🧐Estimated Based FDV at TGE: $70M
Based is an all-in-one financial app offering Perp DEX ∙ Payments ∙ Prediction Market services.
🪙Valuation Method
🔸Sum-of-parts approach based on competitor valuations across each business vertical → $140.9M
🔸-50% adjustment was applied, reflecting that the project is still in an early stage and that 30-day trading volume declined by over 50% after the tokenomics disclosure.
📔Additional Reference
🔸Polymarket: FDV $100M+ (47%)
🔸Funding: $11.5M (Series A)
🔸Investors: @PanteraCapital (Lead), @cbventures ∙ @wmt_ventures ∙ @Karatage_
Details in the comment👇
1/ Why are users leaving @Based_App? 📉 Post-tokenomics, daily revenue plummeted from over $20k to under $10k. Even with "Hidden Seasons," the "Point Mercenaries" have migrated to @dreamcash_app. The wash trading has stopped, and the community is disappointed by the allocation. @BasedPandaPo@edison0xyz
8/ Conclusion 🏁 The HIP-3 war is no longer about who has the best points system—it's about who offers the best Real Yield and Product UX. Based App needs to prove why we should hold $BASED in a post-airdrop world. ⚔️ #Hyperliquid#BasedApp#DeFi#HYPE
7/ Step 4: Reviving the Memecoin Terminal 🚀 A new terminal won't save Based App if the fees are high and TGE hype is gone. Solution? Exclusive fee discounts for $BASED holders on the terminal. Give them a financial reason to trade here rather than on other platforms.
1. Tokens for listing. Why is this coming from ‘Community allocation?’
It has to come from ‘Ecosystem’ because CEX listing is for maturing Based ecosystem.
2. Season 3 token should come from ‘Ecosystem&community rewards’. Very straightforward. If this doesn’t fit here, how are you gonna use ‘community rewards’ tokens? (It is not even ‘genesis distribution’)
3. You always say community first. But community allocation = 23.5%(even with listing fee) vs Investor(Ethena is also our investor) + team = 47.8%.
Do you really think this is ‘Community First’??
—
Dear Edison and Po.
From my heart, today’s argument is not an area of ‘discussion’. It is the area of ‘right of wrong’.
Your token allocation standards are sadly wrong. That’s why this community is mad. No one can understand this ‘balance’ between existing user and upcoming user because it is wrong🥲
This is over-promise and under-deliver. But you always wanted to under-promise and over-deliver.
Please have some time to think more. We are at the edge of BASED’s success even before it really starts.
Introducing $BASED: Ownership for the Ones Who Built It
There are two kinds of tokens in crypto.
The first kind is built for charts.
The second kind is built for people.
$BASED is the second kind.
From day one, Based was never just another app. We set out to build a platform where users can trade everything, spend everywhere: across trading, prediction markets, cards, commerce, and the next wave of onchain consumer products.
Today, we’re introducing the token that powers that mission: $BASED
A fixed-supply utility token designed to:
- unlock real platform benefits,
- align incentives between users and builders,
- and give long-term community participants a meaningful seat at the table.
$BASED is more than a governance token aiming to unlock a growing list of benefits across the platform: reduced trading fees, up to 8% cashback on the Based Visa card, lifestyle perks, lower on/off-ramp fees, merchant discounts at Based Mall, access to future launchpools, and consumption credits for upcoming agentic features.
$BASED is our commitment to building differently.
A fixed supply,
Meaningful community distribution,
Real utility across products people actually use,
And long-term alignment from team and investors through structured vesting.
This model is designed to reward the people who have contributed to Based from the beginning: the users, holders, partners, and builders who kept showing up, gave feedback, and helped shape the ecosystem in real time. We believe those contributions should be recognized in a way that is transparent, durable, and tied to the long-term success of the platform.
As Based continues to expand across trading, cards, commerce, and future agentic features, $BASED is intended to be the connective layer that aligns participation with value creation across the ecosystem.
We’re still early. There is a lot more to build.
But the direction is clear: keep shipping, keep compounding utility, and keep the community at the center.
Thank you for building with us, and for helping write what comes next.
Stay Based.