Author: @BlazingKevin_, the Researcher at Movemaker

The Base App is no longer a traditional on-chain wallet; it has been reshaped into a comprehensive digital ecosystem platform that integrates asset management, content creation, social interaction, and trading functions. Since its renaming from Coinbase Wallet in mid-July 2025, the Base App is accelerating its strategic transformation into a Web3 "super app" or "integrated application," seamlessly integrating social, payment, trading, and decentralized application functionalities into a unified platform.

This transformation is a key step for Coinbase in driving mass user adoption of the Web3 ecosystem. Base set a historical record of 3.5 million daily active users in July 2025, a growth primarily attributed to incentive activities like Onchain Summer and the rapid proliferation of dApps within the ecosystem. As the core entry point into the Base ecosystem, the user activity of the Base App is closely related to the surge in on-chain data.

In terms of application experience and ecosystem development, the updates to the Base App are equally impressive. At the "BaseCamp 2025" conference, the team publicly announced that they are exploring the issuance of a native token for the Base network, which could be an important part of incentivizing ecosystem creators and developers.

At the same time, the Base team announced an open-source cross-chain bridge project connecting Base and Solana to facilitate cross-chain transfers of assets and liquidity, further expanding the asset interoperability for Base App users, transforming the Base App from "a wallet" into a multifunctional platform.

Since its renaming, the Base App has made substantial progress in integrating rich on-chain functionalities: mini apps are directly embedded in users' dynamic feeds, allowing them to experience the Remix gaming platform, Noice content tipping, and Decentralized Pictures' new collaborative film creation model without switching tools; users can buy and sell millions of crypto assets, use NFC contactless payments for free USDC transfers that arrive in seconds, and even earn up to 4.1% annualized rewards just by holding USDC, maximizing the utilization of their funds.

Meanwhile, the Base App deeply integrates social experiences with financial activities. Based on Farcaster, users can directly view their friends' on-chain transaction dynamics in their information feeds and complete token exchanges within the same interface, achieving a new interaction model of "social equals finance." Users can freely set up their social profiles, create and manage communities, and collaborate efficiently through built-in group chat and content sharing features, all done within the app without needing to switch, significantly enhancing community interaction efficiency. The embedded AI Agent further integrates financial operations like trading, remittances, and portfolio optimization directly into the chat experience, allowing users to make financial decisions instantly within conversations. The USDC transfer feature in the chat interface further lowers the payment threshold, enabling free transfers that arrive within seconds, making digital currency payments as natural as sending messages.

The Base App's actions in the payment sector are also noteworthy, with its "Base Pay" system already integrated with e-commerce platforms like Shopify, simplifying the crypto payment process. At the same time, the introduction of the "Base Account" as a universal identity credential reduces the complexity for users switching between different dApps, paving the way for a smoother ecosystem experience. The developer tool "Base Build" provides strong support for building and promoting mini apps, enriching the application ecosystem within the app and further solidifying the Base App's position as an ecosystem hub. Since the beta release in July, over $500,000 in creator earnings have been paid through the Base App, with more than 50% of posting users earning income, indicating that its built-in social and content monetization features have begun to play a substantial role, showcasing the initial vitality of the creator economy.

This strategic upgrade from a wallet to a comprehensive platform is clearly an important attempt by Coinbase to learn from the successful models of super apps like WeChat. By simplifying complex blockchain interactions (such as trading, payments, and identity management) and combining them with familiar social features, the Base App aims to significantly lower the entry barrier for ordinary users into the Web3 world. Based on the current activity levels of the Base chain and the performance of the creator economy, this strategic direction has already shown potential. Looking ahead, whether the Base App can truly become a super app leading the next wave of Web3 user adoption, thanks to its continuously improving ecosystem, the pace of new feature launches, and the potential issuance of a native token, will be a focal point of high interest for the entire industry.

After understanding the strategic transformation and functional layout of the Base App, to truly grasp its future potential, it is clearly not enough to focus solely on the product itself; it is more critical to analyze the capital distribution and growth dynamics of the entire Base ecosystem. After all, the vitality of a public chain depends not only on the usability of its entry applications but also on which projects within its ecosystem are attracting funds, users, and developers.

The recent surge in user activity on the Base blockchain is certainly eye-catching, but where this traffic ultimately settles—across which sectors and protocols—is the core factor that truly determines the competitiveness of the Base network. Whether it is DeFi protocols, social dApps, gaming applications, or infrastructure tools, their market capitalization, liquidity, and innovation directions directly impact whether the Base App can continue to retain users as a "super app" and support the value anchoring of its potential native token.

Therefore, we will next take a look at 20 noteworthy projects within the Base ecosystem, assessing their market positioning and capital performance to gauge the true depth of the Base ecosystem and further reveal the sources of its future growth dynamics. This is not only a supplementary observation of the transformation results of the Base App but also an important reference for evaluating the future strategic direction of the entire Base network.

Aerodrome Finance

Market Cap: $1.07 billion

Sector: DEX, DeFi, and Lending

Is it native: Yes

CEX Listing: Bitget, Bybit, Coinbase, Gate, and Upbit

Brief Evaluation:

Aerodrome plays a pivotal role as a liquidity hub within the Base ecosystem, with core trading pairs including WETH/USDC, WETH/cbBTC, and USDC/cbBTC, providing depth and efficient market matching for major assets on Base.

Aerodrome can be seen as the culmination of DEXs. It cleverly borrows the token economic models from Curve and Convex to manage tokens and community governance while adopting concentrated liquidity market-making similar to Uniswap V3 to enhance capital efficiency. In simple terms, it incentivizes users to provide liquidity while reducing slippage for traders, cleverly aligning the interests of all parties involved.

Aerodrome is undoubtedly the absolute leader within the Base ecosystem. Its relationship with Base and Coinbase is very strong; Coinbase Ventures not only invested in it but is also actively participating in its community governance, personally voting to guide liquidity, clearly aiming to establish it as the "official" exchange and liquidity center of the Base chain. As the activity level of the Base ecosystem continues to rise, coupled with the possibility that Coinbase's main application may directly integrate DEXs on Base, Aerodrome is almost guaranteed a continuous influx of institutional liquidity and users. Data shows that its total value locked (TVL) and protocol revenue have long topped the charts on the Base chain, forming a powerful positive flywheel effect. It is foreseeable that as Base develops, Aerodrome will be one of the biggest beneficiaries.

Funding Situation: In February 2024, it received a strategic investment from the Base ecosystem fund led by Coinbase Ventures, with the specific investment amount not publicly disclosed.

Team Introduction: Launched by the Velodrome team, core members include co-founders Alexander Cutler and Tao Watts. The team members have extensive experience in the decentralized finance field.

Virtuals Protocol

Market Cap: $840 million

Sector: AI, Launchpad

Is it native: Yes

CEX Listing: Binance, Bybit, MEXC, Upbit

Brief Evaluation:

Virtuals Protocol is a phenomenal new project platform on the Base chain, directly addressing user pain points. First, all new projects have their fundraising market caps set extremely low, allowing early participants to acquire tokens at "bargain prices," creating significant potential for appreciation. Second, unlike many low-quality projects that are fully liquid upon launch, it unlocks tokens linearly like institutional rounds and puts all fundraising into liquidity pools, preventing project teams from dumping tokens and running away. If a project fails to raise funds, the money is fully refunded to users, and the platform has a certain level of project screening, making participation relatively low-risk.

From its launch, Virtuals has become the absolute core of the new project track within the Base ecosystem due to its innovative mechanism, but "success and failure are both double-edged swords." The early wealth effect attracted a large amount of quick money, leading to significant selling pressure on new projects, which often faced "dumping upon launch." The "green lock mechanism" introduced by the official team to stabilize the ecosystem, while curbing sell-offs, has also extended the profit cycle, directly leading to community dissatisfaction, with many speculators believing that "holding long will inevitably lead to losses," expressing considerable discontent with the project team's operations.

However, if we set aside these speculative noises, the fundamentals of Virtuals are actually quite solid. Its greatest achievement, and core value, lies in its successful incubation of several well-known AI Agent projects, which have already been integrated into the Base App. This is a very bright and tangible achievement within the entire AI+Crypto sector. Although some of the team's operations linking token prices to specific behaviors are debatable, overall, the team's direction is correct. The future value of Virtuals does not depend on the emotions of short-term speculators but on whether the "AI fruits" it has incubated can ultimately mature and generate real cash flow. Therefore, for long-term investors, the current price fluctuations and negative community sentiment may be a test of patience.

Funding Situation:

• (Pre-Seed): $1,200,000, supported by a16z Crypto Startup School (CSS).
• (Seed): $2,000,000, led by a16z CSS, Delphi Ventures, and PKO Investments, with participation from Animoca Brands, GCR, and others.

Team Introduction: The team consists of seasoned professionals from the AI and gaming industries, hailing from companies like Google, Unity, and Microsoft.

MORPHO

Market Cap: $700 million

Sector: DeFi, Lending

Is it native: Multi-chain

CEX Listing: Bitget, Bybit, Coinbase, Gate, MEXC, OKX

Brief Evaluation:

Morpho's initial entry point is very clever; it does not directly compete with lending giants like Aave and Compound but acts as an "optimizer" that integrates on top of them. Through a peer-to-peer matching mechanism, it can offer users more attractive lending and borrowing rates than the giants while utilizing these mature protocols as backup liquidity pools, allowing users to use it with confidence. After establishing a foothold, Morpho completed a stunning transformation from an application product to a minimal, trustless lending "infrastructure." Now, anyone can freely create risk-isolated, customized independent lending markets on Morpho like building with Legos.

Morpho's development path is textbook-level, first "standing on the shoulders of giants" to quickly accumulate users and reputation, rapidly growing into a leading lending platform after receiving investment from a16z, and then decisively transforming into underlying infrastructure, opening up a higher ceiling. It launched on the Base chain in June 2024, marking a strong partnership and quickly becoming a crucial DeFi protocol within the Base ecosystem. Notably, it launched the first officially certified RWA treasury by Coinbase on Base, a unique positioning that leaves it with almost no direct competitors in the Base ecosystem and strengthens its relationship with Coinbase, presenting significant future growth potential.

Funding Situation: Morpho has completed multiple rounds of financing since 2021:

• October 2021: Seed round financing of $18 million, with investors including a16z, Variant Fund, Coinbase Ventures, etc.
• Mid-2022: Financing of $18 million, led by a16z and Variant Fund, with participation from Nascent, Semantic Ventures, Cherry Ventures, etc.
• August 2024: Financing of $50 million, led by Ribbit Capital, with other investors including a16z crypto, Coinbase Ventures, Variant, Brevan Howard, Pantera, Blocktower, etc.

Team Introduction: Headquartered in Paris, France, founded in 2021 by Paul Frambot (CEO), Merlin Egalite, and Mathis Gontier Delaunay. According to public information (Seedtable, Dealroom), the team size is between 11 and 50 people.

Keeta

Market Cap: $450 million

Sector: L1, RWA

Is it native: Multi-chain

CEX Listing: Kraken

Brief Evaluation:

Keeta is a high-performance public chain specifically designed for the RWA sector. It has two core selling points: first, extreme compliance, deeply catering to the needs of traditional financial institutions through built-in KYC/AML and digital identity verification functions; second, ultra-high performance, claiming to achieve tens of millions of TPS and sub-second transaction confirmations, aiming to solve the efficiency bottleneck of large-scale circulation after RWA tokenization. Its team is also noteworthy, with the CEO having previously worked in a venture capital firm, and the CTO being a former core developer of the established public chain Nano, bringing rich experience.

Keeta can be said to have been born with a "golden spoon," with its most dazzling halo coming from former Google CEO Eric Schmidt. Schmidt not only led its seed round but also personally served as an advisor, and even a simple follow on Twitter can cause its token price to skyrocket, demonstrating its market influence. This endorsement from a top-tier figure has allowed Keeta to capture attention from the very beginning.

However, challenges are equally significant. First, its claimed tens of millions of TPS currently remains on paper, and the market is waiting to see if it can deliver on its promises on the real mainnet. Second, no matter how bright the halo, it can only attract speculators; Keeta ultimately needs to earn the trust and adoption of financial institutions, convincing them to put real RWA on-chain, which requires a long time to verify its safety and reliability. The project currently also faces some concerns regarding information transparency and community building, which need improvement. It can be said that Keeta's start is very glamorous, but whether it can convert this expectation into real commercial implementation is its biggest test ahead.

Funding Situation: Seed round (June 2023): $17 million, led by the venture capital firm Steel Perlot, founded by former Google CEO Eric Schmidt.

Team Introduction: The founder and CEO is Ty Schenk. Team members include Roy Keene, Tanveer Wahid, and Ezra Ripps. The team size is between 11 and 50 employees.

Avantis

Market Cap: $340 million

Sector: DEX, DeFi, RWA

Is it native: Yes

CEX Listing: Bitget, Bybit, Coinbase, Gate, MEXC, Upbit, Binance

Brief Evaluation:

Avantis is a decentralized derivatives (perpetual contract) exchange on the Base chain, where users can trade various assets such as cryptocurrencies, foreign exchange, gold, and crude oil, with leverage up to 500 times. Its core gameplay is the "universal leverage layer," which reduces trading costs through mechanisms like "zero-fee contracts" and "loss refunds." For liquidity providers (LPs), it has designed a unique risk-layering model: users can choose to put money into a junior tranche with higher risk and returns or a senior tranche with relatively stable risk and returns, providing flexible options for users with different risk preferences.

Since its mainnet launch, Avantis has seen rapid data growth, with cumulative trading volume, user numbers, and protocol fees being quite impressive, quickly becoming the largest derivatives protocol in the Base ecosystem. Its success is attributed to its "all-star" level team and investors. The CEO was previously an investor at Pantera Capital, and many team members have backgrounds in top institutions like McKinsey and Barclays. In terms of funding, it has received backing from Pantera and legendary Silicon Valley investor Peter Thiel's Founders Fund, which is a rare top-tier endorsement in DeFi projects.

Of course, the project also faces some bottlenecks, such as occasional order delays or failures due to the inherent speed limitations of the Base chain, and the mobile experience needs optimization. However, the team has a clear plan for this, developing Avantis v2 and a dedicated EVM-compatible chain, aiming to achieve a more efficient, gas-free trading experience in the future and planning to expand trading categories to stocks, sports, and more, showing significant ambition.

Funding Situation: Avantis has completed two rounds of financing, totaling $12 million:

• 2024: Seed round financing of $4 million
• June 2025: Series A financing of $8 million, led by Pantera Capital and Founders Fund

Team Introduction: The core team of Avantis includes:

• Harsehaj Singh: Co-founder and CEO
• Brank: Co-founder

Kaito

Market Cap: $289,417,444.76

Sector: AI, InfoFi

Is it native: Yes

CEX Listing: Binance, Bitget, MEXC, OKX

Brief Evaluation:

Kaito is conducting a grand experiment, attempting to reshape the value distribution of content and attention through Web3. Its core logic is to address the inefficiencies (information cocoon) and unfairness (creators and users unable to share platform value) of current Web2 platforms. To this end, it has created an AI-driven "Proof-of-Attention" mechanism that quantifies the intangible "attention" into earnable points (Yaps). The entire ecosystem revolves around this mechanism: content creators (Yappers) earn Yaps by publishing high-quality, highly interactive content, while project parties gain real market attention through this platform. Ultimately, through products like leaderboards and Launchpad, it deeply binds creators, users, and project parties into a community of shared interests.

Kaito is undoubtedly the absolute leader in the current InfoFi sector, and the product matrix it has built has formed an initial moat. However, its model has a paradox: in trying to quantify and reward attention, it may be accelerating the consumption and stifling of genuine attention.

Kaito's incentive mechanism is designed like a high-reward casino game, highly addictive, leading many creators to fall into a cycle of high-frequency, repetitive, and homogenized posting for rankings and rewards, which no longer represents real value sharing but resembles a "performance attention game." This phenomenon has already caused fatigue among creators and boredom among ordinary readers.

From a business perspective, Kaito's profit model is still in its infancy, with extremely high customer acquisition costs (over $100 million distributed, far exceeding its funding amount), and it heavily relies on data supply from Web2 platforms like X, posing a risk of supply disruption. It can be said that Kaito is a contradiction, bearing a great vision but with an unproven business model and a core mechanism that has a tendency toward "self-destruction." It is at the peak of the "monetizable attention" narrative but also shows clear signs of fatigue. Its real challenge lies in whether it can iterate out a healthier mechanism that rewards deep value rather than superficial efforts before exhausting the market's patience.

Funding Situation: Kaito raised a total of $10.8 million through two rounds of financing in 2023, with major investors including Sequoia Capital, Dragonfly, Spartan Group, and others.

Team Introduction: Founders/core members include Yu Hu (Founder/CEO), Sandra Leow (Research Partner), WenMoon (Head of Ecosystem and Special Projects), Tianqi Wang (BD), Jiwoo Jun (BD), etc. The team size is between 11 and 50 people.

ZORA

Market Cap: $218,064,790.00

Sector: Launchpad, Social

Is it native: Yes

CEX Listing: Bitget, Bybit, Coinbase, Gate, MEXC

Brief Evaluation:

Zora has evolved into a leading Launchpad in the Base ecosystem, with its core gameplay being "post to issue tokens." Through deep integration with the newly upgraded Base APP, any creator can easily issue tokens for themselves or for any post. Its token mechanism is designed as a three-tier pyramid structure: the bottom layer consists of a vast number of "post tokens," the middle layer is "creator tokens," and the top layer is the parent token ZORA. The trading pairs for post tokens are creator tokens, while the trading pairs for creator tokens are ZORA, allowing the trading activity of lower-tier tokens to transmit upward, ultimately stimulating the demand for the top-tier parent token ZORA.

Zora's success is largely attributed to its "clinging to a big leg"—the fully upgraded Base APP. As a super application crafted by Coinbase, the Base APP serves as the most direct distribution channel for the Base ecosystem, and Zora, deeply embedded within it, is undoubtedly one of the biggest beneficiaries. This powerful channel advantage has led to a surge in the number of token creations on Zora, and even at the narrative level, some KOLs have begun to regard it as the "quasi-official token of the Base network."

However, Zora's model also has obvious shortcomings. First, transaction fees are extremely high, with a "tax" of up to 3% per transaction, meaning a total of 6% for buying and selling, which deters many meme coin traders, resulting in the real meme trading volume on the Base chain being concentrated mainly on platforms like Virtuals and Clanker. Second, although the number of token creations is astonishing, the vast majority are "cheap post tokens" lacking long-term value and easily replaceable, with truly valuable content being rare. Therefore, despite Zora's impressive user base, the transaction amounts are generally not large. For its flywheel effect to continue, it must see the emergence of some genuinely valuable and influential top creators and sub-tokens to support its market value.

Funding Situation:

• Seed Round (2020): $2,000,000
• Series A (2021): $8,000,000
• Series B (2022): $50,000,000, led by Haun Ventures, with participation from Coinbase Ventures, Kindred Ventures, etc.

Team Introduction: ZORA was co-founded by three early employees of Coinbase: Jacob Horne, Slava Kim, and Tyson Battistella. According to publicly available LinkedIn data, the ZORA team size is approximately between 50 and 100 employees.

SoSoValue

Market Cap: $181,601,545.00

Sector: DeFi, Data Analysis

Is it native: Multi-chain

CEX Listing: Bybit, Gate, MEXC

Brief Evaluation:

SoSoValue is an AI-driven cryptocurrency research platform, with its core mission being to bridge the "information gap" between institutions and retail investors. The platform utilizes AI technology to process vast amounts of on-chain and off-chain data, filtering out market noise, and then transforms complex information into investment insights that ordinary people can understand through multi-indicator charts, on-chain tracking, and even customized Telegram bots. Its most notable feature is the pioneering Bitcoin spot ETF fund flow dashboard, which intuitively displays the movements of traditional funds entering and exiting the crypto market, addressing a common confusion shared by both crypto-native and traditional financial investors at the time.

SoSoValue's explosive growth is remarkable; with its precisely targeted ETF dashboard, it attracted over 1.2 million registered users within just five months of launch, demonstrating strong product-market fit (PMF). Its success has caught the attention of top-tier capital, securing $4.15 million in seed round funding led by Sequoia China (HongShan). Even more impressively, the founding team invested nearly $10 million of their own funds, showing great confidence and commitment to the project's long-term development.

In addition to the product itself, SoSoValue is actively building an ecosystem by partnering with platforms like SafePal, which have tens of millions of users, to expand its influence, and by organizing activities like researcher competitions to cultivate a decentralized research community. It can be said that SoSoValue aims to be more than just a data tool; its ambition is to become a central hub in the field of crypto investment research, ensuring that valuable research and projects are fairly "seen and heard."

Funding Situation:

• Seed Round: $4.15M (2024-06-23), with investors including Sequoia China, GSR, Alumni Ventures, CoinSummer Labs, OnePiece Labs.
• $15.00M, with investors including Sequoia China, Mirana Ventures, SafePal, SmallSpark.

Team Introduction: The founders are Soso and Luffy. Team members have backgrounds in top financial institutions like JPMorgan and Goldman Sachs, as well as tech giants like ByteDance and Tencent.

AWE Network

Market Cap: $131,036,360.64

Sector: AI, Launchpad

Is it native: Yes

CEX Listing: Binance, Bitget, MEXC

Brief Evaluation:

AWE Network was formerly known as STP Network, established in 2019, initially focusing on decentralized governance and the RWA sector. However, with the development of AI technology, the team upgraded the project's mission to build a "self-sustaining world"—a digitally evolving ecosystem driven by both AI entities and humans. Its technological core is the "Autonomous World Engine (AWE)," a modular AI-native framework. The user-facing products mainly include two: one is the community portal World.Fun, where users can create, experience, and incubate various AI mini-worlds; the other is the digital identity system AWNS, which provides users with a universal identity across different AI worlds through .aw domain names.

Funding Situation: Private Placement Round (2019-05-29) raised $7.00M, with investors including NGC Ventures, Alphabit Fund, BlockVC.

Venice.ai

Market Cap: $92.58 million

Sector: AI

Is it native: Yes

CEX Listing: Bybit, Coinbase, Gate, MEXC

Brief Evaluation:

Venice AI is a decentralized artificial intelligence platform deployed on the Base chain, with its core philosophy being privacy protection, censorship resistance, and community-driven. Technically, it does not rely on centralized servers but processes user requests through a distributed GPU network, ensuring that all user data is stored locally, thus guaranteeing complete data sovereignty for users. The platform integrates various open-source large models, including Meta Llama 3 and Stable Diffusion, covering functionalities such as text, image, and code generation, as well as PDF parsing and data visualization.

The founder of Venice AI is Erik Voorhees, the founder of the cryptocurrency exchange ShapeShift. Its greatest differentiating advantage lies in its extreme pursuit of privacy and anti-censorship, precisely addressing the needs of AI users and developers who prioritize data sovereignty. Since its launch, the platform's user growth data has been impressive (attracting 400,000 registered users, with daily active users reaching 50,000). Of course, "censorship resistance" is also a double-edged sword, meaning the platform must deal with the accompanying content risks, while the development of its advanced features also faces certain technical challenges.

Team Introduction: The founder is Erik Voorhees, the founder and former CEO of the exchange ShapeShift.

OpenxAI Network

Market Cap: $88 million

Sector: AI

Is it native: Yes

CEX Listing: No Main CEX Listing

Brief Evaluation:

OpenxAI Network is a P2P artificial intelligence network aimed at enabling anyone to easily create, own, and commercialize their AI applications on-chain, completely freeing themselves from reliance on centralized companies and intermediaries. Its core innovation lies in tokenizing global GPU computing resources (tGPU), turning them into a freely tradable and usable liquid asset. This model significantly lowers the barriers and costs of AI development, reportedly saving up to 80% compared to using Amazon AWS or Google Cloud.

OpenxAI Network has grand ambitions, attempting to fundamentally address the issues present in current centralized AI, such as corporate monopolies, closed infrastructure, and high costs. It aims to become a combination of "decentralized AWS + Hugging Face + Stripe," providing decentralized computing power, an open-source AI model library, and payment capabilities simultaneously.

However, how to perfectly integrate the narrative with the actual user experience and derive a viable business model is the challenge that OpenxAI faces next.

BIM

Market Cap: $85 million

Sector: DeFi

Is it native: Yes

CEX Listing: No Main CEX Listing

Brief Evaluation:

BIM is a multi-chain DeFi protocol positioned as a "one-stop" yield optimizer. It integrates various functions such as exchanges, cross-chain bridges, and staking into a single interface, allowing users to deposit money into its vaults, with the protocol automatically mining in various liquidity pools and compounding returns, achieving "easy earnings."

The first impression of this project is "mediocre and vague." Yield aggregators are a very old and highly competitive sector in DeFi, commonly referred to as "money gun pools." BIM does not demonstrate any differentiated competitive advantages or innovations, sounding like a replica of countless predecessors that have already failed. In a DeFi world where anonymous teams can easily raise funds and run away, the lack of information is a significant red flag.

Definitive

Market Cap: $73.04 million

Sector: DeFi

Is it native: Yes

CEX Listing: Coinbase, Gate, Kraken, MEXC

Brief Evaluation:

Definitive is a yield aggregation protocol built on the Base chain. Its main function is to help users mine, reinvest, and adjust positions across various DeFi applications through a set of complex automated strategies, aiming for optimal returns. It also offers a range of advanced features, such as limit orders, stop-loss orders, cross-chain trading, and gasless transactions, attempting to bring professional trading tools into the yield aggregation space.

The biggest highlight of this project, and perhaps its only highlight, is the background of its founding team, composed of "former Coinbase engineers." This undoubtedly adds a layer of credibility to the project in terms of technical reliability. However, setting aside this halo effect, the reality facing Definitive is quite stark. The yield aggregation sector is already a bloody battlefield, with similar products being numerous, from established players like Yearn Finance to local protocols on major public chains, making competition extremely fierce.

For most "mine, withdraw, sell" DeFi farmers, their primary concern is yield; whether these complex features are a necessity is a huge question mark. Ultimately, the survival of such protocols depends on one thing: whether their strategies can consistently outperform the market and all competitors. In the ever-changing DeFi world, this is almost an impossible task to achieve long-term. Therefore, despite the strong team background, the project's prospects remain challenging, needing to prove to the market that it is not just a "more complex" ordinary yield aggregator.

Funding Situation: Seed (November 8, 2023): $4.10M, with investors including BlockTower Capital, Coinbase Ventures, Nascent, Robot Ventures, CMT Digital, Geometry, Matrixport Ventures ( indicates lead investor).

Team Introduction: Composed of former engineers from Coinbase Prime.

Sapien

Market Cap: $72.54 million

Sector: AI

Is it native: Yes

CEX Listing: Bitget, Coinbase, Kraken, MEXC

Brief Evaluation:

Sapien positions itself as a decentralized "data minting factory," specializing in producing and labeling training data for AI models. Its model mobilizes a community of "AI workers" from over 110 countries, completing massive data processing tasks such as text cleaning and image labeling through gamified task squares in a crowdsourced manner. The platform has designed a quality control system to ensure data accuracy and provides API interfaces for enterprise clients to conveniently procure these high-quality training data.

The sector that Sapien is entering is undoubtedly the right one—AI's demand for high-quality data is akin to an eternal gold rush. However, peeling back the glamorous exterior of "decentralization" and "blockchain," the essence of its business model can be described as "human-in-the-loop."

The core question facing the project is: organizing a labor-intensive industry in a Web3 manner sounds appealing, but the reality is quite stark. Sapien needs to prove to the market that its decentralized model must outperform traditional giants in terms of cost and efficiency, and be more attractive in terms of quality and scale; otherwise, it may just be a fleeting phenomenon.

Funding Situation: Sapien disclosed two rounds of seed funding of $5 million and $10.5 million in April and October 2024, respectively, with notable investors in the October round including Primitive Ventures, Animoca Brands, Yield Guild Games, and others.

Team Introduction: CEO Rowan Stone, a former co-founder of Base. Chief Strategy Officer Trevor Koverko is the founder of the early securities digitization project Polymath.

Towns Protocol

Market Cap: $65.48 million

Sector: Social

Is it native: Yes

CEX Listing: Binance, Bitget, Coinbase, Gate, MEXC

Brief Evaluation:

Towns Protocol is an open-source decentralized real-time messaging protocol, which can be understood as a Web3 version of Discord. It is built on Base in the form of an application chain, allowing users to create their own truly owned, programmable group chat spaces (Spaces). These spaces support on-chain membership systems, end-to-end encryption, and since it is a chain specifically designed for social interactions, it theoretically supports large-scale real-time communication. Its login method is also user-friendly, supporting Google and Twitter accounts, lowering the entry barrier for non-crypto users.

The background of Towns Protocol can be described as a "dream start." The founder is a co-founder of the well-known social application Houseparty, bringing extensive experience; the investors are also stellar, with top venture capital firm a16z leading two rounds, and Coinbase Ventures participating, proving its recognition in the capital market by securing such funding during a bear market.

However, the Web3 social sector is a notorious "graveyard of protocols," where countless projects born with a silver spoon have failed. Towns Protocol faces challenges similar to its predecessors: how to solve the ultimate problem of user migration? Its product resembles Discord, meaning it has to directly compete for users from industry giants. Although it has achieved decentralization and user ownership technically, for ordinary users, what is the motivation to abandon a mature product that already has a vast network of relationships and a smooth experience to migrate to a new platform? This question remains unanswered by any Web3 social project to date. Towns has a top-notch team and capital, but it is challenging deeply rooted user habits, which is bound to be an extremely difficult battle.

Funding Situation: The core team of Towns Protocol previously developed the social video application Houseparty, which was acquired by Epic Games. The project has received support from well-known investment institutions such as a16z crypto, Coinbase Ventures, and Benchmark.

Team Introduction: The Towns project is developed by Here Not There Labs, led by Brian Meek (CEO) and Ben Rubin (co-founder). Ben Rubin was previously a co-founder of the well-known social applications Houseparty and Meerkat. The team is based in the United States and has a rich background in social applications and blockchain technology.

B3 (Base)

Market Cap: $60.98 million

Sector: Gaming

Is it native: Yes

CEX Listing: Bybit, Coinbase, Gate, MEXC

Brief Evaluation:

B3 is a Layer 3 network in the Base ecosystem specifically designed for gaming. Its core concept is "Open Gaming," aiming to solve the current "island" problem of Web3 games being isolated and incompatible with each other. Its technical architecture allows each game to operate independently through GameChains, while also achieving interoperability of underlying assets and users through "Chain Abstraction" technology, enabling players to seamlessly experience different games without manually switching networks or cross-chaining.

The biggest highlight of B3 is its strong background and resource integration capabilities. As a startup team from the "Coinbase system," it benefits from the traffic and compliance advantages of the Base ecosystem, along with $21 million in funding, providing a solid resource foundation. Early data shows (over 80 games integrated, millions of active wallets) that its operational and ecosystem-building capabilities are indeed impressive.

However, B3 has chosen a "middle path," not wanting to be purely a technical infrastructure nor deeply bind itself to a single blockbuster game IP, which presents both opportunities and challenges. The opportunity lies in theoretically larger imaginative space, but the risk is potentially falling into an awkward position of "not relying on either side." The real challenge it faces is not technical but rather profit distribution: how to persuade game projects that already have their own tokens and economic models to genuinely integrate into the B3 ecosystem and even accept $B3 as a universal token? This requires strong business negotiation and ecosystem operation capabilities. It can be said that B3's infrastructure is already in place, but whether it can ultimately succeed depends on how many truly enjoyable games that can retain users can be developed.

Funding Situation: Seed Round (July 22, 2024): $21.00M, with investors including Pantera Capital, Hashed, Collab+Currency, Sfermion, Mirana Ventures, Bitscale Capital, Makers Fund, Mantle Network, Geoff Renaud ( indicates lead investor).

Impossible Cloud Network

Market Cap: $39.75 million

Sector: DePIN

Is it native: Yes

CEX Listing: Bitget, Bybit

Brief Evaluation:

Impossible Cloud Network is a decentralized cloud infrastructure (DePIN) platform, which can be understood as a Web3 version of AWS or Alibaba Cloud. Its model allows global hardware providers (ScalerNodes) to contribute idle storage, computing, and network resources to form a resource pool; at the same time, monitoring nodes (HyperNodes) are established to ensure service quality. Enterprises and individual users can rent these cloud services, while the operation, governance, and incentives of the entire network are realized through its native token ICNT.

The concept of a "decentralized AWS" is an extremely grand and appealing story, but it is also the hardest nut to crack in the DePIN sector, with countless projects failing along this path. The blueprint described by Impossible Cloud Network is almost a standard template that every similar project would tell, lacking novelty.

The classic "death spiral" of DePIN projects—the chicken or egg problem—is particularly prominent here: how do you attract enough, stable, and professional hardware suppliers without a large number of paying enterprise clients? Conversely, how do you persuade enterprise clients to abandon mature AWS and deploy their critical business on your uncertain network without forming a stable and reliable resource network?

Funding Situation: The most recent funding round raised US$ 33.9 million, led by NGP Capital. After the funding, its post-money valuation is approximately US$ 470 million.

Team Introduction: Headquartered in Zug, Switzerland; the founder/CEO is Dr. Kai Wawrzinek.

CLANKER

Market Cap: $37.33 million

Sector: AI, Launchpad

Is it native: Yes

CEX Listing: Bitget, Coinbase, Gate, MEXC

Brief Evaluation:

CLANKER is an autonomous agent deployed on the Base chain, with its core function being to help ordinary users "issue tokens with one click." Users do not need to understand any code; they simply @clanker on the social platform Farcaster and provide basic information such as the token name, and it can automatically complete a series of complex operations like token creation and establishing liquidity pools. The recently upgraded V4 version has integrated new features from Uniswap V4 and added advanced customization options such as dynamic fees and anti-sniping auctions, providing token creators with greater flexibility and more potential returns.

With its extreme ease of use, CLANKER precisely targets the highly demanding meme coin issuance sector, making it a "small but beautiful" success model. From its impressive revenue and profit data, which far exceed most similar platforms, it is clear that the market highly recognizes its product, proving its infrastructural position in the meme issuance field on the Base chain.

However, CLANKER's success is also deeply tied to the fervor and high-risk nature of the meme coin market. As a tool, it significantly lowers the threshold for creating "air coins," which, while convenient for creators, also means that its ecosystem is filled with numerous projects that have very short lifespans and high speculation. Therefore, the long-term reputation and development of the protocol will test the team's ability to maintain the openness of "anyone can issue tokens" while guiding and incubating higher quality and more viable meme projects, thus establishing a deeper moat in the wild meme world.

Team Introduction: Key figures include Jack Dishman (co-founder) and proxystudio.eth, among others. The team has a strong engineering background in technology/social/AI agents.

MAMO

Market Cap: $32.08 million

Sector: AI, DeFi

Is it native: Yes

CEX Listing: Coinbase, MEXC

Brief Introduction:

MAMO is an AI personal finance management platform based on the Base chain, which can be simply understood as the "Yu'ebao" or "零钱通" of the Base App. Its core function is "automated compound mining," where users only need to deposit assets (especially stablecoins), and the Mamo Bot will automatically invest the funds into high-quality DeFi strategy pools to earn returns, achieving true on-chain "passive income," with an annualized return reportedly reaching 7%.

MAMO's development journey can be described as a "dark horse." It launched during the peak of Virtual's popularity, initially not attracting much attention, and many viewed it as just another vague DeFi wealth management robot. However, while other popular projects chased short-term trends, MAMO successfully integrated into the Base App.

This integration was a turning point in its fate, transforming it from an ordinary DApp into one of the core infrastructures of the Base ecosystem, directly reaching a vast number of Coinbase users.

Team Introduction:

• Core member: chrizy.eth

CreatorBid

Market Cap: $28.44 million

Sector: AI, Launchpad, Creator Economy

Is it native: Yes

CEX Listing: Gate, MEXC

Brief Introduction:

Creator Bid is a platform focused on the AI creator economy and Launchpad. Recently, it welcomed an important 2.0 version upgrade, collaborating with the leading project Kaito from InfoFi to introduce a series of new mechanisms, including "staking for new issuance," aimed at enhancing user engagement and expanding its play in the creator economy field.

Creator Bid's recent actions show a strong recovery momentum. By strategically partnering with Kaito and drawing on the experiences of successful projects like Virtual, the introduction of market-validated mechanisms like "staking for new issuance" can be seen as a very clever "version iteration." If the team can continue to iterate on features and effectively leverage the synergies brought by the collaboration with Kaito, Creator Bid still has good potential for sustained growth in the creator economy sector.

Funding Situation:

• On January 23, 2025, it raised $2.5 million through a public token sale on Base.
• The investment scale on April 26, 2024, was not disclosed, but the investor lineup includes Mechanism Capital, Moonrock, Zee Prime Capital, and others.

Upside

Sector: Social, Creator Economy, Prediction Market

Is it native: Yes

Brief Introduction: Upside is a social prediction market platform based on the Base chain. Users can upload links to social content they believe may "go viral" (such as Twitter/X, articles, videos, etc.) and then create markets; other users can purchase "Upside tickets" to predict whether that content will spread widely. Participants can hold tickets to wait for value appreciation or sell tickets for profit along the way. The platform mechanism includes unique content markets, revenue distribution (for content uploaders, voters, creators, etc.), and transparent on-chain records.

Funding Situation: Upside completed a pre-seed funding round in December 2024, raising $1.2 million, with a valuation of approximately $10 million. Supporters among the investors include Jason Choi, Arthur Hayes, and about 25 other angel investors.

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