Based

• Based is a consumer application combining trading, prediction markets, a crypto card and staking in one account.

• It routes trading through Hyperliquid's infrastructure rather than operating its own exchange.

• BASED is the platform token.

• Supply allocated across community and ecosystem.

• Staking grants fee discounts and platform benefits.

Pros:

• Bundling several products into one account reduces the friction of using each separately.

• The card product extends usage into everyday spending.

• Integrates established venues rather than building liquidity.

Cons:

• Aggregators depend entirely on the venues they integrate.

• Card programmes rely on issuing partners who can withdraw service.

• Crowded consumer crypto application market with weak retention.

• Exposure to a consumer crypto application spanning trading and payments.

• Product breadth is unusual for a single account.

• Weigh the dependency on partners across every product line.

• Trading, prediction markets and card spending in one account, which no single crypto application typically combines.

• Using crypto for trading, betting and spending requires separate accounts and separate onboarding for each.

• Combining them removes the repeated setup, at the cost of depending on many partners at once.

• Co-founded by chief executive Edison Lim, with a co-founder serving as chief technology officer.

• Backed by ecosystem investors.

• No public ICO. Distributed through community allocations.

• Complete dependency on integrated venues and card issuers.

• Regulatory exposure across trading, prediction markets and payments simultaneously.

• Weak retention in consumer crypto applications.

• Partner withdrawal can remove a product line without notice.