In Brief:
- Base published a 25-item recap of ecosystem launches and announcements from July, opening with Morpho Midnight and o1.exchange’s B20 product.
- The recap landed in the same month Jesse Pollak stepped back from running the Base app and said the network’s onchain social experiments “disintegrated completely.”
- Base activated its B20 native token standard on mainnet July 8 at 18:00 UTC, after repeated delays and two late-June mainnet stalls.
Base counted 25 ecosystem launches and announcements in July, and the two items it put at the top of the list were both credit and token-issuance plays rather than consumer 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 ↗
First on the list was Morpho, which shipped Midnight, Fixed Rate Markets and a new Markets App, giving Base users fixed-rate lending and borrowing. Second was o1.exchange, which introduced the B20.
Morpho goes fixed rate
Midnight exited beta July 18 and runs alongside Morpho Blue, the variable-rate protocol. It’s offer-driven: lenders and borrowers propose their own rates, maturities and loan terms instead of taking a price off a utilization curve.
The design keeps lender capital productive while it waits. Lenders continue earning variable yield through Morpho Blue until a fixed-rate offer is accepted, at which point liquidity is sourced only for that transaction. Positions that share a maturity stay fungible.
Morpho said earlier fixed-rate designs forced lenders to commit capital before borrowers showed up, splintering liquidity across maturities.
The rollout is deliberately narrow. Midnight launched with a single market, cbBTC/USDC on Base, currently Morpho Blue’s largest, across multiple maturities. There’s no vault adapter, no auto-rolling, no gates and no crosschain support at launch. All three are planned for later updates.
Institutional features are in from the start, including multiple collateral parameters, market-level compliance rules and transactions restricted to specific counterparties. Morpho said the protocol can support financing backed by tokenized real-world assets, structured credit and repo-style trades.
Paul Frambot, Morpho’s CEO, said Midnight builds fixed-rate lending at the protocol level rather than layering it on top of variable-rate markets, and pointed to more than 30 independent curators managing billions across Morpho Blue as a ready-made participant base. More than $11 billion is deposited across Morpho’s lending network.
Coinbase already runs its onchain loans product on Morpho Blue. Asked whether it plans to integrate Midnight, a Coinbase spokesperson said the company had nothing to share at this stage.
o1 builds on the new standard
o1.exchange’s B20 product plugs into the token standard Base activated at the chain level July 8. Its launchpad lets users create and discover B20 tokens on Base and community tokens on Robinhood, with contract addresses ending in “01” for tokens minted there.
o1 said that 72 hours after B20 went live on Base, 8,045 tokens had been created against $14 million in DEX volume and 12,423 holders. About 6,000 of those tokens and roughly 7,310 of the unique traders came through b20.o1.exchange itself. The team published full security audits for the contracts.
o1 runs on Base, Solana and BNB Chain as a meta DEX aggregator and trading terminal covering spot, perps and prediction markets. It has raised $4.2 million from Coinbase Ventures and Alliance DAO. Its $O token, an ERC-20 on Base, had its TGE in June 2026 and hit an all-time high of $0.9276 on June 20.
B20 arrived late
B20 itself ships as a Rust precompile rather than through the EVM, letting issuers mint stablecoins, tokenized equities and other fungible assets without deploying standalone ERC-20 contracts. It supports an asset format with six to 18 decimals and a stablecoin format fixed at six decimals that requires naming a fiat denomination. Transfer controls, freeze functions and role-based permissions are built in.
Getting there was messy. Base delayed the B20 Activation Registry in late June, citing the need for a more stable rollout. On June 25 the chain stopped producing blocks after block 47,806,542 in a roughly two-hour consensus failure, and a similar incident hit the next day. No user funds were reported lost.
B20 came in through the Beryl upgrade, which also cut Base-to-Ethereum withdrawals from seven days to five and integrated Reth V2. Gas payments in a project’s own B20 token and native RPC indexing are slated for Cobalt, targeted for September 2026.
The month around the list
Base reorganized in July around payments, trading and AI infrastructure. Pollak said on July 15 that the social features built in the first quarter “disintegrated completely” and that the failed experiments slowed infrastructure work. Farcaster, Zora, Miniapps and creator tokens didn’t become adoption drivers, and Base fell behind rivals on perps, prediction markets, tokenization and payments.
Pollak handed the Base app back to Coinbase. Jordan Fish, better known as Cobie, took over the team; Coinbase acquired his platform Echo for about $375 million. Pollak now wants the chain positioned as “the blockchain for global finance.”
Base announced its first Global Community Call on July 27, scheduled for July 31 at 8:00 a.m. PT, with team updates, builder interviews and ecosystem spotlights. No speakers were named and no agenda was published.
Brian Armstrong, Coinbase’s CEO, put it more bluntly when the community asked about the pivot. “Betting on content tokens was a mistake,” he said.
