Forget YAM, Ethereum DeFi's hottest new craze is Based-literally

Early on the morning of Aug. 12, a number of DeFi power users and crypto traders began using the word "Based" incessantly, almost to the point of lunacy.

It was revealed by some on Twitter that this cryptocurrency was BASED, the native token of the Based protocol.

As can be seen on the front page of the project's website, Based isn't taking itself too seriously.

Even still, as of this article's writing, Based has managed to receive around $10 million worth of stablecoin deposits by those looking to generate BASED. On Uniswap, BASED has garnered a value of $500, giving it a fully-diluted market capitalization of $50 million.

Based is seemingly attracting this capital and investment due to the project's promises of a fair token distribution system and strong token economics.

Every 24 hours, the BASED Protocol adjusts the supply of $BASED tokens to target the value of 1 $BASED to 1 $sUSD.".

It's a bit more nuanced than that, but in the sense that its supply adjusts to emulate the value of a dollar, BASED is much like Ampleforth's AMPL.Making the rounds.

Based is starting to make the rounds on Crypto Twitter, much to the dismay of early BASED adopters, who benefit from having few know about it.

Trader and DeFi savant "CL" joked: "F my life, I slept for 12 hours and now I am literally 5 figures down than all my friends in BASED.".

F my life, I slept for 12 hours and now I am literally 5 figures down than all my friends in BASED. https://t.