Based launched its first official points program in June 2025.

The goal was simple: identify and reward users who contributed to Based, believed in the future of the ecosystem, and stayed aligned through the journey.

With June approaching, we are now reaching the first anniversary of the Based points program. This also marks an important inflection point in how $BASED tokens have been distributed to Based-aligned users.

Over the past year, we have distributed roughly 30% of the $BASED token supply to Based holders through three major initiatives: the Genesis event, the recent Season 3 airdrop, and most importantly, the $BASED staking program.

Together, these initiatives allowed us to identify and reward users who meaningfully contributed to Based. More importantly, our initiatives helped us to place $BASED into the hands of users who actually care about the long-term growth of the ecosystem. That said, this distribution happened over a shorter time horizon (<1 year), while also being a substantial token allocation to people who we believe deserve it.

As we enter the next phase, the overarching theme around $BASED will transition from broad token distribution into a more sustainable model focused on long-term value creation.

The goal now is to build around:

• Strong token utility.
• Token sinks across ecosystem products.
• Sustainable value accrual for long-term holders.

Put simply, $BASED tokens should go to people who want to hold $BASED, participate in the ecosystem, and contribute meaningfully to its growth.

Staking Emission Changes

Firstly, we will be updating the $BASED staking programme to transition into a more sustainable model that reduces dilution for existing holders.

This allows us to focus on building value for the current pool of strong holders, while reducing unnecessary value leakage from excessive emissions.

Over time, we will progressively lower $BASED staking emissions toward a steady-state emission rate of only 20 million $BASED tokens per year.

More importantly, this emissions budget is intended to be supported by revenue-driven $BASED buybacks, creating a more sustainable loop where ecosystem revenue is used to drive value back to $BASED holders.

The Next Phase of $BASED

The first year of Based was about distribution, alignment, and rewarding the users who believed early.

The next phase will be about sustainability, utility, and value accrual.

As we continue building out the Based ecosystem, the role of $BASED will become increasingly clear. $BASED is not just a rewards token. It is the coordination layer for the Based ecosystem: powering staking, launchpool access, ecosystem benefits, product utility, AI utility, and future governance.

Our goal is simple: build products that people use, create real revenue across the ecosystem, and route that value back toward long-term $BASED holders.

The transition away from aggressive emissions is an important step in that direction. It allows us to protect existing holders, reduce unnecessary dilution, and build a healthier foundation for the years ahead.

To everyone who has supported Based since the beginning: thank you.

The first year was only the beginning.