Hey there, crypto enthusiasts! If you’ve been keeping an eye on the wild world of meme tokens and blockchain experiments, you’ve probably heard whispers about the Based project. Launched by the team at basedevo, this isn’t your typical token drop—it’s a fascinating experiment that blends NFTs, community spirit, and cutting-edge blockchain tech. Let’s break it down step by step, exploring how it all started and what makes it so unique.

The Birth of Based: From NFT to Token

It all kicked off in February 2023 when Coinbase introduced Base, their Ethereum Layer 2 blockchain designed to speed up transactions and cut costs. To celebrate, they dropped a free mint NFT called “Base Introduced” on Zora, a platform for creating digital collectibles. Sure, the NFT itself was free, but minting it came with Ethereum mainnet gas fees—around $5 to $10 back then. Still, over 485,000 NFTs were snatched up by more than 370,000 unique wallets. That’s a huge turnout, showing just how excited people were to get involved!

But here’s where it gets interesting. The Based team wondered: what if this NFT could do more? What if holders could redeem it for a new token on the Base network? This idea sparked the Based experiment, turning a simple commemorative NFT into the foundation for a community-driven token called $BASED. The twist? The original NFT lived on Ethereum’s mainnet, not Base, since Base wasn’t live yet. So, the team figured out a clever, permissionless way to bridge the two chains without needing Coinbase’s approval—pretty cool, right?

How the Redemption Worked

In July 2024, basedevo announced the redemption process on Twitter/X and Farcaster, inviting NFT holders to visit their site (now at a snazzier domain). Instead of burning the NFT—which would’ve meant more pricey gas fees—they created a smart way to map claims on Base without altering the original Ethereum NFT. This kept things accessible and respectful of Coinbase’s commemorative asset.

The redemption rolled out in three phases, rewarding early birds with more $BASED:

• Phase 1 (July 12-26, 2024): 500,000 $BASED per NFT
• Phase 2 (July 27-August 7, 2024): 250,000 $BASED per NFT
• Phase 3 (August 13-October 1, 2024): 25,000 $BASED per NFT

By the token’s launch on August 13, over 85,000 NFTs across 45,000 wallets had been redeemed. The result? A whopping $15M in trading volume on day one! That’s what happens when you tap into a passionate community.

Fair Tokenomics and Community Focus

What sets Based apart is its commitment to fairness. The token supply was split like this:

• 50% to NFT redeemers
• 35% to liquidity (half donated to PartyDAO for ETH pairing, half locked in a Uniswap LP position)
• 10% for future airdrops
• 5% for experimental onchain uses

No shady backroom deals or insider allocations here—just a system designed to reward participation. The team drew from past token launch pitfalls (like snipers and bad actors) to create something transparent, letting the market decide $BASED’s value. And it worked!

More Than Just a Token: The Philosophy Behind Based

Based isn’t just about tech—it’s a vibe. The term “based,” borrowed from internet slang, means being unapologetically yourself, free from others’ opinions. For the Based project, it’s about:

• Being real, not performative.
• Embracing experimentation, even if it means failing.
• Staying grounded in your values.

This isn’t a get-rich-quick scheme. It’s a playground for the curious, a proof-of-concept for onchain interoperability and culture. The team’s goal? To see what happens when you let a community take the wheel.

What’s Next for Based?

Based is still evolving. With its wide distribution and solid start, it’s a living experiment that invites others to tinker and build. Whether it becomes a full-blown movement or just a cool footnote in crypto history, one thing’s clear: it’s all about participation. If you’re into blockchain’s creative side, this is your chance to jump in!

So, what do you think? Are you based enough to join the experiment? Drop your thoughts in the comments, and let’s keep the conversation going. For more meme token insights, check out Meme Insider!