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Based(BASED)

Total Value Locked$14,104

TVL by Chain

Robinhood Chain$14,104

Key Metrics

Fees 30d$38,462

Fees 30d by chain

Hyperliquid L1$37,547

Robinhood Chain$456.96

Ethereum$194.38

Solana$103.94

Polygon$91.80

Base$41.60

Arbitrum$19.70

BSC$6.94

Arc$0.89

Ink$0

Stable$0

Fees 7d$4,789

Hyperliquid L1$4,677

Solana$51.60

Polygon$20.62

Base$14.65

Robinhood Chain$12.09

Ethereum$10.02

Arbitrum$3.56

BSC$0.20

Arc$0

Ink$0

Stable$0

Fees 24h$604.36

Hyperliquid L1$587.94

Robinhood Chain$5.71

Arbitrum$3.56

Solana$2.79

Polygon$2.29

Base$1.62

Ethereum$0.39

BSC$0.06

Arc$0

Ink$0

Stable$0

Cumulative Fees$23.79m

Hyperliquid L1$23.77m

Robinhood Chain$7,890

Polygon$7,343

BSC$1,028

Solana$559.69

Ethereum$437.69

Base$306.06

Arbitrum$45.44

Arc$8.30

Ink$4.20

Stable$0.22

Revenue 30d$38,462

Revenue 30d by chain

Hyperliquid L1$37,547

Robinhood Chain$456.90

Ethereum$194.38

Solana$103.94

Polygon$91.80

Base$41.60

Arbitrum$19.70

BSC$6.94

Arc$0.89

Ink$0

Stable$0

Revenue 7d$4,789

Hyperliquid L1$4,677

Solana$51.60

Polygon$20.62

Base$14.65

Robinhood Chain$12.09

Ethereum$10.02

Arbitrum$3.56

BSC$0.20

Arc$0

Ink$0

Stable$0

Revenue 24h$604.36

Hyperliquid L1$587.94

Robinhood Chain$5.71

Arbitrum$3.56

Solana$2.79

Polygon$2.29

Base$1.62

Ethereum$0.39

BSC$0.06

Arc$0

Ink$0

Stable$0

Cumulative Revenue$22.63m

Hyperliquid L1$22.61m

Polygon$7,343

Robinhood Chain$6,480

BSC$1,028

Solana$559.69

Ethereum$437.69

Base$306.06

Arbitrum$45.44

Arc$8.30

Ink$4.20

Stable$0.22

Holders Revenue 30d$0

Holders Revenue 30d by chain

Arbitrum$0

Arc$0

Base$0

BSC$0

Ethereum$0

Hyperliquid L1$0

Ink$0

Polygon$0

Robinhood Chain$0

Solana$0

Stable$0

Holders Revenue 7d$0

Arbitrum$0

Arc$0

Base$0

BSC$0

Ethereum$0

Hyperliquid L1$0

Ink$0

Polygon$0

Robinhood Chain$0

Solana$0

Stable$0

Holders Revenue 24h$0

Arbitrum$0

Arc$0

Base$0

BSC$0

Ethereum$0

Hyperliquid L1$0

Ink$0

Polygon$0

Robinhood Chain$0

Solana$0

Stable$0

Cumulative Holders Revenue$0

Arbitrum$0

Arc$0

Base$0

BSC$0

Ethereum$0

Hyperliquid L1$0

Ink$0

Polygon$0

Robinhood Chain$0

Solana$0

Stable$0

Incentives 1y$0

Incentives 30d$0

Incentives 7d$0

Incentives 24h$0

Cumulative Incentives$0

Earnings (Annualized)$8.23m

Earnings 30d$38,462

Earnings 7d$4,789

Earnings 24h$604.36

Cumulative Earnings$22.63m

DEX Volume 30d$2.5m

DEX Volume 30d by chain

Hyperliquid L1$2.49m

Polygon$9,196

Robinhood Chain$17.46

DEX Volume 7d$505,544

Hyperliquid L1$503,482

Polygon$2,062

Robinhood Chain$0

DEX Volume 24h$9,332

Hyperliquid L1$9,103

Polygon$229

Robinhood Chain$0

Cumulative DEX Volume$3.853b

Hyperliquid L1$3.852b

Robinhood Chain$474,964

Polygon$444,939

DEX Notional Volume 30d$30,002

DEX Notional Volume 30d by chain

Polygon$29,628

Hyperliquid L1$374

DEX Notional Volume 7d$6,707

Polygon$6,707

Hyperliquid L1$0

DEX Notional Volume 24h$929

Polygon$929

Hyperliquid L1$0

Cumulative DEX Notional Volume$28.92m

Polygon$28.73m

Hyperliquid L1$189,842

Perp Volume 30d$156.81m

Perp Volume 30d by chain

Hyperliquid L1$156.81m

Perp Volume 7d$20.02m

Hyperliquid L1$20.02m

Perp Volume 24h$2.33m

Hyperliquid L1$2.33m

Cumulative Perp Volume$46.946b

Hyperliquid L1$46.946b

Open Interest$0

Market Cap$12.35m

$BASED Price$0.053

All Time High$0.32

All Time Low$0.041

View $BASED token page

Fully Diluted Valuation$52.55m

Outstanding FDV$40.14m

$BASED Volume 24h$4.9m

CEX Volume$1.87m

DEX Volume$2.8m(57.12% of total)

Total Raised$11.5m

Sep 8, 2025Round: Investors: Ethena

Feb 23, 2026$11.5mRound: Series AInvestors: Pantera Capital, Coinbase Ventures, Wintermute Trading, Karatage

Protocol Information

Trade, Predict and Spend. Built on Hyperliquid L1, Polymarket. Backed by Ethena Labs.

Website X/Twitter

Categories:Launchpad Interface DEX Aggregator

Products:

Based AlphaLaunchpad
BasedApp PerpsInterface
HYENAInterface
Based PredictInterface
Based AggregatorDEX Aggregator
BasedApp SpotInterface
BasedApp OutcomeInterface

Methodology

TVL: Total value of all coins held in the smart contracts of the protocol

Fees:

BasedApp Perps - builder code revenue from Hyperliquid Perps Trades.HYENA - Trading fees paid by users on Hyperliquid markets deployed by Based and Ethena teams.Based Predict - Builder fees received by Based from trades on Polymarket v2 Based Alpha - 1.25% trade fee (0.95% protocol + 0.30% creator) on every curve trade, plus the flat migration fee skimmed when a token graduates to Based DEX.Based Aggregator - 1% (100 bps) app fee charged on swaps routed through Relay, collected in USDC. Reported per origin chain of the swap.BasedApp Spot - Builder-code fees paid by users on Hyperliquid spot trades placed through the builder code.BasedApp Outcome - Builder-code fees paid by users on Hyperliquid HIP-4 outcome trades placed through the builder code.

Revenue:

BasedApp Perps - builder code revenue from Hyperliquid Perps Trades.HYENA - Half of the fees goes to the protocol and rest to hyperliquid Based Predict - Builder fees received by Based from trades on Polymarket v2 Based Alpha - Protocol share of trade fees (0.95% of each trade) plus migration fees.Based Aggregator - All app fees accrue to the Based protocol; there is no supply-side or holder share.BasedApp Spot - Builder-code fees on Hyperliquid spot trades, all kept by the builder.BasedApp Outcome - Builder-code fees on Hyperliquid HIP-4 outcome trades, all kept by the builder.

Holders Revenue:

DEX Volume: Volume of all spot token swaps on the DEX

Notional Volume: Notional volume of all trades on protocol

Perp Volume: Notional volume of all trades including leverage on the perp exchange

Incentives: Tokens allocated to users through liquidity mining or incentive schemes, typically as part of governance or reward mechanisms.

Earnings: Revenue of the protocol minus the incentives distributed to users

Income statement for Based

YearlyQuarterlyMonthlyCumulative

	Q4 2026*	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025
Gross Protocol Revenue	$34.22K	$320.86K	$1.25M	$2.87M	$8.12M	$11.19M
Hyperliquid Builder Code Fees	$31.12K	$253.43K	$872.73K	$1.68M	$7.84M	$11.19M
Perps Trading Fees	$0	$47.49K	$379.16K	$1.19M	$284.44K	$0
Polymarket Builder Fees	$92.58	$6.06K	$1.19K	$0	$0	$0
Trading Fees	$0	$5.89K	$0	$0	$0	$0
Migration Fees	$0	$34.10	$0	$0	$0	$0
Swap app fees	$3.01K	$7.95K	$0	$0	$0	$0
Cost of Revenue	$0	$44.58K	$345.03K	$628.56K	$142.22K	$0
Perps Fees To Hyperliquid	$0	$23.75K	$189.58K	$593.62K	$142.22K	$0
Referral & Trading Discounts	$0	$19.42K	$155.45K	$34.95K	$0	$0
Trading Fees to Creators	$0	$1.41K	$0	$0	$0	$0
Gross Profit	$34.22K	$276.29K	$908.04K	$2.24M	$7.98M	$11.19M
Hyperliquid Builder Code Fees	$31.12K	$253.43K	$872.73K	$1.68M	$7.84M	$11.19M
Perps Fees To Deployer	$0	$4.33K	$34.12K	$558.67K	$142.22K	$0
Polymarket Builder Fees	$92.58	$6.06K	$1.19K	$0	$0	$0
Trading Fees to Protocol	$0	$4.48K	$0	$0	$0	$0
Migration Fees to Protocol	$0	$34.10	$0	$0	$0	$0
Swap app fees	$3.01K	$7.95K	$0	$0	$0	$0
Incentives	$0	$0	$0	$0	$0	$0
Earnings	$34.22K	$276.29K	$908.04K	$2.24M	$7.98M	$11.19M
Token Holder Net Income	$0	$0	$0	$0	$0	$0

Income flow visualization

YearlyQuarterlyMonthlyCumulative

Based history

TVL is the default DefiLlama definition. Daily values are UTC snapshots from Jul 15, 2026 to Oct 28, 2026.

All-time high TVL: $27,467 on Jul 22, 2026. All-time low TVL: $11 on Jul 15, 2026.

Daily TVL, Sep 29, 2026 to Oct 28, 2026

Date	TVL
Sep 29, 2026	$15,807
Sep 30, 2026	$15,885
Oct 1, 2026	$16,036
Oct 2, 2026	$16,128
Oct 3, 2026	$15,929
Oct 4, 2026	$15,979
Oct 5, 2026	$16,223
Oct 6, 2026	$16,106
Oct 7, 2026	$16,027
Oct 8, 2026	$15,277
Oct 9, 2026	$14,770
Oct 10, 2026	$14,795
Oct 11, 2026	$14,928
Oct 12, 2026	$15,120
Oct 13, 2026	$14,791
Oct 14, 2026	$14,919
Oct 15, 2026	$14,381
Oct 16, 2026	$14,489
Oct 17, 2026	$14,435
Oct 18, 2026	$14,306
Oct 19, 2026	$14,404
Oct 20, 2026	$14,244
Oct 21, 2026	$14,540
Oct 22, 2026	$14,583
Oct 23, 2026	$14,211
Oct 24, 2026	$14,148
Oct 25, 2026	$14,048
Oct 26, 2026	$13,662
Oct 27, 2026	$13,790
Oct 28, 2026	$13,950

TVL at each month end, Jul 2026 to Oct 2026

Date	TVL
Jul 31, 2026	$14,013
Aug 31, 2026	$14,645
Sep 30, 2026	$15,885
Oct 28, 2026 (latest)	$13,950

Fees, revenue and holders revenue by UTC calendar month, Jul 2025 to Oct 2026

Month	Fees	Revenue	Holders revenue
Jul 2025	$332,642	$332,642	$0
Aug 2025	$988,232	$988,232	$0
Sep 2025	$9.87m	$9.87m	$0
Oct 2025	$3.68m	$3.68m	$0
Nov 2025	$2.57m	$2.57m	$0
Dec 2025	$1.87m	$1.73m	$0
Jan 2026	$1.05m	$802,598	$0
Feb 2026	$828,946	$648,916	$0
Mar 2026	$987,864	$785,584	$0
Apr 2026	$776,474	$606,370	$0
May 2026	$291,823	$180,217	$0
Jun 2026	$184,778	$121,454	$0
Jul 2026	$65,188	$43,544	$0
Aug 2026	$202,384	$180,431	$0
Sep 2026	$53,287	$52,312	$0
Oct 2026 (to date)	$34,216	$34,216	$0

The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/based

Frequently asked questions

What is Based's TVL?

As of Oct 28, 2026, Based has $14,104 in total value locked. TVL has decreased 10.7% over the past 30 days.

What chains does Based operate on?

Based operates on 11 chains: Hyperliquid L1, Polygon, Robinhood Chain, Ethereum, and Solana and 6 others. Robinhood Chain holds the largest share at 100%.

How much has Based generated in fees and revenue?

Over the past 30 days, Based generated $38,462 in fees. Of that, $38,462 was protocol revenue. Based on the trailing year, the annualized rate is $9.39m in fees and $8.23m in revenue.

What is the BASED token price and valuation?

BASED is currently trading at $0.053. Its circulating market capitalization is $12.46m, ranking it #1,421. Its fully diluted valuation is $53.01m. Supply currently stands at 235m circulating, 1b total supply, 1b maximum supply.

How has BASED performed recently?

BASED is down 1.8% over the past 7 days and down 21.3% over the past 30 days. Its all-time high is $0.32, reached on Apr 16, 2026. The token is currently 83.5% below that level.

Which protocols are included in Based?

Based is a parent protocol whose tracked products include Based Alpha, BasedApp Perps, HYENA, Based Predict, and Based Aggregator and 2 others.

How much trading volume does Based process?

Based processed $2.5m in DEX volume over the past 30 days.