Coinbase deep integration + JPMorgan Chase pilot, which projects are worth paying attention to?

Source: Bitpush

As an Ethereum Layer2 chain fully supported by Coinbase, the Base chain ecosystem is quietly gaining popularity. From Coinbase's own strategic integration of Base, to the trial of traditional financial institutions such as JPMorgan Chase, to the continuous expansion of real-world payment scenarios, the Base chain is moving from technical infrastructure to more extensive practical applications. This article will briefly analyze the recent important progress of the Base chain and sort out the projects worth paying attention to in the current ecosystem.

Coinbase’s platform integration: driving on-chain assets mainstream

Coinbase has recently continued to promote the integration of Base chain into its core product logic. According to Jesse, the head of Base chain, in the future, users can directly use the account balance in the Coinbase application to interact with the Base chain project without complicated on-chain operations. This integration strategy has brought two significant changes:

Lower user threshold: A seamless trading interface similar to the centralized experience makes it easier for ordinary users to access decentralized applications.

Potentially high liquidity: Once the Base chain project is supported, it can quickly cover tens of millions of Coinbase users, providing an important starting point for early applications.

In addition, Max Branzburg, head of product at Coinbase, has publicly stated that the company is planning to integrate tens of thousands of on-chain assets into the Coinbase main application to build a more complete on-chain asset trading closed loop.

Real-world breakthrough: Shopify opens USDC payment

In June 2025, the e-commerce platform Shopify announced that it would cooperate with Coinbase and Stripe to allow merchants to accept USDC payments on the Base chain, covering consumers in more than 30 countries around the world. This is the first time that the Base chain has entered the mainstream payment system on a large scale, which also means that its potential influence is expanding from crypto-native users to the broader Internet economy.

Financial giants intervene: JPMorgan Chase pilots issuance of "compliant stablecoins"

What is more noteworthy is the attitude of traditional financial institutions. JPMorgan Chase recently tested issuing its "deposit token" (JPMD) on the Base chain to represent US dollar deposits. Such assets may have the ability to bear interest in the future and comply with regulatory compliance. JPMD is seen as an alternative to traditional stablecoins. If it goes well, it is likely to become an important foothold for traditional institutions such as banks, securities firms, and payment platforms to "go on the chain."

As the Base chain welcomes its "gold master" moment, potential projects within the ecosystem also deserve our attention.

1. Aerodrome (AERO)

The core DEX on the Base chain adopts the ve(3,3) model and formulates liquidity incentives through voting and depth.

The current TVL has reached 990 million US dollars, making it the largest AMM protocol on the Base chain

After integration with Coinbase App, the number of users and transaction volume increased further

2. Spark Protocol: A lending platform based on Compound

Spark is a lending protocol initiated by MakerDAO community members and developed based on the Compound v3 engine. It has been officially deployed to the Base chain. Its design goal is to optimize the traditional lending model, make strategy execution more flexible, and be suitable for a variety of asset allocation needs.

More flexible interest rate mechanism: Compared with traditional Compound, Spark has optimized the interest rate model, which can dynamically adjust the borrowing cost according to market changes and better support leveraged trading and re-pledge of stablecoin assets.

Rich asset support: The platform supports lending of mainstream stablecoins including DAI and USDC, which is suitable for stable fund management needs.

TVL performance: As of June 2025, Spark’s total locked value on the Base chain has reached $410 million, ranking among the top lending platforms in the ecosystem and is one of the most robust protocols on the chain.

3. Stargate Finance: A cross-chain bridge hub on the Base chain

Stargate is the core bridging protocol in the LayerZero ecosystem. It has now been fully connected to the Base chain, providing a secure and efficient underlying channel for inter-chain asset flows.

Seamless cross-chain functionality: Users can perform one-click asset transfers between Base and main chains such as Ethereum, Arbitrum, and Optimism, which is suitable for DeFi users, asset arbitrageurs, and multi-chain strategy accounts.

Improved status of the settlement layer: As stablecoins such as USDC, HUSD, and DAI gradually gather on the Base chain, Stargate has become an important channel to support cross-chain transfers of these assets and capital repatriation.

Clear ecological positioning: Stargate not only improves the external interoperability of the Base chain, but also attracts more developers to build application protocols integrated with it.

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

4. Moonwell: A lending protocol that focuses on user experience and security

Moonwell is one of the few lending platforms on the Base chain that is designed with ordinary users as the core object, emphasizing security, transparency and ease of use.

Dual safety mechanism: The platform integrates Chainlink oracle and Gauntlet risk model, which can adjust parameters in time when asset prices fluctuate violently to reduce liquidation risks.

Education-friendly design: Moonwell provides detailed user guides and community governance transparency, which not only attracts novice users to participate in lending, but also encourages users to participate in governance proposals.

· Integration with Coinbase Smart Wallet: Recently, Moonwell has been connected to Coinbase Smart Wallet. Users can directly operate loans in the Coinbase App without mnemonics, which greatly reduces the threshold for use.

Development: As of mid-June, Moonwell’s TVL on the Base chain has been growing steadily, currently at approximately $64 million, with a stable overall growth trend and long-term accumulation potential.

summary

The 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 the development of the Base chain ecosystem may mean gaining a forward-looking perspective on the next round of public chain narratives or user migration trends. Although the projects mentioned above are at different stages of development, they have all shown some progress in community activity, technical design or capital support. Of course, risks in the crypto market always exist, and it is recommended to make decisions after in-depth research.