What Is Based (BASED) and How Does It Work?
Based (BASED) is a high-performance financial Super App designed to serve as a unified gateway for the Hyperliquid ecosystem. Unlike traditional DeFi apps that specialize in a single niche, Based aggregates multiple on-chain services, including
perpetual futures,
spot trading, and
prediction markets, into a single, mobile-native interface. Backed by $11.5 million in Series A funding led by Pantera Capital, the project aims to replace the fragmented user experience of decentralized finance with a seamless, all-in-one platform that feels like a centralized exchange but remains fully self-custodial.
At its technical core, Based operates as an application layer built directly on the Hyperliquid
L1 blockchain. This allows it to leverage Hyperliquid's institutional-grade matching engine, which supports up to 200,000 orders per second with sub-second finality. To optimize User Intent, Based utilizes a Unified Account mode where a single
USDC balance covers all activities across the platform. This means your collateral can simultaneously back a
Bitcoin long position, a bet on a political outcome via
Polymarket, and daily spending via the Based Visa Card, all without the need for manual bridging or internal fund transfers.
One of the most distinctive features of Based is its integration of Agentic Commerce through the Based AI Gateway. By utilizing the
x402 protocol, a web-native payment standard that revives the long-forgotten 402 Payment Required HTTP code, the platform enables
AI agents to pay for compute and model inference using instant,
on-chain micro-transactions. This infrastructure allows both humans and autonomous software bots to consume
AI as a metered, pay-as-you-go service, positioning Based as a critical settlement layer for the emerging machine economy.
When Did Based Launch?
Based launched its native token, $BASED, on March 30, 2026, coinciding with major listings on exchanges like HTX, Bybit, and BingX. The project was founded by Edison Lim (CEO), Zac L., and Zlace.hl (CTO), who originally built Based as a non-custodial interface on top of the Hyperliquid L1. After a challenging early period, including a pivot following the 2022 Terra crash, the team successfully scaled the platform to process over $41 billion in trading volume. In February 2026, the project solidified its institutional standing by raising $11.5 million in a Series A led by Pantera Capital, with backing from
Coinbase Ventures, Wintermute, and Spartan Group.
Based (BASED) 2026 Roadmap
- Token Generation Event (TGE): Official launch and community airdrop distribution on March 30, 2026.
- Staking Reopening: Genesis staking vaults (OG, Based, and Normie tiers) went live on TGE day to unlock fee discounts and card rewards.
- Based Launchpool: Upcoming platform to provide early access to new projects launching within the Based and Hyperliquid ecosystems.
- AI Agent Economy: Rollout of infrastructure for autonomous AI agent wallets, enabling machines to trade and transact via the x402 payment protocol.
- Expansion of Based Card: Scaling the Based Visa Card to additional regions with tiered cashback rewards of up to 8%.
- Mobile Super App Optimization: Continuous updates to the iOS and Android apps to integrate prediction markets, spot, and perpetuals into a single on-chain neobank experience.
What Is the BASED Token Utility?
The $BASED token is the native utility and coordination engine for the Based Super App ecosystem. Its primary function is to align user incentives with platform activity, offering tangible benefits for traders, spenders, and AI developers. By staking $BASED, users unlock a tiered reward system that includes significant trading fee discounts of up to 100% for Diamond tier holders, access to the Based Launchpool for early-stage projects, and enhanced cashback rewards of up to 8% on the Based Visa Platinum card.
Beyond traditional DeFi incentives, $BASED serves as a foundational layer for Agentic Commerce. Stakers receive daily consumption credits for the Based AI Gateway, which utilizes the x402 protocol to facilitate instant, micro-transaction payments for AI model inference. This allows both human users and autonomous AI agents to utilize the platform's intelligence tools as a metered, pay-as-you-go service. In this capacity, $BASED functions not just as a reward token, but as the essential currency for a new machine-to-machine economy settled on the Hyperliquid L1.
You can trade BASED on the
BingX spot market by
depositing USDT or other supported assets, searching for the
BASED/USDT trading pair, and placing a
market or limit order to buy or sell instantly. BingX also provides advanced tools like real-time charts and order types, helping you optimize entry and exit points when trading BASED in volatile market conditions.
What Is Based Tokenomics?
The $BASED token has a fixed total supply of 1,000,000,000 (1 billion) tokens, designed to align long-term incentives across the Hyperliquid-based Super App ecosystem.
- Genesis Distribution (36.0%): 360,000,000 tokens allocated to the community, including Season 1 (XP), Season 2 (Gold), and $PUP conversion.
- Ecosystem and Rewards (23.64%): 236,400,000 tokens managed by the Based Foundation for platform growth and staking incentives.
- Investors (20.36%): 203,600,000 tokens subject to a 1-year lock followed by a 2-year monthly linear unlock.
- Core Contributors (20.0%): 200,000,000 tokens subject to a 1-year lock followed by a 2-year monthly linear unlock.