The Base Chain's Ascent: How Deep Coinbase Integration and JPMorgan's Pilot Are Reshaping the Crypto Landscape – Top Projects to Watch

The Base chain, Coinbase's Ethereum Layer 2 solution, is rapidly expanding its reach. Recent developments, including deep integration within Coinbase's platform and pilot programs with traditional finance giants like JPMorgan, signal its transition from a technical backbone to a widespread application layer.

Strategic Integration & Real-World Use

Coinbase is strategically embedding Base into its core products, aiming for users to seamlessly interact with Base projects directly from their Coinbase app, thereby lowering entry barriers and potentially unlocking massive liquidity from Coinbase's user base. This push includes integrating tens of thousands of on-chain assets into the main Coinbase app.

Further expanding its real-world utility, Shopify announced in June 2025 a partnership with Coinbase and Stripe, allowing merchants to accept USDC payments on Base, broadening its reach beyond crypto-native users.

Institutional Adoption & Key Projects

Crucially, JPMorgan is piloting its "deposit token" (JPMD) on Base, a move seen as a compliant alternative to stablecoins that could attract traditional financial institutions to the blockchain.

Amidst this growth, several Base ecosystem projects are gaining traction:

1. Aerodrome (AERO)

Aerodrome is a core Decentralized Exchange (DEX) on the Base chain, employing the ve(3,3) model to incentivize liquidity through voting and deep liquidity provision.

• Current TVL: Achieved $990 million, making it the largest Automated Market Maker (AMM) protocol on the Base chain.

• Growth Post-Integration: Following its integration with the Coinbase App, Aerodrome has experienced further growth in user numbers and trading volume.

2. Spark Protocol: A Compound-Based Lending Platform

Spark, initiated by members of the MakerDAO community and developed based on the Compound v3 engine, has officially deployed on the Base chain. Its design aims to optimize traditional lending models, allowing for more flexible strategy execution suitable for diverse asset allocation needs.

• Flexible Interest Mechanism: Compared to traditional Compound, Spark has optimized its interest rate model, allowing dynamic adjustments to lending costs based on market changes, better supporting leveraged trading and re-staking of stablecoin assets.

• Rich Asset Support: The platform supports lending for mainstream stablecoins like DAI and USDC, catering to robust fund management requirements.

• TVL Performance: As of June 2025, Spark's Total Value Locked (TVL) on the Base chain has reached $410 million, positioning it among the top lending platforms in the ecosystem and marking it as one of the chain's most consistently growing protocols.

3. Stargate Finance: A Cross-Chain Bridging Hub on Base

Stargate, a core bridging protocol within the LayerZero ecosystem, has now fully integrated with the Base chain, providing a secure and efficient underlying channel for inter-chain asset liquidity.

• Seamless Cross-Chain Functionality: Users can perform one-click asset transfers between Base and major chains like Ethereum, Arbitrum, and Optimism, catering to DeFi users, arbitragers, and multi-chain strategy accounts.

• Enhanced Settlement Layer Status: As stablecoins like USDC, HUSD, and DAI increasingly aggregate on the Base chain, Stargate has become a vital channel supporting their cross-chain transfers and fund repatriation.

• Clear Ecosystem Positioning: Stargate not only enhances Base chain's external interoperability but also attracts more developers to build integrated application protocols.

According to DefiLlama data, Stargate's TVL on the Base chain is currently stable at around $120 million, ranking among the top cross-chain protocols.

4. Moonwell: A Lending Protocol Focused on User Experience and Security

Moonwell is one of the few lending platforms on the Base chain specifically designed for retail users, emphasizing security, transparency, and ease of use.

• Dual Security Mechanisms: The platform integrates Chainlink oracles with the Gauntlet risk model, allowing for timely parameter adjustments during volatile asset price swings to mitigate liquidation risks.

• Education-Friendly Design: Moonwell provides detailed user guides and transparent community governance, attracting new users to participate in lending while also encouraging their involvement in governance proposals.

• Coinbase Smart Wallet Integration: Recently, Moonwell integrated with Coinbase Smart Wallet, enabling users to directly operate lending functions within the Coinbase App without needing seed phrases, significantly lowering the barrier to entry.

• Development Status: As of mid-June, Moonwell's TVL on the Base chain has steadily grown to approximately $64 million, showing a stable overall growth trend with long-term accumulation potential.

Conclusion

The Base chain is transitioning from a singular technical infrastructure into a critical bridge connecting centralized exchanges, payment scenarios, traditional financial institutions, and crypto users. For individual investors, closely monitoring the Base chain ecosystem's development may offer a forward-looking perspective on the next public chain narrative or user migration trend. While the aforementioned projects are at different stages of development, all have demonstrated progress in terms of community activity, technical design, or capital backing. However, risks in the crypto market always exist, and thorough research is advised before making any investment decisions.

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