Ask about Based
Logo of BasedBased(BASED)
Total Value Locked$11,365

TVL by Chain

Robinhood Chain$11,365

Key Metrics

Fees (Annualized)$16.74m
Fees 30d$54,052.3

Hyperliquid L1$43,644

Robinhood Chain$5,916.5

Polygon$4,491.8

Fees 7d$12,133.98

Hyperliquid L1$11,798

Polygon$288.79

Robinhood Chain$47.19

Fees 24h$1,049.43

Hyperliquid L1$1,008

Polygon$39.39

Robinhood Chain$2.04

Cumulative Fees$16.98m

Hyperliquid L1$16.97m

Robinhood Chain$5,916.51

Polygon$4,532.57

Revenue (Annualized)$15.6m
Revenue 30d$35,814.14

Hyperliquid L1$26,813

Robinhood Chain$4,509.34

Polygon$4,491.8

Revenue 7d$8,435.65

Hyperliquid L1$8,111

Polygon$288.79

Robinhood Chain$35.86

Revenue 24h$851.94

Hyperliquid L1$811

Polygon$39.39

Robinhood Chain$1.55

Cumulative Revenue$15.84m

Hyperliquid L1$15.83m

Polygon$4,532.57

Robinhood Chain$4,509.35

Holders Revenue (30d Run Rate)$0
Holders Revenue 30d$0

Hyperliquid L1$0

Polygon$0

Robinhood Chain$0

Holders Revenue 7d$0

Hyperliquid L1$0

Polygon$0

Robinhood Chain$0

Holders Revenue 24h$0

Hyperliquid L1$0

Polygon$0

Robinhood Chain$0

Cumulative Holders Revenue$0

Hyperliquid L1$0

Polygon$0

Robinhood Chain$0

Incentives 1y$0

$0

$0

$0

$0

Earnings (Annualized)$15.6m

$35,814.14

$8,435.65

$851.94

$15.84m

DEX Volume 30d$800,705.8
DEX Volume 30d by chain

Robinhood Chain$474,541.8

Polygon$326,164

DEX Volume 7d$34,332.8

Polygon$30,603

Robinhood Chain$3,729.8

DEX Volume 24h$5,307

Polygon$5,146

Robinhood Chain$161

Cumulative DEX Volume$800,706.37

Robinhood Chain$474,542.37

Polygon$326,164

DEX Notional Volume 30d$1.44m
DEX Notional Volume 30d by chain

Polygon$1.44m

DEX Notional Volume 7d$55,302

Polygon$55,302

DEX Notional Volume 24h$11,694

Polygon$11,694

Cumulative DEX Notional Volume$28.46m

Polygon$28.46m

Perp Volume 30d$272.81m
Perp Volume 30d by chain

Hyperliquid L1$272.81m

Perp Volume 7d$95.51m

Hyperliquid L1$95.51m

Perp Volume 24h$6.22m

Hyperliquid L1$6.22m

Cumulative Perp Volume$45.844b

Hyperliquid L1$45.844b

$5.5m

Market Cap$17.77m

$BASED Price$0.076

All Time High$0.31

All Time Low$0.05

View $BASED token page

$75.64m

$57.82m

$BASED Volume 24h$5.3m

CEX Volume$2.67m

DEX Volume$2.67m(50.47% of total)

Total Raised

Sep 8, 2025Round: Investors: Ethena

Feb 23, 2026$11.5mRound: Series AInvestors: Pantera Capital, Coinbase Ventures, Wintermute Trading, Karatage

Protocol Information

Trade, Predict and Spend. Built on Hyperliquid L1, Polymarket. Backed by Ethena Labs.

Category:Launchpad

WebsiteTwitter

Methodology

TVL: Total value of all coins held in the smart contracts of the protocol

Fees:

BasedApp - builder code revenue from Hyperliquid Perps Trades.View code on GitHubHYENA - Trading fees paid by users on Hyperliquid markets deployed by Based and Ethena teams.View code on GitHubBased Predict - Builder fees received by Based from trades on Polymarket v2View code on GitHubBased Alpha - 1.25% trade fee (0.95% protocol + 0.30% creator) on every curve trade, plus the flat migration fee skimmed when a token graduates to Based DEX.View code on GitHub

Revenue:

BasedApp - builder code revenue from Hyperliquid Perps Trades.View code on GitHubHYENA - Half of the fees goes to the protocol and rest to hyperliquidView code on GitHubBased Predict - Builder fees received by Based from trades on Polymarket v2View code on GitHubBased Alpha - Protocol share of trade fees (0.95% of each trade) plus migration fees.View code on GitHub
Holders Revenue: View code on GitHub

DEX Volume: Volume of all spot token swaps on the DEX

Notional Volume: Notional volume of all trades on protocol

Perp Volume: Notional volume of all trades including leverage on the perp exchange

Incentives: Tokens allocated to users through liquidity mining or incentive schemes, typically as part of governance or reward mechanisms.

Earnings: Revenue of the protocol minus the incentives distributed to users

Competitors

PinkSale ($140.46m)DxSale ($15.93m)NOXA Fun ($4.21m)Mint Club V2 ($588,307.34)Bitbond Sales ($55,636.17)ChainGPT ($37,635.39)Sentry ($33,882.74)DexPad ($24,505.45)Peeps ($23,672.53)CreateMyToken ($20,178.96)

Frequently Asked Questions

What is Based?

Trade, Predict and Spend. Built on Hyperliquid L1, Polymarket. Backed by Ethena Labs.

What is Based's TVL?

Based currently has $11,365 in total value locked.

What chains does Based operate on?

Based operates on 3 chains: Hyperliquid L1, Polygon, and Robinhood Chain. Robinhood Chain holds the largest share at 100%.

How much has Based generated in fees and revenue?

Over the past 30 days, Based generated $54,052.3 in fees. Of that, $35,814.14 was protocol revenue. Based on the trailing year, the annualized rate is $16.74m in fees and $15.6m in revenue.

What is the BASED token price and valuation?

BASED is currently trading at $0.076. Its circulating market capitalization is $17.92m, ranking it #1,067. Its fully diluted valuation is $76.25m. Supply currently stands at 235m circulating, 1b total supply, 1b maximum supply.

How has BASED performed recently?

BASED is down 4.6% over the past 7 days and down 18.8% over the past 30 days. Its all-time high is $0.31, reached on Apr 16, 2026. The token is currently 75.2% below that level.

Which protocols are included in Based?

Based is a parent protocol whose tracked products include Based Alpha, BasedApp, HYENA, and Based Predict.

How much trading volume does Based process?

Based processed $800,705.8 in DEX volume over the past 30 days.