype of several popular narratives, attracting widespread attention from the market. From a macro perspective, with the potential improvement of the regulatory environment, Base is expected to become a favored choice for traditional institutions.

Ecological Indicators Soar

• The number of active users has grown exponentially, recently reaching a historic high of 3.6 million.
• TVL rapidly climbed from 2.8 billion to nearly 4 billion, returning to the bull market peak of 2024.
• The average daily trading volume is close to 9 million transactions, reaching the highest level of the bull market in 2024.

Popular Project Analysis

Virtual: Innovative New Mechanism Ignites the Market

Virtual has quickly attracted a large amount of capital and user participation due to its unique new listing mechanism, becoming the core representative of the new listing narrative in the Base ecosystem. Its price 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 IPO mechanism:

1. Extremely low financing price
2. Token Linear Unlocking
3. Low-risk participation
4. Reduce the probability of malicious exit by the project party

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

Kaito: Leader of the Attention Economy

Kaito, as a leading project in the "Information Finance (InfoFi)" sector, has seen its price rise from $0.79 to a peak of $2.41 since May, an increase of nearly 205%. Its core highlight is the Yaps module, which tokenizes the "attention" users receive for the content they publish on social media platforms, creating a content-driven influence mechanism for Web3 dissemination.

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, point distribution, and project selection. This model, which uses content as a value anchor, brings a new narrative to Base that is distinct from traditional DeFi.

Future Development Trends of Base

With the passage of the GENIUS stablecoin bill by the U.S. Senate, a legal framework for digital assets has been established. Against this backdrop, Base is gradually evolving from an "actively traded" L2 network into a "well-structured" on-chain financial and content infrastructure. Its development strategy includes:

1. Open up the compliance asset access channel to the chain: Introduce the balance of centralized exchange platform accounts into the Base chain.
2. Build a compliant stablecoin system with traditional financial institutions: Promote the on-chain of fiat currency funds.
3. Build a diverse ecological scene: including on-chain US stock trading, global cryptocurrency payments, compliant DeFi, on-chain credit, and innovative applications such as AI Agent.

High-Potential Project Outlook

• Aerodrome and Uniswap: As DEXs integrated into the main application, they are expected to receive ongoing institutional liquidity support.
• 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 for new bids, enhancing user participation and expanding the creator economy gameplay.
• Upside: The first social-oriented prediction market platform, with the potential to become a new type of application that combines liquidity and content attributes.

Despite the challenges of declining enthusiasm and speculative behavior faced by some hot projects in the short term, the long-term narrative sustainability and institutional connectivity demonstrated by the Base ecosystem make it a promising bridge for traditional capital to enter Web3. For investors, Base is not only a hot rotation track but also a key sample for observing the transformation path of the cryptocurrency industry.