Based
Hyperliquid-native super-app combining perp futures, spot trading, prediction markets, and a Visa debit card. BASED token launched March 30, 2026 — 36% community allocation, Season 3 (5% supply) still distributing through May 4.
Farming Overview
Key Statistics
How to Farm Based
- Trade perpetual futures on Based to earn Based Diamonds (Season 3) — 50M $BASED allocated (5% of supply)
- Trade spot tokens and participate in prediction markets for additional Diamond rewards
- Open Blind Boxes using Based Gold to win prizes — collect Gold through trading volume
- Use the Based Visa Card for up to 8% cashback (higher tiers require more $BASED holdings)
- Import external wallets (EVM, Solana) to consolidate on-chain history for potential bonus allocation
- Refer friends using your referral link — earn up to 76% of their trading fees (3-tier: 60%/12%/4%)
About Based
Based is a Hyperliquid-native super-app built by a team of veteran DeFi builders. It combines perpetual futures, spot trading, prediction markets, and a Visa debit card into a single unified platform. The protocol processes significant Hyperliquid perp volume, generating ~$14M+ in revenue to date. Backed by a $11.5M Series A led by Pantera Capital with participation from Coinbase Ventures, Wintermute Ventures, and Karatage, Based is positioning itself as the primary front-end for the Hyperliquid ecosystem.
$BASED Tokenomics
- Fixed supply: 1,000,000,000 $BASED — no inflation
- 36% Community (360M): 23.5% S1+S2 participants, 7.5% Ethena community, 5% Season 3
- 23.64% Ecosystem & Community Rewards (236.4M): Foundation-held for ongoing incentives and partnerships
- 20.36% Investors (203.6M): 1-year lock + 2-year monthly vest
- 20% Core Contributors (200M): 1-year lock + 2-year monthly vest
- S1+S2 tokens claimable at TGE with no vesting — S3 tokens claimable May 11, 2026
Season 3 — Based Diamonds
- 5% of total supply (50M $BASED) allocated to Season 3 participants
- Phase 1 (Jan 5 – Feb 12): 15M Diamonds distributed retrospectively
- Phase 2 (Feb 13 – May 4): 35M Diamonds at 432,098/day fixed issuance
- Season 3 tokens claimable May 11, 2026 (7 days after campaign end) — no vesting
- Anti-sybil measures: wash trading and self-referrals filtered, undistributed tokens go to ecosystem rewards
$BASED Token Utility
- Reduced fees on perpetual futures, spot trading, and prediction markets
- Based Visa Card rewards: up to 8% cashback at higher holding tiers + higher card limits
- Lower on/off-ramp fees and discounts with Based Mall merchants
- Access to future project launchpools and agentic feature credits
- Governance participation for token holders (where applicable)
- Medium of exchange on Based Mall — pay with stablecoins or $BASED at a discount
Platform Features
- Perpetual Futures: Up to 50x leverage across major crypto assets on Hyperliquid
- Spot Trading: Direct spot market access on Hyperliquid with deep liquidity
- Prediction Markets: Bet on outcomes across crypto, sports, politics, and culture
- Based Visa Card: Spend crypto anywhere Visa is accepted with tiered cashback
- Launchpad: Early access to new token launches in the Hyperliquid ecosystem
- 3-tier Referral System: 60% direct + 12% second-tier + 4% third-tier fee rebates
Post-Launch Performance
- TGE March 30, 2026 — opened ~$0.11 (~$110M FDV), beating the $82M Polymarket base case
- Sold off to $0.05025 ATL on April 11 — typical post-TGE digestion of S1+S2 claims
- Recovered to $0.308 ATH on April 16 (~6x from ATL)
- Currently trading around $0.135–$0.14 (~$138M FDV, ~$32M mcap, 240M circulating / 24% supply)
- Season 3 still active through May 4 — 35M BASED at fixed 432K/day issuance, claim May 11
Similar Aggregator Protocols
Frequently Asked Questions
What is Based and how does it work?
Based is a Hyperliquid-native super-app built by a team of veteran DeFi builders. It combines perpetual futures, spot trading, prediction markets, and a Visa debit card into a single unified platform. The protocol processes significant Hyperliquid perp volume, generating ~$14M+ in revenue to date. Backed by a $11.5M Series A led by Pantera Capital with participation from Coinbase Ventures, Wintermute Ventures, and Karatage, Based is positioning itself as the primary front-end for the Hyperliquid ecosystem.
How do I farm the Based airdrop?
To farm the Based airdrop, you should: Trade perpetual futures on Based to earn Based Diamonds (Season 3) — 50M $BASED allocated (5% of supply). Trade spot tokens and participate in prediction markets for additional Diamond rewards. Open Blind Boxes using Based Gold to win prizes — collect Gold through trading volume. Use the Based Visa Card for up to 8% cashback (higher tiers require more $BASED holdings). Based is currently in the concluded farming stage with token live airdrop status.
What is the expected value of the Based airdrop?
The Based airdrop has an expected value rating of 3 out of 5 ($$$). The farming stage is concluded and the airdrop status is token live. Expected value ratings on The Farmers Market consider factors like protocol TVL, funding, team quality, and token economics.