Base ecosystem enters a new stage of development

Since the end of May this year, the Base ecosystem has entered a significant "explosion period". User activity, total locked value ( TVL ), and daily trading volume have all shown a rapid upward trend. This wave of growth is mainly due to multiple popular projects within the ecosystem taking turns to attract market attention. At the same time, from a macro perspective, the global stock market's optimistic sentiment towards stablecoins has also brought benefits to Base, especially against the backdrop of a potentially improving regulatory environment, making Base a favored choice for traditional institutions.

Data shows that the number of active addresses in the Base ecosystem has experienced exponential growth, recently reaching a historic high of 3.6 million. The total locked value surged from $2.8 billion to nearly $4 billion in May, returning to last year's bull market peak. On-chain transactions have also been very active, with the average daily transaction count approaching 9 million since May, reaching the peak of last year's bull market.

Analysis of Popular Projects in the Base Ecosystem

Virtual: Innovative New Mechanism Ignites Market

Virtual is one of the most关注ed projects in the Base ecosystem recently. Its innovative new launch mechanism quickly attracted a large amount of funds and user participation, becoming the core of the current narrative on new launches in the Base ecosystem. The price of the Virtual token rose 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 Share Mechanism include:

1. Extremely low financing price: The new project raises funds with a market value of approximately $224,000 using 42,425 Virtual(, allowing users to participate at a low price with significant potential for profit.

2. Token Linear Unlocking: The new project adopts a batch unlocking model, similar to VC coins. The raised funds are injected into the initial liquidity pool to reduce the risk of project team dumping.

3. Low-risk participation: Full refunds for unsuccessful fundraising projects, and only a small number of high-quality projects are released daily.

4. Project Party Incentive Mechanism: 70% of the 1% transaction fee is returned to the project party, encouraging increased trading activity rather than short-term cashing out.

However, as the popularity of the platform increased, early users frequently adopted the "subscribe and sell" strategy to gain high returns, 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 subscribers. Although this mechanism helps to extend the project lifecycle, it also changes the original speculative logic, leading to prolonged profit cycles for users and decreased capital efficiency. As a result, the price of Virtual entered a downward channel, falling from a peak to $1.69, a decline of over 37%.

) Kaito: Leader in Attention Economy

Kaito is a leading project in the "Information Finance ### InfoFi (" sector. Since May, the price of Kaito has risen from $0.79 to a peak of $2.41, an increase of nearly 205%.

The core of Kaito is the Yaps module, which "tokenizes attention" on content posted by users on social platforms, incentivizing users to create high-quality content around popular projects and building a Web3 communication mechanism. This mechanism greatly increases community engagement, and combined with weekly airdrops and leaderboard rewards, allows users to "voice" and "monetize," attracting a large number of content creators and opinion leaders.

In addition, Kaito has launched the Yapper Launchpad system based on points ranking and the AI-driven Kaito Connect information network, achieving a collaborative closed loop for content contribution, points distribution, and project selection. Users can obtain airdrop eligibility and platform governance rights through Yaps, participate in project ranking votes and quality content incentives, forming a unique logic of "creating while investing."

Kaito Connect provides an open InfoFi network that allows ordinary users to be rewarded for contributing information. This content-value anchored model brings a new narrative to Base and opens up new imaginative spaces in the integration of social and financial sectors.

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The Future Development Trends of Coinbase and Base

The U.S. Senate has passed the GENIUS stablecoin bill, establishing a legislative framework for USD stablecoins, marking the first time the regulatory body has legally affirmed the compliant status of digital assets. Against this backdrop, Coinbase, as a compliant exchange, has begun three major initiatives:

1. Establish a channel for interaction between Coinbase and 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 on Base, promoting the on-chain of traditional funds.
3. Establish content including on-chain US stocks, compliant payments, DeFi, AI Agents, etc. in the Base ecosystem to attract traditional funds.

) Open the channel for compliant assets to enter the blockchain.

Coinbase is pushing for a deep integration of its centralized trading platform with the Base chain, launching the Coinbase validation pool feature, which allows KYC users to interact directly with DApps on Base using their Coinbase account balance. A certain DEX platform has been announced as its on-chain trading platform. Although this feature is still in its early stages, it is highly consistent with the current trend of several centralized trading platforms promoting the integration of on-chain and off-chain.

Jointly build a compliant stablecoin system

Coinbase is collaborating with several Wall Street financial institutions to pilot the issuance of "compliant stablecoins" and "deposit tokens" on the Base chain. These types of assets are custodial by regulated banks and offer traditional financial attributes such as interest income, legal protection, and bank insurance, far exceeding the trust basis of general crypto stablecoins. This move signifies that the core asset structure in the traditional financial system will undergo a digital migration, and Base is expected to become the on-chain carrier layer for traditional finance.

Build a diverse ecological scene

To enhance the practical use cases of on-chain US dollars, Coinbase is simultaneously promoting the diversification of the Base ecosystem:

• On-chain trading of US stocks: Plans to launch tokenized stock products that allow users to trade US stocks on-chain.
• Stablecoin payment network: providing a stronger clearing infrastructure for USDC, helping Base become an important part of compliant on-chain financial infrastructure.
• Global cryptocurrency payments: Collaborate with e-commerce platforms to integrate stablecoins into the checkout process, expanding the application of on-chain US dollars in cross-border settlements.
• Compliant DeFi and On-chain Lending: Guiding multiple DeFi projects to operate compliantly through KYC modules, providing stable and auditable on-chain services.
• AI Agent and new gameplay like InfoFi: creating more on-chain innovative gameplay to attract traditional users to participate.

Through these measures, Coinbase has not only built a "fast track" for compliant asset entry but has also constructed a complete value closed loop for US dollar stablecoins, from fiat currency on-chain to on-chain access and circulation, and then to the landing of real use cases.

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Base Ecosystem High-Potential Projects

1. A certain DEX platform: As one of the DEXs integrated into the main Coinbase application, it is expected to receive continuous and stable institutional liquidity support, driving growth in trading volume, TVL, and platform revenue.

2. Keeta: A high-performance RWA public chain, featuring tens of millions of TPS and sub-second transaction confirmations, has been validated for performance through independent stress testing. In the future, there may be in-depth cooperation with Base in the direction of RWA compliance.

3. Creator Bid: Collaborating with Kaito to launch version 2.0, introducing new mechanisms such as staking and new offerings, enhancing user participation and expanding the creator economy gameplay. The new mechanism has propelled the BID token to surpass a historical market value of 150 million USD, indicating sustained growth potential.

4. Upside: The first socially-oriented prediction market platform on Base, where users can convert social content into "content tokens" and engage in voting and trading. Currently in the testing phase, it has the potential to become a new type of application that combines liquidity and content attributes, thanks to its innovative design of social prediction + investment mechanism.

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Base is evolving from a "transaction-active" L2 network into a "structurally complete" on-chain financial and content infrastructure. Although some hot projects are facing challenges in the short term, the narrative sustainability and institutional connectivity demonstrated by the Base ecosystem in the long run suggest it could become a bridge for traditional capital to enter Web3 in the next phase. For investors, Base is not only a track for hot rotation but also an important sample for observing the transformation path of the crypto industry towards "compliance, financialization, and practicality."

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