Based
BASED
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
BASED is a self-custodial trading terminal built on Hyperliquid that recently conducted its Token Generation Event (TGE) on March 30, 2026. While the project benefits from credible backing—having raised $15.2M, including an $11.5M Series A led by Pantera Capital—it exhibits substantial structural vulnerabilities. Key concerns include a completely closed-source codebase lacking independent third-party audits, fully centralized governance under the core team and Based Foundation without token-holder voting rights, a heavy insider allocation (>40% under vesting), and a severe unrecovered price drawdown of ~76-77% from its all-time high. Furthermore, verifiable social and active development artifacts could not be confirmed in retrieved data, creating a data gap in Active Development. With no protocol revenue-sharing mechanisms and unaudited smart contracts, the risk profile remains elevated.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Based (BASED)
Based (BASED) is a self-custodial trading application and terminal built on Hyperliquid. Founded by Edison Lim and Zac Ler, with Jun Hao Lim serving as Chief Operating Officer, the project aggregates perpetual contracts, spot trading, prediction markets, artificial intelligence interfaces, and a crypto-linked Visa debit card. The project raised approximately $15.2 million in private funding, which included an $11.5 million Series A funding round led by Pantera Capital.
The BASED token operates with a fixed maximum supply of 1 billion tokens and does not incorporate programmatic inflation or deflation mechanisms. Following its Token Generation Event (TGE) on March 30, 2026, approximately 23.5% of the total supply entered initial circulation. The token allocation designates 36% to community genesis and over 40% to core contributors and investors, subject to a one-year cliff followed by linear vesting schedules. Token utility is designed around application features, offering trading fee discounts, tiered Visa debit card cashback, launchpool access, and AI agent interactions, without direct protocol revenue-sharing or buyback mechanisms.
Governance of the project is centralized under the core team and the Based Foundation, as the token grants no voting or decentralized autonomous organization (DAO) rights to holders. The platform's codebase is closed-source and has no publicly verified third-party security audit reports. Following its launch in March 2026, the token experienced a significant market drawdown of approximately 76% to 77% from its all-time high of $0.3216.