Source: Bitpush
As an Ethereum Layer 2 chain fully supported by Coinbase, the Base chain ecosystem is quietly gaining momentum. From Coinbase's strategic integration of Base to traditional financial institutions like JPMorgan testing the waters, and the continuous expansion of real-world payment scenarios, Base chain is moving from a technical infrastructure to broader practical applications. This article will briefly analyze Base chain's recent important developments and outline projects of noteworthy value in the current ecosystem.
Coinbase's Platform Integration: Promoting Mainstream Adoption of On-Chain Assets
Coinbase has been continuously promoting Base chain's integration into its core product logic. According to Base chain's leader Jesse, users will be able to directly interact with Base chain projects using their Coinbase app account balance without complex on-chain operations. This integration strategy brings two significant changes:
· Lower User Barriers: A seamless transaction interface similar to centralized experiences makes it easier for ordinary users to access decentralized applications.
· Potential High Liquidity: Once supported, Base chain projects can quickly cover Coinbase's millions of users, providing crucial early-stage launch soil.
Additionally, Coinbase's Product Head Max Branzburg previously stated that the company plans to integrate tens of thousands of on-chain assets into the main app, constructing a more complete on-chain asset trading closed loop.
Real-World Scenario Breakthrough: Shopify Opens USDC Payment
In June 2025, e-commerce platform Shopify announced collaboration with Coinbase and Stripe, allowing merchants to accept USDC payments on Base chain, covering consumers in over 30 countries. This marks Base chain's first large-scale entry into mainstream payment systems, signaling its potential influence expanding beyond crypto-native users to a broader internet economy.
Financial Giants Entering: JPMorgan Pilots "Compliant Stablecoin" Issuance
More notably is the attitude of traditional financial institutions. JPMorgan recently tested issuing its "Deposit Token" (JPMD) on Base chain, representing USD deposits. Such assets may potentially bear interest and comply with regulatory paths. JPMD is viewed as an alternative to traditional stablecoins, and if progress is smooth, could become an important foothold for traditional institutions like banks, brokerages, and payment platforms to "go on-chain".
Against the backdrop of Base chain's "patron" moment, ecosystem potential projects are also worth our focused attention.
1. Aerodrome (AERO)
Core DEX on Base chain, using ve(3,3) model, determining liquidity incentives through voting and depth.
Current TVL reaches $990 million, the largest AMM protocol on Base chain
User numbers and transaction volume further grew after Coinbase App integration
2. Spark Protocol: Lending Platform Based on Compound
Spark, initiated by MakerDAO community members and developed on Compound v3 engine, has been formally deployed on Base chain. Its design goal is to optimize traditional lending models, making strategy execution more flexible and applicable to various asset allocation needs.
· More Flexible Interest Rate Mechanism: Compared to traditional Compound, Spark has optimized its interest rate model to dynamically adjust borrowing costs based on market changes, better supporting stablecoin asset leveraged trading and re-pledging.
· Rich Asset Support: Platform supports lending of mainstream stablecoins like DAI and USDC, suitable for stable fund management needs.
· TVL Performance: As of June 2025, Spark's total locked value on Base chain reached $410 million, ranking among the top lending platforms, and is one of the most steadily growing protocols on the chain.
3. Stargate Finance: Cross-Chain Bridge Hub on Base Chain
Stargate is a core bridging protocol in the LayerZero ecosystem, now fully integrated with Base chain, providing a secure and efficient underlying channel for inter-chain asset flow.
· Seamless Cross-Chain Functionality: Users can perform one-click asset transfers between Base and main chains like Ethereum, Arbitrum, and Optimism, suitable for DeFi users, asset arbitrageurs, and multi-chain strategy accounts.
· Settlement Layer Status Elevation: With stablecoins like USDC, HUSD, and DAI gradually aggregating on Base chain, Stargate has become an important channel supporting cross-chain transfers and capital backflow of these assets.
· Clear Ecosystem Positioning: Stargate not only enhances Base chain's external interoperability but also attracts more developers to build application protocols integrated with it.
According to defillama data, Stargate's TVL on Base chain currently remains stable around $120 million, ranking among the top cross-chain protocols.
4. Moonwell: Lending Protocol Focusing on User Experience and Security
Moonwell is one of the few lending platforms on Base chain designed with ordinary users as the core object, emphasizing safety, transparency, and ease of use.
· Dual Security Mechanism: The platform integrates Chainlink oracle and Gauntlet risk model, capable of timely parameter adjustments during significant asset price fluctuations, reducing liquidation risk.
· Education-Friendly Design: Moonwell provides detailed user guides and community governance transparency, attracting new users to participate in lending while promoting user involvement in governance proposals.
· Coinbase Smart Wallet Integration: Recently, Moonwell has accessed Coinbase Smart Wallet, allowing users to operate lending directly in the Coinbase App without seed phrases, significantly lowering usage barriers.
· Development Status: By mid-June, Moonwell's TVL on Base chain steadily grew, currently around $64 million, with an overall stable growth trend, possessing long-term accumulation potential.
Summary
Base chain is gradually evolving from a single technical infrastructure to a bridge connecting centralized trading platforms, payment scenarios, traditional financial institutions, and crypto users. For ordinary investors, paying attention to Base chain ecosystem development might provide a forward-looking perspective in the next public chain narrative or user migration trend. The projects mentioned above, though at different development stages, have demonstrated certain progress in community activity, technical design, or capital support. Of course, risks always exist in the crypto market, so it is recommended to conduct thorough research before making decisions.
