Based's TGE is happening tomorrow, mainly trading on Hyperliquid, and also listed on Coinbase and Binance Alpha. Based positions itself as a SuperAPP, with its core business being a settlement layer built on Hyperliquid. It has developed a super frontend for both mobile and desktop, currently contributing 2% of total trading volume, peaking at over 10% at one point. It also encompasses businesses like Polymarket and HyENA, while expanding into on-chain payments for AI Agents. I’m more inclined to classify it as a Broker. As a project consistently ranking in the top three of Builder Codes, Based's TGE performance will largely reflect how the market prices the Broker and Terminal sectors. Current pre-market and prediction market expectations are centered around a 75–100M FDV. At TGE, 24% of the total token supply will be distributed as an airdrop. Since the token distribution is quite decentralized, the team has introduced a pre-staking plan to alleviate some of the selling pressure at launch. To my knowledge, this is the first project built around the Hyperliquid ecosystem that simultaneously launches on Binance Alpha and other major exchanges on day one. I think tomorrow presents an interesting trading opportunity to observe whether there are cross-chain or cross-exchange arbitrage opportunities.