$BASED is the native token that powers the Based ecosystem. It is designed to be a utility token used within the platform to access features, align incentives, and support long-term community ownership.

We’ve made a lot of progress quickly, and we’re still early. The goal of $BASED tokenomics is straightforward: keep the supply fixed, distribute meaningfully to the people who use and grow the product, and preserve a long runway for future rewards and expansion.

What $BASED is for

Holding or staking $BASED is intended to unlock benefits across the Based platform (subject to program terms and change over time), including:

• Reduced fees on trading and prediction markets
• Rewards on the Based Visa debit card (including up to 8% cashback, subject to program terms)
• Higher card limits at higher holding tiers
• Lower on/off-ramp fees
• Discounts with Based Mall merchants
• Access to future project launchpools
• Consumption credits for future agentic features

$BASED may also be used as a medium of exchange on Based Mall, where users can pay with stablecoins and may use $BASED to purchase items at a discount. $BASED is also intended to support platform governance mechanisms (where applicable), enabling token holders to participate in shaping the platform’s direction.

Supply

The $BASED supply is fixed at 1,000,000,000 tokens.

Allocation

The allocation breakdown is as follows:

• 36.00% Community: 360,000,000
• 23.64% Ecosystem & Community Rewards: 236,400,000
• 20.36% Investors: 203,600,000
• 20.00% Core Contributors: 200,000,000

Genesis Distribution — 360,000,000 $BASED

Based’s Genesis Distribution includes the users and partners who have contributed to the ecosystem to date. The intention is to distribute tokens to early and existing community members and support ongoing participation.

The 36% community allocation is broken down into the following subcategories:

• 23.5% of total supply (235,000,000): Allocated to Based community members who participated in Season 1 and Season 2 points campaigns, PUP holders, BasedPal NFT holders, and launch partners supporting the TGE. These tokens are intended to be claimable when claims open (targeting March 2026, date to be confirmed) with no vesting period.
• 7.5% of total supply (75,000,000): Reserved for the Ethena community in recognition of their strategic investment and the collaboration on HyENA. Eligibility criteria and claim details will be announced by the Ethena Foundation. The unlock schedule is structured as follows:
  • Months 1–3: 20% of the allocated tokens unlock monthly (6.67% per month)
  • After Month 12: 40% unlocks at the one-year anniversary
  • Months 13–18: Remaining 40% vests linearly over six months
• 5.0% of total supply (50,000,000): Set aside for Season 3 participants. Season 3 runs through May 4, 2026. Tokens earned during Season 3 will be claimable on May 11, 2026, with no vesting period.

Ecosystem & Community Rewards — 236,400,000 $BASED

Reserved for the foundation to support ongoing development, strategic partnerships, platform operations, and long-term community incentives. This allocation ensures Based can continue growing and rewarding the community for years to come.

Investors — 203,600,000 $BASED

Allocated to investors with a 3-year vesting schedule, including a 1-year lock followed by a monthly unlock over the following two years.

Core Contributors — 200,000,000 $BASED

Reserved for existing team members, with a 3-year vesting schedule, including a 1-year lock followed by a monthly unlock over the following two years.

Season 3 — Based Diamonds (Points Campaign)

Season 3 (Based Diamonds) is a direct extension of Based’s focus on rewarding loyal users and durable community participation. It’s designed to keep participation incentives live after Seasons 1 and 2, and to offer a clear, time-bounded path for users to earn into the next phase of the ecosystem.

Season 3 allocates 5% of the total $BASED supply (50,000,000 tokens) to participants. This allocation is already included in the 36% community (genesis) distribution above: it does not change the fixed total supply.

The Season 3 Based Diamonds campaign runs from the end of Season 2 through May 4, 2026.

Diamonds emissions schedule

Season 3 Diamonds emissions are structured across two phases:

• Phase 1 (Jan 5 – Feb 12, 2026): Total issuance of 15,000,000 Diamonds. Diamonds will be distributed based on a retrospective calculation of user activity on Feb 12, 2026.
• Phase 2 (Feb 13 – May 4, 2026): Total issuance of 35,000,000 Diamonds, with a daily fixed issuance of 432,098 Diamonds.

Diamonds (points) will be emitted during Season 3, and tokens earned via Season 3 are intended to be claimable on May 11, 2026 (7 days after the end of the campaign).

Edit (11 May): Tokens allocated for S3 is distributed on 11 May 2026. The foundation has granted an extension to people who did not sign terms previously to claim S3 tokens on 7 June 2026.

Claims & Eligibility

The claims for Genesis Distribution are targeted to start from March 2026 (exact date will be announced at the soonest). Based is coordinating the exact launch timing with exchange partners.

An eligibility checker will be released prior to the claim start date.

Key dates

• Season 1 & 2 terms signing deadline: February 8, 2026
• Genesis Distribution claims (target): March 2026 (exact date will be announced at the soonest)
• Season 3 end date: May 4, 2026
• Season 3 claimability: May 11, 2026

Eligibility and allocation are expected to incorporate anti-sybil measures, including filtering for wash trading activity and self-referrals. Undistributed tokens will be moved to ecosystem & community rewards.

Thanks to everyone who’s helped build Based so far—this distribution is designed to make sure the people who show up, participate, and contribute have a meaningful seat at the table as the Based team keeps shipping.

Legal Disclaimer

$BASED is a utility token, not a security or investment product. It provides access to Based platform features and carries no promise of profits, dividends, or returns. Any governance functionality (if/when enabled) does not confer ownership, voting, or management rights over the Foundation or its affiliates.

The information provided herein is for informational purposes only and does not constitute financial, investment, tax, or legal advice. You should consult appropriate professional advisors before making any decisions related to $BASED.

By participating in any $BASED token distribution, claiming an airdrop, or otherwise acquiring $BASED tokens, you acknowledge that you are solely responsible for complying with all applicable laws and regulations in your jurisdiction, including tax reporting and payment obligations.