The Base chain, launched by Coinbase, is an Ethereum layer 2 network focused on building an efficient and low-cost decentralized application ecosystem. The background of Coinbase, the largest cryptocurrency exchange in the U.S., gives the Base chain a compliance advantage.
Currently, JPMorgan is planning to launch a so-called 'deposit token' on Coinbase's public blockchain, the Base chain. The stablecoin-like token named JPMD aims to further venture into the cryptocurrency field. This American banking giant revealed on Tuesday that each deposit token is intended to serve as a digital mapping of commercial bank deposits. JPMD will provide clients with 24-hour settlement services and support interest payments to holders. It belongs to the 'permissioned token' category, meaning it is only open to JPMorgan's institutional clients, unlike many publicly available stablecoins.
The Base chain, as an Ethereum public chain, has achieved good results within two years of its launch, with a total locked value exceeding $7.2 billion, ranking among the top three layer 2 public chains. It has over 1 million daily active addresses and daily transaction numbers exceeding 13 million. In terms of the number of protocols, protocol revenue, active address count, total locked value of decentralized applications, and total stablecoin volume, it ranks in the top five of all public chains.
With its social attributes and user base, the Base chain has become a meme coin paradise following Solana, giving rise to star projects like Brett, which once reached a market value of $2.3 billion, and MIGGLE, which saw a 1000-fold increase in just three days. The activity and trading volume of meme coins on the chain are significant, but caution should be exercised regarding bubble risks.
The positioning of the Base chain has shifted from a meme coin testing ground to a diversified ecological platform, with potential deepening in areas such as tokenization of physical assets and artificial intelligence infrastructure in the future. Investors should pay attention to the catalytic effect of events like the Base meme summit in June on market sentiment, while using tools like DEX Screener and CastMoney to filter high-potential projects.
Currently, retail trading accounts for about 18% on Coinbase. Starting in 2024, the trading volume of institutional clients on Coinbase has been steadily increasing, with a trading volume of $256 billion in 2024, accounting for 82.05% of the total trading volume. As Coinbase integrates decentralized applications on the Base chain, it is expected to bring substantial liquidity to tens of thousands of tokens on the Base chain. More importantly, many products in the Base ecosystem will have the potential for compliance pathways with Coinbase in the real world.
The Base chain is also experimenting with various on-chain business models, ranging from creator economy to financial socializing to artificial intelligence. For developers and project teams, the Base chain is a paradise where positive feedback can be continuously obtained, making it one of the favorite public chains among developers.
The cryptocurrency market bull market in 2025 is gradually approaching, driven steadily by institutions on Wall Street, from Circle, SBET, SRM, DFDV to Coinbase.
The breakout point of this round of the cryptocurrency bull market will no longer be in the crypto market, but will appear in the secondary market on Wall Street. This round of the crypto bull market is a completely new structural bull market. As a fully decentralized layer 2 public chain, the Base chain serves as an important bridge connecting traditional markets and crypto markets. Compliance disclosure, reserve assets, treasury logic, and stablecoin anchoring are forming a set of on-chain financial frameworks that adapt to the traditional financial system.
Whether fund managers or retail traders, capital is being poured into a new direction at an unprecedented speed: compliant cryptocurrency companies. Regulatory frameworks are being advanced and implemented, on-chain technologies are still evolving, but the capital market has already provided answers. Companies that are compliant, transparent, and have on-chain asset logic are obtaining exceptionally high valuation benefits.