In Brief:
- A 25-item roundup of July ecosystem launches and announcements went out from Base, with Morpho Midnight and o1.exchange’s B20 product taking the first two slots.
- That recap arrived during the same month in which Jesse Pollak stepped away from running the Base app, saying the chain’s onchain social experiments “disintegrated completely.”
- July 8 at 18:00 UTC was when Base switched on its B20 native token standard on mainnet — following a string of delays and a pair of late-June mainnet stalls.
July produced 25 ecosystem launches and announcements by Base’s own count, and the two entries the network chose to lead with were credit and token-issuance plays instead of consumer-facing apps.
“Momentum is building on Base,” the network said in the thread.
Momentum is building on Base.
Here’s 25 things the Base ecosystem launched and announced in July.
1) @morpho launched Morpho Midnight, Fixed Rate Markets, and a new Markets App. Allowing users on Base to lend and borrow at fixed rates.
2) @o1_exchange introduced the B20@BaseView on X ↗
Morpho took the top spot, having shipped Midnight, Fixed Rate Markets and a new Markets App — a package that hands Base users fixed-rate borrowing and lending. The number two entry went to o1.exchange for introducing the B20.
Morpho goes fixed rate
Beta ended for Midnight on July 18, and it now operates in parallel with Morpho Blue, the variable-rate protocol. The model is offer-driven: rather than accepting a price dictated by a utilization curve, lenders and borrowers put forward their own rates, maturities and loan terms.
Idle lender capital doesn’t sit still under this design. Variable yield keeps accruing to lenders via Morpho Blue right up until someone accepts a fixed-rate offer, and only then is liquidity pulled for that specific transaction. Fungibility is preserved between positions sharing a maturity.
According to Morpho, previous attempts at fixed-rate design required lenders to lock up capital ahead of any borrower demand, which fragmented liquidity across maturities.
Scope at launch is intentionally tight. A single market — cbBTC/USDC on Base, at present the biggest on Morpho Blue — went live with Midnight across several maturities. Vault adapters, auto-rolling, gates and crosschain support are all absent for now, with all three earmarked for future updates.
Institutional plumbing, by contrast, is there on day one: multiple collateral parameters, compliance rules set at the market level, and transactions that can be limited to named counterparties. Morpho said the protocol is capable of supporting structured credit, repo-style trades and financing collateralized by tokenized real-world assets.
Morpho CEO Paul Frambot said Midnight constructs fixed-rate lending at the protocol layer rather than bolting it onto variable-rate markets, and cited the 30-plus independent curators overseeing billions on Morpho Blue as an existing pool of participants. Deposits across Morpho’s lending network exceed $11 billion.
Morpho Blue already powers Coinbase’s onchain loans product. Questioned on whether a Midnight integration is coming, a Coinbase spokesperson said there was nothing to share from the company at this stage.
o1 builds on the new standard
The B20 product from o1.exchange hooks into the token standard that Base turned on at the chain level on July 8. Through its launchpad, users can create and browse B20 tokens on Base as well as community tokens on Robinhood, and anything minted there carries a contract address ending in “01.”
Within 72 hours of B20 going live on Base, o1 said, the count stood at 8,045 tokens created, $14 million in DEX volume and 12,423 holders. Roughly 6,000 of those tokens and about 7,310 of the unique traders originated at b20.o1.exchange itself. Complete security audits for the contracts have been published by the team.
Operating across Base, Solana and BNB Chain, o1 is a meta DEX aggregator and trading terminal spanning spot, perps and prediction markets. Backing totals $4.2 million from Coinbase Ventures and Alliance DAO. Its $O token — an ERC-20 on Base — held its TGE in June 2026 and peaked at an all-time high of $0.9276 on June 20.
B20 arrived late
Rather than going through the EVM, B20 itself ships as a Rust precompile, which lets issuers mint stablecoins, tokenized equities and other fungible assets without standing up separate ERC-20 contracts. Two formats are supported: an asset format running six to 18 decimals, and a stablecoin format pinned at six decimals that requires a fiat denomination to be named. Freeze functions, transfer controls and role-based permissions come built in.
The road there was bumpy. Late in June, Base pushed back the B20 Activation Registry, pointing to the need for a more stable rollout. Block production halted on June 25 after block 47,806,542 in a consensus failure lasting roughly two hours, and the following day brought a similar incident. There were no reports of lost user funds.
The Beryl upgrade carried B20 in, and it also shortened Base-to-Ethereum withdrawals from seven days to five while integrating Reth V2. Native RPC indexing and gas payments denominated in a project’s own B20 token are penciled in for Cobalt, which is targeted for September 2026.
The month around the list
July also saw Base reorganize itself around payments, trading and AI infrastructure. On July 15, Pollak said the social features assembled in the first quarter “disintegrated completely” and that those failed experiments held up infrastructure work. Neither Farcaster, Zora, Miniapps nor creator tokens turned into adoption drivers, and Base slipped behind competitors in perps, prediction markets, tokenization and payments.
Control of the Base app went back to Coinbase under Pollak. Jordan Fish — known widely as Cobie — assumed leadership of the team; his platform Echo was acquired by Coinbase for roughly $375 million. Pollak’s ambition now is to position the chain as “the blockchain for global finance.”
On July 27, Base announced its first Global Community Call, set for July 31 at 8:00 a.m. PT and promising team updates, builder interviews and ecosystem spotlights. Neither speakers nor an agenda were disclosed.
Coinbase CEO Brian Armstrong was blunter when the community pressed on the pivot. “Betting on content tokens was a mistake,” he said.