The Base ecosystem is developing rapidly, and new narratives continue to emerge.

Since the end of May 2025, the Base ecosystem has entered a noticeable "explosion period". The daily active addresses, total value locked (TVL), and daily transaction volume have all shown a rapid upward trend. This wave of growth is mainly driven by the successive hype of several popular narratives within the ecosystem, attracting widespread attention from the market. From a macro perspective, the positive performance of stablecoins in the global stock market, along with a potentially improving regulatory environment, makes Base a likely choice favored by traditional institutions.

Data shows that the number of active addresses on Base has seen exponential growth, recently reaching a historical high of 3.6 million. At the same time, the total value locked surged from $2.8 billion in May to nearly $4 billion, returning to the peak levels of the 2024 bull market. On-chain transactions have also been exceptionally active, with an average daily transaction volume of nearly 9 million since May, reaching the highest levels of the 2024 bull market.

Popular Projects Lead Ecological Prosperity

Virtual: Innovative New Mechanism Ignites the Market

Virtual has quickly become one of the most notable projects in the Base ecosystem thanks to its unique initial offering mechanism. Its token price soared from $0.5 in mid-April to a peak of $2.5 in early June, an increase of 400%. The initial offering mechanism of Virtual has the following advantages:

1. Extremely low financing price: Each new project raises funds with a market value of only $224,000, providing users with an opportunity to participate at a low cost.
2. Token Linear Unlocking: Adopts a transparent token economic model similar to VC coins, unlocked in batches.
3. Low-risk participation: Projects that fail to raise funds will be fully refunded, and only a small number of high-quality projects will be issued daily.
4. Project party incentive mechanism: Set a 1% fee, of which 70% is returned to the project party to encourage long-term operation.

However, as the platform's popularity increased, early users frequently adopted the "new listing and sell" strategy to gain short-term high returns, resulting in significant selling pressure on new projects. To address this, Virtual introduced the "Green Lock Mechanism" in mid-June, imposing a mandatory lock-up period for new listing users. This measure, while helping to extend the project lifecycle, has also significantly altered the original speculative logic, leading to a temporary decline in market enthusiasm. Virtual's price has fallen from its peak to $1.69, a decrease of more than 37%.

Kaito: Pioneer of the Attention Economy

As a leading project in the "Information Finance (InfoFi)" sector, Kaito's price has risen from $0.79 to a peak of $2.41 since May, an increase of nearly 205%. Kaito's core advantage lies in its Yaps module, which tokenizes the "attention" of users' content published on social platforms, incentivizing users to create high-quality content around popular projects and building a content-driven influence mechanism for Web3 communication.

Kaito has also launched the Yapper Launchpad system based on points ranking and the AI-driven information network Kaito Connect, realizing a collaborative closed loop of content contribution, points distribution, and project selection. Users can not only obtain airdrop eligibility and platform governance rights through Yaps but also participate in project ranking voting and quality content incentives, forming a unique "create while investing" logic. 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.

Future Development Trends

With the gradual clarification of the U.S. regulatory environment, the Base ecosystem is making three major layouts:

1. Open up the compliance asset entry channel to the blockchain: Bring the account balance from centralized trading platforms onto the Base chain, simplifying the user operation process.

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, providing a channel for fiat funds to go on-chain.

3. Build a diversified ecological scenario: including on-chain US stock trading, global crypto payments, compliant DeFi, on-chain credit, and innovative applications such as AI Agent, to stimulate the demand for on-chain US dollars.

Outlook on High-Potential Projects

1. Aerodrome and Uniswap: As integrated DEX platforms, they are expected to gain sustained institutional liquidity support, driving trading volume and revenue growth.

2. Keeta: A high-performance RWA public chain that may engage in deep cooperation with Base in the direction of RWA compliance in the future.

3. Creator Bid: Collaborating with Kaito to launch version 2.0, adding new mechanisms such as staking for new listings to enhance user participation.

4. 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 well-structured on-chain financial and content infrastructure. Although some projects may face challenges due to a cooling off in popularity in the short term, in the long run, the narrative continuity and institutional linkage capabilities exhibited 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 an important sample for observing the transformation of the crypto industry towards compliance, financialization, and practicality.