Ask about Based
Logo of BasedBased(BASED)
Total Value Locked$15,069

TVL by Chain

Robinhood Chain$15,069

Key Metrics

Fees (Annualized)$16.89m
Fees 30d$69,685.95

Hyperliquid L1$59,644

Robinhood Chain$5,853.5

Polygon$4,188.45

Fees 7d$8,914.95

Hyperliquid L1$7,055

Robinhood Chain$1,637.5

Polygon$222.45

Fees 24h$624.95

Hyperliquid L1$595

Polygon$21.45

Robinhood Chain$8.5

Cumulative Fees$16.97m

Hyperliquid L1$16.96m

Robinhood Chain$5,853.5

Polygon$4,188.45

Revenue (Annualized)$15.75m
Revenue 30d$42,033.91

Hyperliquid L1$33,384

Robinhood Chain$4,461.46

Polygon$4,188.45

Revenue 7d$6,035.91

Hyperliquid L1$4,564

Robinhood Chain$1,249.46

Polygon$222.45

Revenue 24h$405.91

Hyperliquid L1$378

Polygon$21.45

Robinhood Chain$6.46

Cumulative Revenue$15.83m

Hyperliquid L1$15.82m

Robinhood Chain$4,461.46

Polygon$4,188.45

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)$15.75m

$42,033.91

$6,035.91

$405.91

$15.83m

DEX Volume 30d$763,402
DEX Volume 30d by chain

Robinhood Chain$469,298

Polygon$294,104

DEX Volume 7d$153,212

Robinhood Chain$131,782

Polygon$21,430

DEX Volume 24h$2,817

Polygon$2,145

Robinhood Chain$672

Cumulative DEX Volume$764,074

Robinhood Chain$469,970

Polygon$294,104

DEX Notional Volume 30d$2.07m
DEX Notional Volume 30d by chain

Polygon$2.07m

DEX Notional Volume 7d$184,442

Polygon$184,442

DEX Notional Volume 24h$5,545

Polygon$5,545

Cumulative DEX Notional Volume$28.4m

Polygon$28.4m

Perp Volume 30d$283.29m
Perp Volume 30d by chain

Hyperliquid L1$283.29m

Perp Volume 7d$50.59m

Hyperliquid L1$50.59m

Perp Volume 24h$2.28m

Hyperliquid L1$2.28m

Cumulative Perp Volume$45.746b

Hyperliquid L1$45.746b

$5.7m

Market Cap$19.81m

$BASED Price$0.084

All Time High$0.31

All Time Low$0.05

View $BASED token page

$84.31m

$64.35m

$BASED Volume 24h$11.86m

CEX Volume$5.26m

DEX Volume$6.68m(56.29% 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.

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 ($142.58m)DxSale ($15.93m)NOXA Fun ($4.38m)Mint Club V2 ($604,831.43)Bitbond Sales ($55,623.15)Sentry ($38,272.46)ChainGPT ($37,634.19)Peeps ($30,083.04)DexPad ($25,203.64)Alt Fun ($19,390.26)

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 $15,069 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 $69,685.95 in fees. Of that, $42,033.91 was protocol revenue. Based on the trailing year, the annualized rate is $16.89m in fees and $15.75m in revenue.

What is the BASED token price and valuation?

BASED is currently trading at $0.084. Its circulating market capitalization is $19.81m, ranking it #1,009. Its fully diluted valuation is $84.31m. Supply currently stands at 235m circulating, 1b total supply, 1b maximum supply.

How has BASED performed recently?

BASED is down 7.5% over the past 7 days and up 18.3% over the past 30 days. Its all-time high is $0.31, reached on Apr 16, 2026. The token is currently 72.6% 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 $763,402 in DEX volume over the past 30 days.