What Is Based (BASED)? The Hyperliquid Super App Token Explained

BASED, which trades on WEEX as the BASED/USDT pair, is the token of "Based": a trading Super App built on Hyperliquid's infrastructure that brings crypto spot and perpetuals, US stocks and prediction markets into one self-custodial wallet. Because at least four assets carry a "Based" name, this page pins down the identity first, then covers the product, the official tokenomics, the price path and what the token's outlook depends on — with no number forecast.

Which BASED? Disambiguation first

• This token: Based (CoinGecko slug based-one, CoinMarketCap slug basedone), official site based.one, X account @BasedOneX, CEO and co-founder Edison Lim (per The Block), TGE 30 March 2026.
• Not these: Based Apu (APU) — which is what ArzDigital's "based" slug resolves to — BasedAI, Base Protocol (BASE), SwapBased. If a page says "Based Apu" or "BasedAI", it is a different token.
• Contracts (CoinGecko): Ethereum 0x4f2b33840227ddd0e28da8d4185d6fa07adfed87, BNB Smart Chain 0x1d28d989f9e3ccb8b15d0cec601734514f958e4d, plus Hyperliquid and HyperEVM deployments. CoinMarketCap shows the BSC contract and the litepaper calls Ethereum the primary chain; the token is multichain — match the network carefully when depositing.
• One recorded inconsistency: the WEEX token page lists basedtoken.pro as the official site, while CoinMarketCap, CoinGecko and the litepaper all give based.one. This page treats based.one as the official domain and does not link the other.

What the Based product is

Per the official site, Based is "an all-in-one trading app that lets you trade US stocks, crypto perpetuals, and prediction markets from a single self-custodial wallet — 24 hours a day, 7 days a week." The documented facts:

• An application layer on Hyperliquid's trading infrastructure, not its own blockchain (orderbook trading with fast matching and deep liquidity, per Atomic Wallet's description).
• Self-custodial by default: the user holds the keys — an advantage and a responsibility at once.
• A Based Cash Visa debit card accepted at over 90 million merchants (official site claim).
• The site's counter showed "over $44 billion in volume processed" at the time of writing — a live number to be read with its date.
• iOS and Android apps at app.based.one.

BASED token utility per the litepaper: reduced trading and prediction-market fees, up to 8% Visa card cashback, higher card limits at higher tiers, lower on/off-ramp fees, future launchpool access and airdrops, and AI consumption credits. Atomic Wallet additionally frames it as a "coordination layer" with governance participation.

Official tokenomics (litepaper at based.one)

Fixed total supply of 1 billion; 24% released at TGE; circulating supply at the time of writing about 235 million (23.5%) per CoinMarketCap, market cap about $18.3M, rank #657. Funding: an $11.5M Series A led by Pantera Capital with Coinbase Ventures, Wintermute Ventures and Karatage, closed in early 2026 (The Block). The Season 3 airdrop distributed 50 million BASED (5%) through the Diamonds system until 4 May 2026. Given the 30 March 2026 TGE, the one-year locks on investors and the team (40.36% of supply combined) mature around late March 2027, followed by two years of monthly unlocks — a reading of the published terms, not an announced event; no official "next unlock" date or size is recorded on the trackers.

The BASED price path (attributed)

• All-time low: $0.0502 on 11 April 2026 (CoinMarketCap; CoinGecko $0.0501).
• All-time high: $0.314 on 16 April 2026 (CoinMarketCap; CoinGecko $0.3216) — roughly a 6× move in five days shortly after the 30 March launch; only the two dated points are reported here.
• At the time of writing (20 August 2026): about $0.078 (CoinMarketCap), roughly 75% below the high and about 55% above the low; WEEX futures last 0.0778.

For readers hunting a "why did it crash" story: unlike some of its contemporaries (such as SIREN or SAHARA), BASED has no documented dump episode with an attributed cause — no exploit, no unlock crash, no team controversy in any source retrieved. The decline from the April peak is simply the price series, and this page does not manufacture a narrative for it.

Where BASED trades

The litepaper names Hyperliquid, Binance, Bybit, Coinbase and OKX; CoinGecko shows OKX, Bybit, Coinbase, MEXC and Kraken as the main venues (and does not include Binance — the two sources disagree). On WEEX, BASED is live both as a BASED/USDT perpetual futures pair and on the BASED/USDT spot market (WEEX public API, 20 August 2026). Leverage multiplies losses too; for a token that did 6× in five days and then gave three quarters of it back, that is not a formality. The Based price analysis page carries charts and market data.

The outlook for BASED: the watch list

1. The litepaper roadmap: post-TGE launchpool and ecosystem expansion; May 2026 Season 3 distribution (done); ongoing Based AI, "Web 4.0" infrastructure and agent-economy tooling. "Based V2" is promised for performance and expanded financial services, with no date.
2. Unlocks: the one-year lock on 40.36% of supply (team + investors) and the Ethena Community 7% tranche on a one-year-plus-three-months cliff — 2027 windows.
3. Product metrics: processed volume ($44B at writing), card spending and engagement — the same signals used for airdrop eligibility.
4. Hyperliquid dependency: any change in that infrastructure lands directly on Based's function (a structural fact, not a prediction).

Risks

• The 40.36% insider allocation and the low float (23.5% circulating).
• Dependence on external infrastructure (Hyperliquid).
• Self-custody puts key management on the user.
• The product spans US stocks and a Visa card; no licensing or jurisdictional detail is verified in any source, and this page makes no claim about it.
• The project's Gitbook docs were not reviewed and no official risk-disclosure section is verified.

Frequently asked questions

What is BASED in one line?

The token of the Based trading Super App on Hyperliquid, fixed 1 billion supply, launched 30 March 2026, used for fee discounts and card cashback.

Is BASED the token of Coinbase's Base network?

No; Base is Coinbase's layer-2 network and has no token. BASED belongs to the Based app and has contracts on Ethereum, BSC, Hyperliquid and HyperEVM.

Where can I buy it?

On WEEX, BASED futures and the BASED/USDT spot market; elsewhere OKX, Bybit, Coinbase, MEXC and Kraken per CoinGecko.

Related: What is Espresso (ESP) · What is Billions Network (BILL) · What is ZeroBase (ZBT)

This article is for information only and is not investment advice. All figures carry a date and a source and may have changed. Leveraged futures trading can result in the loss of your entire capital.