Coinbase's ecological "testing ground": Based APP and x402 are frequently active, how to ambush the BASE ecosystem?

Compiled by: Felix, PANews

Coinbase's acquisition of Echo and claims that it will not rush to deploy the Base token, along with the upcoming Base app, all indicate that the Base ecosystem will gain strong momentum in the coming months.

Meanwhile, Coinbase is also taking strategic actions in other areas, including applying for a banking license, gradually integrating DeFi into its retail application, and developing a new payment standard called x402.

With Coinbase's recent activities being so frequent, this article will provide a brief report on Coinbase.

What is Base L2?

Base is a Layer 2 network incubated by Coinbase, utilizing the OP Stack, achieving a block time of 200 milliseconds through Flashblocks, and processing transactions at a cost of less than one cent.

Launched only two years ago, Base has quickly become a leading L2 network, consistently maintaining a lead in metrics such as TVL and transaction volume almost daily.

The key point is that Base is not just an L2 network: it is Coinbase's experimental ground for the on-chain future. If executed properly, users participating in this "sandbox" may soon receive a substantial "airdrop benefit."

The $BASE Token Could Be a Game Changer

After years of denying plans for a token, Jesse Pollak announced at the BaseCamp event in September 2025 that they are "starting to explore network tokens." Although information is currently limited, there are still traces to follow.

Almost all other L2 networks typically conduct a TGE quickly, but considering Base's direct connection to a publicly traded company (Coinbase), its hesitation is understandable.

In his keynote speech at BaseCamp, Jesse pointed out that the company will work closely with regulators to ensure compliance with relevant regulations. Given that the token is still in the exploratory stage, it is clear that a TGE will not happen in the near future.

But this is a good thing, as users will have ample time to prepare for it.

Whenever the TGE occurs, it is undeniable that the Base token could become a grand "wealth creation" event and significantly drive the development of Base.

To achieve this, Base must link economic activity to the token, as the true value of L1 assets comes from their role as Gas tokens and the second token in AMM trading pairs.

ETH and SOL are valuable because they are crucial for providing liquidity for new tokens in AMMs. As these ecosystems expand, the demand for quote currencies increases, creating a positive feedback loop.

By distributing network fees as rewards to pools using $BASE as the quote currency, $BASE holders can encourage this activity and tie the token's value to network growth.

It is expected that Base will encourage key protocols and distribute tokens after the token launch. But how can users qualify for the first round of airdrops?

Since Base aims to revolutionize blockchain participation and attract new users through its application, actively using the app will significantly increase the chances of receiving an airdrop.

Base App: The Frontend of the Entire Base Ecosystem

During this cycle, wallets have evolved from simple token storage tools to some becoming "the front end of DeFi." As Phantom and other wallets continuously expand the definition of cryptocurrency front ends—adding features like trading and payments directly within the app—the competition to create the ultimate super app has begun.

In this competition, the Base App stands out. It is a versatile application that integrates social networking, applications, payments, and finance, allowing users to earn, trade, and chat with people from around the world anywhere.

The app is scheduled for public release this year and has already achieved success in its testing phase, with testers praising it and over 750,000 people on the waiting list.

The app includes social features powered by Farcaster, authentication supported by ens.eth, payment functionalities through BasePAY, yield features provided by Morpho, AI agents like Giza's Arma and Moonwell's Mamo, chat features supported by Zora, gamified experiences similar to Dimo, and many other mini-apps powered by Farcaster.

The current task is to identify projects and tokens that are already on the platform or about to launch, which can benefit the most from the distribution and exposure brought by this app. Special attention should be paid to applications that Coinbase has invested in, as they will be direct beneficiaries of the product's success.

Projects to Watch

In the Base ecosystem, Coinbase typically adopts small-scale strategic investments rather than leading rounds to expand its reach and maintain neutrality among competing protocols.

However, Coinbase has made larger-scale investments in a few "stacked" projects on Base, including liquidity (Aerodrome), core DeFi credit (Morpho), and creator engagement (Farcaster, Zora).

Regardless of the size of the investment, these portfolio companies can gain priority treatment on social media, receive more business development contacts, and quickly launch on the Base App.

Here are several of the most promising projects that Coinbase has invested in within the Base ecosystem (in no particular order), which are likely to gain significant momentum:

Giza

Giza's autonomous agent Arma is an AI-driven yield optimizer that has launched on the Base app. With over $2 billion in agent trading volume and approximately $30 million in total locked value, it can be said that the current token valuation may be undervalued.

Avantis

Ranked as the top perpetual contract exchange on Base, Avantis offers a diverse range of assets, including cryptocurrencies, stocks, indices, and even forex. Investor and team allocations account for 40% of the total supply, with unlocks not occurring until September 2026.

Share

Share is an upcoming social trading application that recently secured $5 million in funding. This product is strikingly similar to other social trading applications in terms of functionality and branding, and due to Coinbase's support, it will clearly receive priority in Base App integration.

Memory

Memory aims to create a world where digital identities can migrate freely across the internet. Recently, Memory announced the ability to sync your Twitter follows to the Base App. Given Base's focus on SocialFi, Memory plays a key role in the transition from traditional social media to the Base App.

Coop Records

Coop Records is an on-chain record label that has amassed over 175 artists and more than 750 albums since its establishment in August 2023. Songs are purchased in ETH and paid to artists in real-time, contrasting sharply with the traditional music industry, where royalty payments are often delayed by months or even quarters.

IronFish

Brian Armstrong recently stated that he advocates for privacy and revealed that he acquired the Iron Fish team in March of this year. Whether this means the token will perform well in the long term remains unclear.

Backroom

If you believe there is still a narrative for the Internet Capital Market (ICM), then Backroom is a protocol worth watching, especially for its collaboration with Aerodrome, the largest decentralized exchange on Base.

Noice

The winner of the first Base Batches Demo Day, Noice is a social tokenization protocol that integrates Farcaster's programmable social layer and Zora's creator tokens. It allows users to send small payments for social actions like likes, comments, and follows, thereby converting participation into economic value.

The Base Batches program is an excellent way to keep the Base ecosystem at the forefront and discover emerging trends or products. The next event will be held on November 19 at DevConnect.

While interacting with the products listed above does not guarantee eligibility for an airdrop, and purchasing their tokens does not ensure appreciation, Base's track record of benefiting its portfolio companies suggests that new projects may also benefit.

As Coinbase invests hundreds of millions into the on-chain economy, one can't help but wonder what Brian's ultimate goal is.

The "Bullfish" Strategy of DeFi

It is well known that the general public does not care about on-chain reputation systems or AI agents participating in yield farming. Most people just want to open their Coinbase app and click on the "Earn" tab.

Since DeFi offers more convenient access and higher returns, Coinbase has shown a willingness to introduce these products to a broader audience through its application.

For example, the recently launched on-chain lending feature for USDC, supported by Morpho and Steakhouse Financial, allows users to earn up to 10% on their stablecoins.

This is not the only time Coinbase has integrated with Morpho. Earlier this year, Coinbase launched a Bitcoin-backed on-chain lending service through Morpho, allowing customers to borrow up to $1 million in USDC by holding Bitcoin on Coinbase.

Additionally, Coinbase supports DEX trading, providing users access to on-chain tokens.

Coinbase's willingness to integrate DeFi protocols from Base into its retail application indicates that the Base app is a key platform for Coinbase to experiment before broadly launching new features and protocols.

With the launch of Base Pay and the x402 payment protocol, on-chain payments are rapidly evolving. Meanwhile, the company announced on October 3, 2025, that it is applying for a banking charter.

The announcement stated:

"This charter will continue to open new opportunities for Coinbase, enabling it to launch new products beyond custody in a clearly regulated environment, including payments and related services, thereby facilitating broader institutional adoption."

In practice, this means Coinbase will be able to offer checking and savings accounts insured by the Federal Deposit Insurance Corporation (FDIC), built-in deposit and withdrawal channels to enable payment functionalities, and unleash innovative opportunities within the legislative framework.

While Coinbase is working to negotiate with lawmakers to support payment functionalities in its retail application, Base is steadily advancing the possibilities of on-chain payments to achieve a future of agency.

X402: The Native Internet Payment Protocol

It is well known that online payments have some fundamental issues. Credit cards involve high friction and have high minimum payment amounts. Additionally, they do not meet the programmatic needs of the internet and do not support agency software systems.

X402 is an HTTP-based protocol for proxies, context retrieval, APIs, etc., and is Coinbase's solution to this problem, supporting instant, automated stablecoin payments directly through HTTP.

x402 supports various use cases, including:

Pay-per-request API services
AI agents that autonomously pay API access fees
Digital content paywalls
Microservices and tools that profit through small transactions
Proxy services that aggregate and resell API functionalities

Although the protocol is not limited by the network, it is naturally best suited for deployment within the Base ecosystem due to the integration of Base's AgentKit and MiniKit (Farcaster's MiniApp SDK).

Recently, the activity volume of the protocol surged, with total transactions nearing 200,000 and transaction amounts approaching $150,000.

Conclusion

The Base app and Coinbase app serve two different types of customers, with the former acting as a testing ground for the latter. Together, they create a positive feedback loop that few companies in the financial sector can rival. After all, the future of finance lies neither solely off-chain nor on-chain, but in a combination of both.

While Coinbase looks long-term in the TradFi space, gradually seeking a banking charter to bring the app closer to a new type of bank rather than just a trading platform, Base serves as an on-chain laboratory where the future is being prototyped.

Now, with the token launch approaching, everyone will become a test subject for Coinbase. The main difference lies in who understands the rules of the game better.

In this case, the game involves tracking the flow of funds at Coinbase and determining which projects it has funded.

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