Today we will look at the project situation in the BASE chain ecosystem, because with the listing of Circle, the path that the crypto world must take is compliance, and currently BASE is the most orthodox and most likely to become a compliant public chain, because BASE is a chain developed by Coinbase, and Coinbase is a publicly listed company on NASDAQ in the United States, so it has the potential for compliance.
Therefore, compared to other chains like ETH or SOL, projects on Base have relatively low market caps, so the potential is greater. Let's take a look at which projects can be laid out. First, exclude tokens that cross-chain from other chains, we only look at those on the Base chain (so LINK, AAVE are excluded).
The above image shows the top 100 tokens, FTN is also excluded. This project was discussed on May 15, 2024, and is a garbage project, but its token price has risen very strangely (only goes up, never down). Last year it was 1.9 USD, now it is 4.4 USD, do not invest easily, you never know when it will crash!!! (Analysis of FTN, POPCAT, and Orbler three projects)
Next is SPX6900, this meme is currently the largest meme by market cap on Base, this token has surged 1000 times, but I do not recommend you to invest, because its holders and market cap are seriously disproportionate (only 70,000 holders, while Berret has 850,000), like above, not knowing when it will crash! Stay away! (Can crazy memes still work? (Part 2) Further analysis of Nerio & SPX6900)
Ranked 84, Virtual is the leading AI agent that has emerged, this wave is a hundred times token, with a peak of 4 USD in 2025, now back to 2 USD. The operations of this wave are quite impressive, having launched a platform that continuously issues messages, using newly issued tokens to generate blood for its native token. Because it requires staking the native token, even though it is newly issued, there are a large number of unlocked tokens, so its selling pressure will be minimized.
So can it rise further? I think there is still a chance, the project team is quite capable, and there are also some MEME AI tokens emerging, such as Luna, Axibt, etc.
Then there is the range of 100-150, Curve and Pendle are both on Ethereum.
The above two images show the range of 150-200, which concentrates a large number of projects.
BRETT currently has a market cap of 500 million USD, excluding SPX6900 mentioned earlier, this is the earliest and highest market cap meme project on BASE, currently with 850,000 holding addresses, so this is a reasonable meme, because the number of meme holding addresses is consensus!
XCN is a public chain with little relation to BASE, AXL is cross-chain, and COMP is on Ethereum.
Then there is Keeta, ranked 173, which is also a cross-chain payment project. Keeta itself is a layer one, claiming to achieve 10 million TPS, but currently only has a testnet online. However, this token has some features, recently surged 100X, but I think the project is mediocre, with no innovation, just saying that the manipulation is strong, not knowing when it will start to crash!
Next, AERO is the largest swap on BASE, with an FDV of 900 million, currently showing improvement in trading activity, but not as good as December and January last year. The fees in May are 13 million, with income around 10 million. So how's this data? (Analysis of three projects in the BASE ecosystem: Degen, Bertt, and AERO, let's see what the BASE ecosystem is really like?)
I checked Uniswap, the fees of Uniswap are around 100 million, which means the gap is about 10 times, while Uni's FDV is 7 billion, so we can only say it is a mediocre performance.
However, the recent increase in TVL is not sufficient, there is a certain gap from the previous high, currently at 1 billion USD, with the previous high being 1.7 billion.
Next, this project needs to be focused on, Morpho is a lending platform on BASE, currently the largest DEFI platform on BASE, with TVL surpassing AERO. Morpho's current TVL is 4 billion, almost reaching a new high. AERO has only returned to 60%, so before the bull market starts, these lending platforms are quite aggressive, the same goes for AAVE, which has been repeatedly mentioned, with TVL hitting new highs and its token price too.
Currently, Morpho has a market cap of 400 million and FDV of 1.5 billion, so there are too many unlocked tokens. In comparison, AAVE has a TVL of 25 billion and FDV of 4.5 billion. So what price is appropriate? Everyone can calculate it themselves!
Next is MOG ranked 191 (Is the altcoin season coming? Analysis of 3 meme projects TURBO, MOG, and ERC20 in the 200-300 range), which is also a meme. Previously discussed, currently with a market cap of 420 million and 220,000 holders, compare it to the above Berret.
RSR and the 175th ranked Maple Finance are both projects we discussed before, the two RWA projects (RWA track 2 project analysis - stablecoin (RSR) + private fixed income (MPL)) discussed on December 6, 2024, RSR is a stablecoin, Maple is private fixed income. I won't say much about RSR, as the competition in stablecoins is too fierce.
And Maple Finance has performed quite well recently, with its token price reaching a new high, requiring special attention!
Because its recent TVL growth has been very rapid, you could say it has taken off like a rocket, currently the TVL has reached 1.38 billion USD, while the FDV is only 500 million USD. In December 2024, the TVL was only 40 million USD.
Currently, Maple has also added lending services, which is why its TVL has increased so fast. What price is appropriate? Just refer to the lending platform AAVE mentioned above for calculation.
Next, Kaito is info-FI (What is Info-FI? Fundamental analysis of the Kaito project), discussed on 3/25, also a new project, the unlocking pressure is a bit high. So we have finished discussing all the top 200 Base ecosystem projects.
So the projects worth paying attention to in the BASE ecosystem are as follows: AI leader Virtual, meme Berret, DeFi AERO, lending platform Morpho, and RWA project Maple. These all have characteristics, high market cap, or have good project performance!
To summarize, although there are so many projects in the top 200 market cap on the BASE ecosystem, only 5 decent ones have been chosen, most of them are actually not good, so good projects are rare, and well-operated ones are even fewer.