Key Takeaways
Based is a crypto application on the Hyperliquid Layer-1 network that brings trading across crypto, equities, and commodities, together with prediction markets, payments, staking, and AI tools into a single account.
BASED is the native utility token of the ecosystem. Holding or staking it may unlock fee discounts, card cashback of up to 8%, higher spending limits, and access to platform features.
The total BASED supply is fixed at 1,000,000,000 tokens. The Token Generation Event (TGE) took place on March 30, 2026.
Investor and core contributor allocations each follow a one-year lock period with two years of monthly vesting.
Introduction
Crypto users often rely on separate platforms for trading, payments, event markets, and yield strategies. Based is an application designed to consolidate these functions. Its developers describe it as a crypto super app: a single interface for accessing markets, funding an account, spending a balance, and using AI-powered financial tools, all within one platform connected to decentralized finance (DeFi).
What Is Based?
Based is a financial application built on top of the Hyperliquid Layer-1 network. Rather than operating its own blockchain, it functions as an application layer that uses Hyperliquid's infrastructure for transaction settlement and execution, targeting sub-second finality without requiring users to manage cross-chain bridges.
The platform is accessible via Web, iOS, Android, and Desktop. Users can fund an account directly by bank transfer or credit card, and access all product features from a single account without switching between apps or networks.
Based raised USD 11.5 million in a Series A round in February 2026, led by Pantera Capital, with participation from Coinbase Ventures, Ethena, Wintermute Ventures, Hashed, and Spartan Group. The Based Foundation manages the ecosystem and rewards token allocation.
Core Features of Based
Trading
Based provides access to spot trading and perpetual futures on Hyperliquid, as well as equities and commodities. The platform operates 24 hours a day, seven days a week on supported markets. Based generates revenue through a 0.025% builder fee on every trade processed via its Hyperliquid builder code.
Prediction markets
Based offers access to event-based prediction markets, where users can take positions on real-world outcomes across topics such as politics, sports, and crypto. These markets are accessible from the same account used for trading and payments.
Based Visa Platinum card
Based provides a Visa Platinum card that can be used at over 100 million merchants worldwide. Cardholders spend directly from their Based balance without needing to off-ramp to a bank account first. Cashback rewards of up to 8% are available, with higher rates tied to higher BASED holding tiers. Card spending limits also scale with the holding tier.
Revenue from card transactions is generated through interchange fees. Cross-border transactions generate additional FX conversion fees.
Based AI
Based AI is described as infrastructure for embedding intelligence directly into the platform. Stated capabilities include: risk monitoring on open positions, trade execution suggestions, portfolio optimization, and autonomous 24/7 strategy execution with private inference so that user data and strategies remain off-platform servers.
The official documentation also describes a concept called agentic commerce: AI agents that can own wallets, execute trades, and settle payments for services programmatically using the x402 payment protocol. Based has launched ai.based.one and based.page as early infrastructure in this direction.
Staking and affiliate program
Users can lock BASED tokens through the platform's staking mechanism. Staking may unlock trading fee discounts, higher card cashback rates, and access to the Based Launchpool. An affiliate program offers commissions for referring new users.
Based Launchpool
The Based Launchpool is a feature that allows users holding or staking BASED to get early access to new token launches. They describe this as a distribution channel for projects that want to reach an active trading audience rather than starting with no user base.
What Is the BASED Token?
BASED is the native utility token of the Based ecosystem, issued by the Based Foundation. It is designed to unlock platform benefits rather than to represent an ownership stake or a claim on protocol earnings. The TGE took place on March 30, 2026.
Holding or staking BASED may provide access to:
Reduced fees on trading and prediction market activity
Up to 8% cashback on the Based Visa Platinum card, scaling with holding tier
Higher card spending limits
Lower on-ramp and off-ramp fees
Access to Based Launchpool and early project allocations
Discounts at Based Mall partner merchants
AI consumption credits for agentic features
The Based litepaper describes the intended economic logic as a flywheel: more traders generate more revenue, which funds better perks, which attract more users, which makes Based a more valuable distribution channel for projects launching via the Launchpool, which drives additional BASED utility demand.
Note that the scope of available benefits may change as the platform develops. Please refer to official Based documentation for current program terms.
BASED Tokenomics
The total supply of BASED is fixed at 1,000,000,000 tokens.
Token allocation
Genesis Distribution: 36.00% (360,000,000 BASED)
Ecosystem and Rewards: 23.64% (236,400,000 BASED), managed by the Based Foundation
Investors: 20.36% (203,600,000 BASED)
Core Contributors: 20.00% (200,000,000 BASED)
Genesis distribution breakdown
24% of the total supply (240,000,000 BASED) was released at the TGE on March 30, 2026. The remaining Genesis allocation is distributed as follows:
Based Community (Season 1, Season 2, PUPs, BasedPal): 23.5% of total supply, fully unlocked at TGE.
Ethena Community: 7.0% of total supply, with 0.5% unlocked at TGE, 20% distributed over three months from TGE, and the remaining 80% subject to a one-year cliff.
Season 3 Participants: 5.0% of total supply, scheduled for distribution in May 2026.
Vesting schedule
Investor and core contributor allocations follow identical vesting structures: a one-year lock period followed by two years of monthly unlocks. The Ecosystem and Rewards allocation is managed by the Based Foundation and reserved for ongoing growth initiatives.
FAQ
What blockchain does Based run on?
Based is not a standalone blockchain. It operates as an application layer on the Hyperliquid Layer-1 network, which provides settlement, execution, and sub-second transaction finality.
What assets can I trade on Based?
Based supports trading across crypto (spot and perpetual futures), equities, and commodities such as gold, silver, and oil, all from a single interface on Hyperliquid. Markets are accessible 24 hours a day, seven days a week.
What is the BASED token used for?
BASED is the native utility token of the Based ecosystem. Holding or staking it may unlock reduced trading fees, up to 8% cashback on the Based Visa Platinum card, higher spending limits, lower on/off-ramp fees, and access to the Launchpool and Based Mall discounts.
When did the BASED TGE take place?
The Token Generation Event for BASED took place on March 30, 2026. The Based Foundation issued the token and manages the ecosystem and rewards allocation.
How is the BASED token supply distributed?
The total fixed supply is 1,000,000,000 BASED, split into Genesis Distribution (36%), Ecosystem and Rewards (23.64%), Investors (20.36%), and Core Contributors (20%). Investor and contributor tokens follow a one-year lock with two years of monthly vesting.
What is the Based Visa Platinum card?
The Based Visa Platinum card lets users spend their Based balance directly at over 100 million merchants worldwide without off-ramping to a bank account. Cashback rewards of up to 8% are available, with rates and spending limits scaling with BASED holding tiers.
Closing Thoughts
Based is presented as a unified financial interface, combining trading across multiple asset classes with everyday spending and AI-driven tools under one account. The BASED token connects platform usage to fee discounts, card rewards, and access to future features, with the Based Foundation managing long-term ecosystem distribution. The project’s thesis is that every tradable asset will eventually move on-chain, and that a single, composable interface will be the primary way users interact with those markets.
Further Reading
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