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Base ecosystem explosion: TVL returns to $4 billion, regulatory easing triggers a new round of rise
Analysis of Recent Developments and Future Trends of the Base Ecosystem
Overview of Ecological Changes
Since the end of May 2025, the Base ecosystem has shown clear signs of an "explosive period". User activity, total locked value ( TVL ), and daily trading volume have all shown a rapid upward trend. This explosion is mainly driven by the alternating hype of several popular narratives within the ecosystem, attracting significant market attention. From a macro perspective, the optimistic sentiment in global stock markets regarding the concept of stablecoins is also spreading, especially against the backdrop of a potentially improving regulatory environment, making Base a more favored choice for traditional institutions.
Specifically manifested as:
The number of active users has grown exponentially, recently reaching a historical high of 3.6M.
The total locked value ( TVL ) rose from 2.8 billion USD in May to nearly 4 billion USD at its peak, returning to the peak level of the 2024 bull market.
The on-chain trading activity has significantly increased, with the average daily trading volume approaching 9 million transactions since May, reaching the highest point of the bull market in 2024.
Analysis of Popular Projects
Virtual: Innovative New Share Mechanism Ignites the Market
As one of the most attention-grabbing projects in the recent Base ecosystem, Virtual has quickly attracted a large amount of capital and user participation with its innovative new token mechanism. 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 IPO mechanism:
Extremely low financing price: Each new project raises funds with a market value of 42,425 virtual (approximately $224,000), providing users with a low-cost participation opportunity.
Token linear unlocking: Adopting a transparent token economic model similar to VC coins, unlocking in batches.
Low-risk participation: Full refunds for unsuccessful fundraising projects, and only a small number of high-quality projects are released daily.
Project Incentive Mechanism: A 1% fee is set, of which 70% is returned to the project party to encourage increased trading activity.
However, as the platform's popularity increased, early users frequently adopted a strategy of buying new tokens and selling them immediately to obtain high short-term 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 token buyers. Although this measure helps to extend the project lifecycle, it also significantly alters the original speculative logic, leading to longer profit cycles for users and decreased capital efficiency. As a result, Virtual's price entered a downward channel in mid-June, falling from its peak to $1.69, a decline of over 37%.
Kaito: Pioneer of attention economy
As the 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%. Its core highlight is the Yaps module, which incentivizes users to create high-quality content around popular projects by "tokenizing attention" on the content posted by users on social platforms.
Kaito's innovation:
Content-driven Web3 communication mechanism: Incentivizing users to create and share high-quality content.
Diversified incentive system: Combine weekly airdrops with leaderboard rewards to increase user participation.
Ecological Closed Loop: Launching the Yapper Launchpad system based on points ranking and the AI-driven Kaito Connect information network.
Open participation model: Ordinary users can also receive rewards through information contributions.
This model, anchored in content as its value point, brings a new narrative to Base and opens up new imaginative space in the integration of social and financial sectors.
Future Development Trends
With the U.S. Senate passing the GENIUS Stablecoin Act, a legal framework for digital assets has been established. Against this backdrop, a trading platform has initiated three major strategic layouts:
Open up the compliance asset onboarding channel: Launch the verification pool feature, allowing KYC users to directly interact with DApps on Base using their trading platform account balance.
Build a compliant stablecoin system: Collaborate with traditional financial institutions to pilot the issuance of "compliant stablecoins" and "deposit tokens" on Base.
Building a diversified ecological scenario: including on-chain US stock trading, global crypto payments, compliant DeFi, on-chain credit, as well as innovative applications like AI Agent and InfoFi.
These three major measures not only create a "fast track" for compliant assets to enter the market but also establish 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 Project Outlook
A certain DEX platform: As the leader in the ecosystem, it is expected to gain continuous and stable institutional liquidity support, driving the growth of trading volume, TVL, and platform revenue.
Another DEX platform: As another integrated DEX, it will gain more on-chain liquidity, enhancing the potential revenue of the platform.
Keeta: A high-performance RWA public chain with tens of millions of TPS and sub-second transaction confirmation capabilities, expected to collaborate deeply with Base in the direction of RWA compliance in the future.
Creator Bid: Collaborating with Kaito to launch version 2.0, introducing new mechanisms such as staking and new projects, expanding 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.
Overall, Base is evolving from an "active trading" L2 network into a structurally complete on-chain financial and content infrastructure. Although some hot projects face challenges in the short term, in the long run, the narrative continuity and institutional connectivity exhibited by the Base ecosystem make it likely to become an important bridge for traditional capital entering Web3. For investors, Base is not only a track for hot rotation but also a key sample for observing the crypto industry's transformation path towards "compliance, financialization, and practicality."