$BASED is an onchain experimental community project created purely for entertainment purposes. It has no association with Coinbase, Base or any of its entities or partners. Participants should understand that $BASED is not an investment and should not be treated as such. Engage with the project at your own risk.

$BASED is an experiment where the $BASED token on base will be obtained by users who hold and redeem a Base, Introduced NFT for an allocation of $BASED token. This experiment leverages the wide distribution of the Base, Introduced NFT which is held in over 370,000+ unique wallets.

No, the Base, Introduced NFT is not still mintable but you can buy the NFT on secondary marketplaces like OpenSea. Here's the link to the Base, Introduced NFT on OpenSea.

This NFT was a commemorative NFT that Coinbase launched on Zora when they announced Base, their Ethereum L2 blockchain on February 23, 2023. Here's the post on X that Coinbase posted announcing Base along with this commemorative NFT mint.

This mint was hosted on Zora and lasted 10 days. Users could only mint 1 per wallet which resulted in a large unique distribution - there are 485,000 of these NFTs held across 370,000 unique wallet addresses today. Here's the original mint page on Zora.

Users will be able to redeem an allocation of $BASED if they hold one or more Base, Introduced NFTs and go through the redemption process during one of the redemption periods.

In order to redeem a NFT for an allocation of $BASED, you will need to connect your wallet to this site, select any unredeemed Base, Introduced NFTs and submit a transaction on Base in order to redeem.

Once redeemed, you will be able to check your allocation on this site. During Phase 3, you will come back to this site to claim your $BASED token on Base.

We will be checking if the NFTs are still in the same wallet that redeemed them during the claim. You are free to do as you wish with your NFTs after redeeming but you will risk not being able to claim your allocation.

We also may take these NFTs into account for future airdrops or allowlists.

Users will be able to redeem their NFTs during the redemption periods below. NFTs redeemed in Phase 1 will be allocated the most $BASED per NFT redeemed. There will be multiple redemption periods and you can see the minimum allocation per NFT for each redemption period below.

Phase 1: July 12-26

• Beginning July 12 at 12:00pm EST and ending July 26 at 11:59am EST
• Each redeemed NFT will be able to claim a minimum of 500,000 $BASED on Claim Day

Phase 2: July 27 - Aug 7

• Beginning July 27 at 12:00pm EST and ending August 7 at 11:59am EST
• Each redeemed NFT will be able to claim a minimum of 250,000 $BASED on Claim Day

Claim Day / Phase 3: August 13

• Claim Day is tentatively scheduled for August 13th. This will coincide with the launch of $BASED token on Base.
• NFTs that have not been redeemed in Phase 1 or Phase 2 will be able to be redeemed for a claim of a minimum of 25,000 $BASED which will be able to be claimed immediately.
• Phase 3 will last for a minimum of 30 days but may be extended.

The amount of $BASED you will be able to claim will depend on which redemption period you redeemed your NFT in.

If you redeemed a NFT in Phase 1, you will receive at least 500,000 $BASED per NFT redeemed.

If you redeemed a NFT in Phase 2, you will receive at least 250,000 $BASED per NFT redeemed.

If you redeemed a NFT in Phase 3, you will receive at least 25,000 $BASED per NFT redeemed.

$BASED is an ERC-20 token on Base with a TBD total token supply. The total supply will be based upon amount of NFTs redeemed in the redemption periods and will be announced prior to the claim day. Users will be able to redeem their Base, Introduced NFTs during one of the redemption periods which followed by a claim day when the $BASED token will launch on Base.

• 50% of token supply are allocated to users who redeem their Base, Introduced NFTs during one or more of the redemption periods
• 35% of the token supply will be reserved for the liquidity pool
• 10% of the token supply will be reserved for future airdrops
• 5% of the token supply will be reserved for based experiments

This is the $BASED contract address:

0x32E0f9d26D1e33625742A52620cC76C1130efde6

This is the only address that you will interact with to redeem and claim your allotment of $BASED. Please be wary of any other contract addresses or links claiming to be associated with $BASED. This is the only contract address associated with this experiment.

If you hold a Base, Introduced NFT, you will be able to redeem the NFT for an allocation of $BASED tokens that you will be able to claim on claim day. Follow @basedevo on X and @basedevo on Farcaster for updates!