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Based(BASED)

Total Value Locked$14,801

TVL by Chain

Robinhood Chain$14,801

Key Metrics

Fees 30d$44,948

Fees 30d by chain

Hyperliquid L1$42,400

Robinhood Chain$1,286

Solana$432.07

BSC$362.13

Base$185.90

Polygon$157.01

Ethereum$90.24

Arbitrum$23.80

Arc$8.29

Ink$2.81

Stable$0

Fees 7d$8,989

Hyperliquid L1$8,706

Robinhood Chain$208.58

Ethereum$22.07

Arbitrum$14.98

Solana$13.81

Polygon$12.20

Base$10.35

Arc$0.88

BSC$0.41

Ink$0

Stable$0

Fees 24h$2,769

Hyperliquid L1$2,747

Polygon$6.75

Ethereum$6.55

Base$4

Robinhood Chain$3.98

Solana$0.60

Arbitrum$0.01

Arc$0

BSC$0

Ink$0

Stable$0

Cumulative Fees$17.24m

Hyperliquid L1$17.23m

Robinhood Chain$7,779

Polygon$5,589

BSC$1,022

Solana$480.20

Base$282.85

Ethereum$275.57

Arbitrum$41.09

Arc$8.29

Ink$4.20

Stable$0.22

Revenue 30d$44,948

Revenue 30d by chain

Hyperliquid L1$42,400

Robinhood Chain$1,286

Solana$432.07

BSC$362.13

Base$185.90

Polygon$157.01

Ethereum$90.24

Arbitrum$23.80

Arc$8.29

Ink$2.81

Stable$0

Revenue 7d$8,989

Hyperliquid L1$8,706

Robinhood Chain$208.58

Ethereum$22.07

Arbitrum$14.98

Solana$13.81

Polygon$12.20

Base$10.35

Arc$0.88

BSC$0.41

Ink$0

Stable$0

Revenue 24h$2,769

Hyperliquid L1$2,747

Polygon$6.75

Ethereum$6.55

Base$4

Robinhood Chain$3.98

Solana$0.60

Arbitrum$0.01

Arc$0

BSC$0

Ink$0

Stable$0

Cumulative Revenue$16.08m

Hyperliquid L1$16.07m

Robinhood Chain$6,369

Polygon$5,589

BSC$1,022

Solana$480.20

Base$282.85

Ethereum$275.57

Arbitrum$41.09

Arc$8.29

Ink$4.20

Stable$0.22

Holders Revenue 30d$0

Holders Revenue 30d by chain

Arbitrum$0

Arc$0

Base$0

BSC$0

Ethereum$0

Hyperliquid L1$0

Ink$0

Polygon$0

Robinhood Chain$0

Solana$0

Stable$0

Holders Revenue 7d$0

Arbitrum$0

Arc$0

Base$0

BSC$0

Ethereum$0

Hyperliquid L1$0

Ink$0

Polygon$0

Robinhood Chain$0

Solana$0

Stable$0

Holders Revenue 24h$0

Arbitrum$0

Arc$0

Base$0

BSC$0

Ethereum$0

Hyperliquid L1$0

Ink$0

Polygon$0

Robinhood Chain$0

Solana$0

Stable$0

Cumulative Holders Revenue$0

Arbitrum$0

Arc$0

Base$0

BSC$0

Ethereum$0

Hyperliquid L1$0

Ink$0

Polygon$0

Robinhood Chain$0

Solana$0

Stable$0

Incentives 1y$0

Earnings (Annualized)$8.25m

$44,948

$8,989

$2,769

$16.08m

DEX Volume 30d$2.46m

DEX Volume 30d by chain

Hyperliquid L1$2.45m

Polygon$15,738

Robinhood Chain$114.80

DEX Volume 7d$393,532

Hyperliquid L1$392,322

Polygon$1,211

Robinhood Chain$0

DEX Volume 24h$35,710

Hyperliquid L1$35,035

Polygon$675

Robinhood Chain$0

Cumulative DEX Volume$3.734b

Hyperliquid L1$3.733b

Robinhood Chain$474,964

Polygon$437,097

DEX Notional Volume 30d$54,589

DEX Notional Volume 30d by chain

Polygon$53,880

Hyperliquid L1$709

DEX Notional Volume 7d$2,825

Polygon$2,725

Hyperliquid L1$100

DEX Notional Volume 24h$1,904

Polygon$1,904

Hyperliquid L1$0

Cumulative DEX Notional Volume$28.89m

Polygon$28.7m

Hyperliquid L1$189,568

Perp Volume 30d$196.61m

Perp Volume 30d by chain

Hyperliquid L1$196.61m

Perp Volume 7d$39.87m

Hyperliquid L1$39.87m

Perp Volume 24h$11.24m

Hyperliquid L1$11.24m

Cumulative Perp Volume$46.898b

Hyperliquid L1$46.898b

Market Cap$15.23m

$BASED Price$0.065

All Time High$0.32

All Time Low$0.05

View $BASED token page

$64.79m

$49.42m

$BASED Volume 24h$10.03m

CEX Volume$5.12m

DEX Volume$4.76m(47.49% of total)

Total Raised$11.5m

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.

Website X/Twitter

Categories:Launchpad Interface DEX Aggregator

Products:

Based AlphaLaunchpad
BasedApp PerpsInterface
HYENAInterface
Based PredictInterface
Based AggregatorDEX Aggregator
BasedApp SpotInterface
BasedApp OutcomeInterface

Methodology

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

Fees:

BasedApp Perps - builder code revenue from Hyperliquid Perps Trades.HYENA - Trading fees paid by users on Hyperliquid markets deployed by Based and Ethena teams.Based Predict - Builder fees received by Based from trades on Polymarket v2 Based 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.Based Aggregator - 1% (100 bps) app fee charged on swaps routed through Relay, collected in USDC. Reported per origin chain of the swap.BasedApp Spot - Builder-code fees paid by users on Hyperliquid spot trades placed through the builder code.BasedApp Outcome - Builder-code fees paid by users on Hyperliquid HIP-4 outcome trades placed through the builder code.

Revenue:

BasedApp Perps - builder code revenue from Hyperliquid Perps Trades.HYENA - Half of the fees goes to the protocol and rest to hyperliquid Based Predict - Builder fees received by Based from trades on Polymarket v2 Based Alpha - Protocol share of trade fees (0.95% of each trade) plus migration fees.Based Aggregator - All app fees accrue to the Based protocol; there is no supply-side or holder share.BasedApp Spot - Builder-code fees on Hyperliquid spot trades, all kept by the builder.BasedApp Outcome - Builder-code fees on Hyperliquid HIP-4 outcome trades, all kept by the builder.

Holders Revenue:

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

Income Statement for Based

YearlyQuarterlyMonthlyCumulative

	Q4 2026*	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025
Gross Protocol Revenue	$10.75K	$315.01K	$1.14M	$2.73M	$6.12M	$6.92M
Hyperliquid Builder Code Fees	$9.9K	$248.07K	$763.48K	$1.54M	$5.84M	$6.92M
Perps Trading Fees	$0	$47.49K	$379.16K	$1.19M	$284.44K	$0
Polymarket Builder Fees	$18.78	$5.57K	$0	$0	$0	$0
Trading Fees	$0	$5.89K	$0	$0	$0	$0
Migration Fees	$0	$34.10	$0	$0	$0	$0
Swap app fees	$830.90	$7.95K	$0	$0	$0	$0
Cost of Revenue	$0	$44.58K	$345.03K	$628.56K	$142.22K	$0
Perps Fees To Hyperliquid	$0	$23.75K	$189.58K	$593.62K	$142.22K	$0
Referral & Trading Discounts	$0	$19.42K	$155.45K	$34.95K	$0	$0
Trading Fees to Creators	$0	$1.41K	$0	$0	$0	$0
Gross Profit	$10.75K	$270.44K	$797.6K	$2.1M	$5.98M	$6.92M
Hyperliquid Builder Code Fees	$9.9K	$248.07K	$763.48K	$1.54M	$5.84M	$6.92M
Perps Fees To Deployer	$0	$4.33K	$34.12K	$558.67K	$142.22K	$0
Polymarket Builder Fees	$18.78	$5.57K	$0	$0	$0	$0
Trading Fees to Protocol	$0	$4.48K	$0	$0	$0	$0
Migration Fees to Protocol	$0	$34.10	$0	$0	$0	$0
Swap app fees	$830.90	$7.95K	$0	$0	$0	$0
Incentives	$0	$0	$0	$0	$0	$0
Earnings	$10.75K	$270.44K	$797.6K	$2.1M	$5.98M	$6.92M
Token Holder Net Income	$0	$0	$0	$0	$0	$0

Income Flow Visualization

YearlyQuarterlyMonthlyCumulative

Frequently Asked Questions

What is Based's TVL?

Based currently has $14,801 in total value locked. TVL has decreased 1.1% over the past 30 days.

What chains does Based operate on?

Based operates on 11 chains: Hyperliquid L1, Polygon, Robinhood Chain, Solana, and Ethereum and 6 others. Robinhood Chain holds the largest share at 100%.

How much has Based generated in fees and revenue?

Over the past 30 days, Based generated $44,948 in fees. Of that, $44,948 was protocol revenue. Based on the trailing year, the annualized rate is $9.41m in fees and $8.25m in revenue.

What is the BASED token price and valuation?

BASED is currently trading at $0.065. Its circulating market capitalization is $15.23m, ranking it #1,263. Its fully diluted valuation is $64.79m. Supply currently stands at 235m circulating, 1b total supply, 1b maximum supply.

How has BASED performed recently?

BASED is up 0.4% over the past 7 days and down 3.7% over the past 30 days. Its all-time high is $0.32, reached on Apr 16, 2026. The token is currently 79.9% below that level.

Which protocols are included in Based?

Based is a parent protocol whose tracked products include Based Alpha, BasedApp Perps, HYENA, Based Predict, and Based Aggregator and 2 others.

How much trading volume does Based process?

Based processed $2.46m in DEX volume over the past 30 days.