Based 

BASED Price

What is Based (BASED)?

BASED is the native utility token powering the Singapore-based DeFi SuperApp of the same name. Built entirely on the Hyperliquid L1, it's structurally designed to align ecosystem incentives, capped at a hard maximum supply of 1,000,000,000 tokens. You might wonder what holding it actually gets you. Staking BASED directly reduces your on-chain trading fees across their perpetuals and prediction markets. It also acts as a tier unlock for the Based Visa Card, giving you higher fiat spending limits and up to 8.00% cashback.

How did the genesis airdrop distribution actually work?

The protocol set aside a massive 36.00% (360,000,000 tokens) of the total supply just for the genesis distribution. The biggest chunk—about 23.50%—went straight to legacy users who ground out volume during the Season 1 and Season 2 campaigns, plus anyone holding PUPs tokens or BasedPal NFTs. Here is the deal: that core community tranche was fully liquid right at the March 2026 TGE. They also carved out a specific 7.50% slice purely to incentivize the Ethena community.

Which investors backed the Based token financially?

The team has secured roughly $15.20 million across a few different funding rounds. After pivoting away from their old "Suberra" branding, they closed a major $11.50 million Series A in February 2026. This pushed their pre-valuation to around $115.00 million. Pantera Capital led that round and even grabbed a board observer seat. You'll also see names like Coinbase Ventures, Wintermute, and Karatage on the cap table, which honestly adds a lot of necessary market-making muscle.

Where is the BASED token available to trade?

You can actively trade BASED across a pretty wide mix of centralized and decentralized venues. Spot markets are live right now on OKX, Kraken, Bybit, KuCoin, HTX, and MEXC. It's definitely worth noting that Coinbase is actively trading it too, though under the ticker BASED1. If you're looking for derivatives, Binance Futures and OKX Futures have deep liquidity. On-chain, you'll mostly find it natively on the Hyperliquid DEX, HyENA, or Uniswap v3 paired against USDC and USDT.

Are there any token unlocks or vesting cliffs to watch?

Yes, the token follows a highly specific inflation curve. While the community airdrop was totally unlocked at the March 2026 TGE, insiders are dealing with strict lockups. Both Investors (20.36%) and Core Contributors (20.00%) are stuck behind a 12-month cliff. Because of this, come March 2027, we'll see a massive supply shock when those allocations finally start their 24-month linear vest. The Ethena community's airdrop isn't totally free either—80% of it is locked behind a similar 1-year cliff.

Can you explain how the Bybit Launchpool works?

To kickstart retail liquidity, Bybit is running a dedicated Launchpool campaign from March 30 through April 6, 2026. They've isolated an allocation of 3,000,000 BASED tokens just for this event. To grab some of these rewards, verified users simply need to stake their assets into a few specific pools. You can lock up your native BASED tokens to share a 900,000 reward pool, or, alternatively, stake MNT to access the much larger 2,100,000 token pool.

Does the underlying Hyperliquid architecture pose risks to Based?

Absolutely, there's a pretty glaring infrastructure centralization vector here. Right now, the entire Hyperliquid Layer-1 state is secured by just four validator nodes. To make matters a bit riskier, the core development team actually operates all four of them themselves. If those specific nodes suffer a hardware failure—or face some kind of sudden regulatory seizure—all on-chain order execution and asset transfers on the Based app simply won't process. The platform would halt immediately.