Litepaper — 2026

Trade Everything,
Spend Everywhere

Your everyday advantage in every market. A new financial primitive for the on-chain era.

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01

The Thesis

Markets shouldn't have borders. Access to financial instruments — from equities to commodities to crypto — should be permissionless, 24/7, and composable. The legacy system fragments liquidity, restricts access, and extracts value from participants at every layer.

Today, Based has 84,000 users and generates ~$20M in annualized revenue. That puts us at a ~321x multiplier to Robinhood's 27 million users, and ~1,190x to the scale of Coinbase at 100 million users. The opportunity ahead is enormous.

Based is built on the conviction that every tradable asset will eventually live on-chain. We are building the exchange layer that makes this inevitable transition seamless — unifying crypto, equities, and commodities under a single, high-performance interface powered by Hyperliquid.

Based — Today 84,000 users
~$20M ARR
Robinhood 27,000,000 users
321x
HOOD Mcap: --
Coinbase 100,000,000 users
1,190x
COIN Mcap: --
0 25M 50M 75M 100M

The next bet is on building infrastructure for AI agents to generate revenue. The AI agent economy will exceed the human economy, not because machines are smarter, but because they run continuously and transact at machine speed. Agents will consume services 24 hours a day, 365 days a year, at volumes no human workforce can match.

Humans vs AI Agents
100B 10B 5B 1B 5M 0
7.4B
8.1B
8.8B
0
5M
100B
2016 2026 2036
Humans
AI Agents
02

The SuperApp Thesis

Based is building the financial superapp. A self-custody wallet that gives you permissionless access to any market, fund your account from any source, spend your balance anywhere, discover new opportunities, and let AI handle the rest. Permissionless infrastructure, decentralized by design, the way crypto should be. No fragmentation. No off-ramps. No barriers.

Built on
Trade

Every Market, One App

Commodities, equities, crypto. Based gives you access to any market from a single interface. No switching between brokerages, no geographic restrictions, no waiting for market hours. Everything tradable, all in one place.

Commodities Equities Crypto 24/7
Fund

Deposit from Anywhere

Deposit directly into Based from your bank account or credit card. No intermediate steps, no third-party bridges, no friction. Money in, ready to trade.

Bank Account Credit Card Direct Deposit
Spend

Neobank, No Off-Ramp

Spend your Based balance directly without ever off-ramping. Your trading account is your spending account. The line between your portfolio and your wallet disappears.

Spend Balances No Off-Ramp Neobank
Discover

Launchpools

Discover and get early access to new projects through Based launchpools. Be first to the opportunities that matter, with curated access to launches before they hit the broader market.

New Projects Early Access Curated Launches

Intelligence Built-In

AI is going to disrupt every layer of finance. Based is building AI infrastructure and intelligent assistance to help traders execute better, from smarter order routing and risk monitoring to strategy automation that runs 24/7 across every asset class.

But this goes beyond trading tools. We are building for a world where AI agents work alongside humans as economic participants, not just assistants.

Agentic Commerce

Agents That Trade, Spend, and Earn

AI agents can own wallets, execute trades, manage portfolios, and transact autonomously on Based. They operate continuously across every market, at machine speed, generating revenue around the clock.

x402 Payments

Machine-to-Machine Commerce

The x402 payment protocol enables AI agents to pay for services, APIs, and resources programmatically. Agents working alongside humans can discover, negotiate, and settle payments in real time, unlocking a new layer of autonomous economic activity.

03

Why People Use Based

Omnichannel Experience

Seamless trading across web and mobile. Start a trade on your desktop, manage it from your phone. One account, every screen, zero friction.

Easiest Way to Use Crypto

Seamlessly access multiple markets (perps, spot, prediction markets) and spend directly with Based cards, all within one platform.

Rewarding Referrals

A referral system as rewarding as Bybit's. Invite friends, earn together.

based.one/affiliate →
04

How Based Monetises

Trading Fees

Based earns a 0.025% fee on every trade via its builder code on Hyperliquid. As volume scales, so does revenue, with no additional cost to the platform.

Builder Code · 0.025%

Interchange Fees

Every time a user spends their Based balance via card payments, Based earns interchange fees from the transaction.

Payments

FX Fees

Cross-border and foreign currency transactions generate FX conversion fees, turning every international spend into a revenue event.

Currency Exchange
05

Traction

More than 100,000 users use Based to trade and predict markets. Based has processed more than $41B in trading volume across crypto, equities and perps. Based has earned more than $15M in revenue across all product lines in last 9 months.

Revenue Comparison (All-Time)

Builder Revenue Volume
Based Based $14.2M $41.4B
Phantom Phantom $18M $34.4B
Metamask Metamask $5M $5.99B

Data retrieved 25 March 2026. Source: coinmarketman.com/hypertracker/builders

06

Backed By

We raised $11.5M in a Series A in February 2026 to build the next generation of onchain finance, backed by leading institutional investors and crypto-native funds who share our vision of a unified, permissionless financial layer.

Coinbase Ventures
07

Trade Everything

One interface. Every market. Based unifies asset classes that have historically existed in isolated silos — giving traders permissionless access to the world's markets.

Trade across every channel — desktop, web, and mobile — with a seamless omnichannel experience that keeps you connected to the markets wherever you are.

Trade Now
Desktop Web iOS Android
Live from Hyperliquid
BTC Bitcoin
--
--
HYPE Hyperliquid
--
--
NVDA Nvidia
--
--
S&P 500 Index
--
--
GOLD Gold
--
--
SILVER Silver
--
--
OIL WTI Crude
--
--
Crypto Equities Commodities
Polymarket

Official Polymarket Integration

Based is one of the official builder code exchanges integrated with Polymarket — bringing the world's largest prediction market directly into the Based trading experience. Trade event contracts alongside crypto, equities, and commodities, all from one interface.

08

Spend Everywhere

Your portfolio is your wallet. With the Based Visa Platinum card, spend your crypto and trading gains anywhere Visa is accepted — seamlessly bridging on-chain wealth to the real world.

Based Visa Platinum Card

Visa Platinum

Accepted at 100M+ merchants worldwide. Tap, swipe, or pay online.

Spend from Your Portfolio

Directly convert trading profits and crypto holdings to fiat at the point of sale.

Rewarding

Earn cashback in $BASED on every purchase, more rewarding than most banks.

Learn more about Based Cards →
09

Introducing HyENA

HyENA is a case study of the power of Based Cloud, our infrastructure product that lets anyone deploy their own whitelabel exchange with prebuilt components: order books, margin systems, risk engines, and front-end templates, all ready to customize and launch on Hyperliquid.

Built by the Based team and powered by Ethena, HyENA is the most capital-efficient perpetual DEX with USDe margin and the second largest HIP-3 market on Hyperliquid.

Trade on HyENA →
Strategic Collaboration
$2.3B+
Volume
10,000+
Users
USDe Margin

Earn Rewards on Your Positions

Trade perpetual contracts using USDe collateral and earn rewards as you open and maintain positions. Capital efficiency meets yield — your margin works for you even while you trade.

By Based × Ethena

Built by the Largest HL App by Revenue

HyENA is developed by the Based team — the largest Hyperliquid application by revenue — in collaboration with Ethena, combining deep protocol expertise with the leading synthetic dollar protocol.

HIP-3 Framework

Builder-Deployed Perpetuals

HyENA leverages Hyperliquid's HIP-3 framework, which enables independent teams to launch and operate their own perpetual DEXs directly on the network. Builders stake HYPE tokens for deployment rights, ensuring accountability through validator governance.

Permissionless

Full Market Control

Each builder-deployed DEX has full control over oracle sources, leverage parameters, fee rates, and open-interest caps. HyENA can launch new USDe-based perpetual pairs quickly, introduce new trading mechanisms, and operate transparently on-chain — all while maintaining protocol-level security.

10

Why $BASED

$BASED is the native utility token that powers the Based ecosystem, issued by the Based Foundation. It is designed to align incentives, unlock platform features, and support long-term community ownership. Fixed supply. Meaningful distribution. Built for the people who use and grow the product.

Fixed Total Supply 1,000,000,000

$BASED Utility

Holding or staking $BASED will unlock benefits across the entire Based platform:

Reduced trading & 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
Agentic AI consumption credits

Token Allocation

Distributed meaningfully to the people who build, use, and grow the platform — with a long runway reserved for future rewards and ecosystem expansion.

1B
Fixed
Genesis Distribution 36%
Ecosystem & Rewards 23.64%
Investors 20.36%
Core Contributors 20%

Genesis Distribution

36% of the total $BASED supply (360,000,000 tokens) will be distributed to the community. 24% is released at TGE on 30 March 2026, and 12% follows in May 2026.

Recipient % of Supply % Released at TGE Vesting
Based Community (S1 & S2, PUPs, BasedPal) 23.5% 23.5% Fully unlocked at TGE
Ethena Community 7% 0.5% 20% released over 3 months from TGE; remaining 80% subject to 1-year cliff
Season 3 Participants 5.0% 0% Distributed May 2026
Total 36.0% 24.0%

Vesting & Alignment

Investors and core contributors are fully aligned with long-term protocol success through structured vesting schedules.

Group % of Supply Tokens Schedule
Investors 20.36% 203,600,000 1-year lock + 2-year monthly unlock
Core Contributors 20% 200,000,000 1-year lock + 2-year monthly unlock
Ecosystem & Rewards 23.64% 236,400,000 Managed by Based Foundation; reserved for ongoing growth

The Flywheel

Based is building a growing ecosystem. More traders means more revenue. More revenue funds better perks: card cashback, AI credits, and platform rewards, which attract more users. More users means stronger distribution, and projects want to launch on Based to reach them. Projects that launch on Based use $BASED as their utility token, driving demand back into the ecosystem.

More Traders → Revenue → Better Perks → More Users → Distribution → Launchpool Projects → $BASED Utility
$BASED TGE — 30.03.2026
11

What's Next

Based is no longer just an exchange. Post-TGE, we are building Based into a full ecosystem, where projects launch, agents operate, and capital flows, all powered by one of crypto's most high-value userbases: traders who trade big, spend big, and hold with conviction.

The Vision

From Exchange to Ecosystem

Based's distribution is its moat. 84,000+ users with real volume, real spending power, and real on-chain activity. Every product built on Based inherits this distribution from day one. We are opening this to builders, protocols, and agents.

Distribution High-Value Users Ecosystem
Cornerstone

Based AI

AI is the cornerstone of everything we build next. Intelligence embedded directly into the exchange: agents that monitor your risk, suggest triggers to close trades, optimize your portfolio, and execute strategies 24/7. Private inference ensures your data and strategies stay sovereign.

AI Agents Risk Monitoring Private Inference Autonomous Trading
Post-TGE

Launchpool

A launchpool that features projects looking to tap on Based's growing distribution. New tokens, new markets, new products, all launching directly to the users who matter most. Projects get instant access to a high-value, high-activity userbase instead of starting from zero.

Token Launches Distribution New Markets
The Bet

Web 4.0

Based is building infrastructure that allows AI agents to generate revenue. To make money, agents need access to the same tools humans have: domains, hosting, payments, identity, and financial services. We have started with ai.based.one and based.page, with many more tools to come.

The product-market fit for the next decade is clear. The agent economy will serve billions of autonomous systems that consume services around the clock, every day of the year, with no downtime and no drop-off. This is a customer base that never sleeps, never churns, and only grows.

Web 4.0 AI Infrastructure Agent Economy

The Future is
Based

Your everyday advantage in every market.
Permissionless, composable, and built to last.