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Based(BASED)

Total Value Locked$16,014

TVL by Chain

Robinhood Chain$16,014

Key Metrics

Fees 30d$53,200

Fees 30d by chain

Hyperliquid L1$49,814

Robinhood Chain$1,375

BSC$786.93

Solana$452.49

Polygon$360.71

Base$247.95

Ethereum$131.13

Arbitrum$18.14

Arc$7.41

Ink$4.20

Stable$0

Fees 7d$11,776

Hyperliquid L1$11,110

Robinhood Chain$484.54

Solana$102.66

Polygon$45.26

Ethereum$14.27

BSC$9.48

Arbitrum$3.43

Base$2.94

Arc$2.41

Ink$0.05

Stable$0

Fees 24h$1,028

Hyperliquid L1$1,006

Robinhood Chain$14

Ethereum$5.41

Solana$1.77

Arbitrum$0.25

BSC$0.16

Polygon$0.07

Base$0.05

Arc$0

Ink$0

Stable$0

Cumulative Fees$17.23m

Hyperliquid L1$17.21m

Robinhood Chain$7,447

Polygon$5,571

BSC$1,021

Solana$457.52

Base$264.51

Ethereum$248.72

Arbitrum$25.99

Arc$7.41

Ink$4.20

Stable$0.22

Revenue 30d$50,606

Revenue 30d by chain

Hyperliquid L1$47,221

Robinhood Chain$1,375

BSC$786.93

Solana$452.49

Polygon$360.71

Base$247.95

Ethereum$131.13

Arbitrum$18.14

Arc$7.41

Ink$4.20

Stable$0

Revenue 7d$11,776

Hyperliquid L1$11,110

Robinhood Chain$484.41

Solana$102.66

Polygon$45.26

Ethereum$14.27

BSC$9.48

Arbitrum$3.43

Base$2.94

Arc$2.41

Ink$0.05

Stable$0

Revenue 24h$1,028

Hyperliquid L1$1,006

Robinhood Chain$14

Ethereum$5.41

Solana$1.77

Arbitrum$0.25

BSC$0.16

Polygon$0.07

Base$0.05

Arc$0

Ink$0

Stable$0

Cumulative Revenue$16.07m

Hyperliquid L1$16.05m

Robinhood Chain$6,038

Polygon$5,571

BSC$1,021

Solana$457.52

Base$264.51

Ethereum$248.72

Arbitrum$25.99

Arc$7.41

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)$9.26m

$50,606

$11,776

$1,028

$16.07m

DEX Volume 30d$36,806

DEX Volume 30d by chain

Polygon$36,631

Robinhood Chain$174.34

DEX Volume 7d$4,604

Polygon$4,560

Robinhood Chain$43.34

DEX Volume 24h$7.05

Polygon$7.05

Robinhood Chain$0

Cumulative DEX Volume$910,713

Robinhood Chain$474,964

Polygon$435,749

DEX Notional Volume 30d$107,663

DEX Notional Volume 30d by chain

Polygon$107,663

DEX Notional Volume 7d$12,469

Polygon$12,469

DEX Notional Volume 24h$7.06

Polygon$7.06

Cumulative DEX Notional Volume$28.7m

Polygon$28.7m

Perp Volume 30d$218.92m

Perp Volume 30d by chain

Hyperliquid L1$218.92m

Perp Volume 7d$50.72m

Hyperliquid L1$50.72m

Perp Volume 24h$4.97m

Hyperliquid L1$4.97m

Cumulative Perp Volume$46.835b

Hyperliquid L1$46.835b

Market Cap$15.8m

$BASED Price$0.067

All Time High$0.32

All Time Low$0.05

View $BASED token page

$67.24m

$51.35m

$BASED Volume 24h$5.53m

CEX Volume$2.53m

DEX Volume$3.03m(54.76% 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
BasedAppInterface
HYENAInterface
Based PredictInterface
Based AggregatorDEX Aggregator

Methodology

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

Fees:

BasedApp - 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.

Revenue:

BasedApp - 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.

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

	Q3 2026*	Q2 2026	Q1 2026	Q4 2025	Q3 2025
Gross Protocol Revenue	$311.9K	$1.14M	$2.73M	$6.12M	$6.92M
Hyperliquid Builder Code Fees	$245.22K	$763.48K	$1.54M	$5.84M	$6.92M
Perps Trading Fees	$47.49K	$379.16K	$1.19M	$284.44K	$0
Polymarket Builder Fees	$5.57K	$0	$0	$0	$0
Trading Fees	$5.89K	$0	$0	$0	$0
Migration Fees	$34.10	$0	$0	$0	$0
Swap app fees	$7.7K	$0	$0	$0	$0
Cost of Revenue	$44.58K	$345.03K	$628.56K	$142.22K	$0
Perps Fees To Hyperliquid	$23.75K	$189.58K	$593.62K	$142.22K	$0
Referral & Trading Discounts	$19.42K	$155.45K	$34.95K	$0	$0
Trading Fees to Creators	$1.41K	$0	$0	$0	$0
Gross Profit	$267.32K	$797.6K	$2.1M	$5.98M	$6.92M
Hyperliquid Builder Code Fees	$245.22K	$763.48K	$1.54M	$5.84M	$6.92M
Perps Fees To Deployer	$4.33K	$34.12K	$558.67K	$142.22K	$0
Polymarket Builder Fees	$5.57K	$0	$0	$0	$0
Trading Fees to Protocol	$4.48K	$0	$0	$0	$0
Migration Fees to Protocol	$34.10	$0	$0	$0	$0
Swap app fees	$7.7K	$0	$0	$0	$0
Incentives	$0	$0	$0	$0	$0
Earnings	$267.32K	$797.6K	$2.1M	$5.98M	$6.92M
Token Holder Net Income	$0	$0	$0	$0	$0

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Frequently Asked Questions

What is Based's TVL?

Based currently has $16,014 in total value locked. TVL has increased 8.2% over the past 30 days.

What chains does Based operate on?

Based operates on 11 chains: Hyperliquid L1, Polygon, Robinhood Chain, Ethereum, and BSC 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 $53,200 in fees. Of that, $50,606 was protocol revenue. Based on the trailing year, the annualized rate is $10.42m in fees and $9.26m in revenue.

What is the BASED token price and valuation?

BASED is currently trading at $0.067. Its circulating market capitalization is $15.8m, ranking it #1,272. Its fully diluted valuation is $67.24m. Supply currently stands at 235m circulating, 1b total supply, 1b maximum supply.

How has BASED performed recently?

BASED is down 1.5% over the past 7 days and down 7.5% over the past 30 days. Its all-time high is $0.32, reached on Apr 16, 2026. The token is currently 79.1% below that level.

Which protocols are included in Based?

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

How much trading volume does Based process?

Based processed $36,806 in DEX volume over the past 30 days.

Based(BASED)

TVL by Chain

Key Metrics

Protocol Information

Methodology

Fees:

Revenue:

Income Statement for Based

Frequently Asked Questions

Income Statement for Based

Income Flow Visualization

Income Flow Visualization

Based(BASED)Add to watchlist

TVL by Chain

Key Metrics

Protocol Information

Methodology

Fees:

Revenue:

Income Statement for Based

Frequently Asked Questions

Income Statement for Based

Income Flow Visualization

Income Flow Visualization

Based(BASED)