Pantera Bets on Hyperliquid SuperApp - Based, can Ethena sENA stakers recover this time?
On February 23, Based announced the completion of its Series A financing led by Pantera, with participation from Coinbase Ventures, Wintermute, and Karatage.
Earlier, Based had announced the $BASED token economics and plans to complete the token issuance next month (March), with 7.5% of the total token supply belonging to Ethena sENA stakers ($ENA staked).
According to Based Prediction Market (Polymarket), Based FDV (one day after launch) predictions are:
▻100m: 59.5%
▻200m: 29.5%
▻300m: 17%
▻500m: 4.3%
▻800m: 3%
▻1b: 2%
If we estimate the value of the 7.5% tokens for sENA stakers based on the three highest predictions:
▻FDV 100m → 7.5m USD
▻FDV 200m → 15m USD
▻FDV 300m → 22.5m USD
However, since Ethena's airdrop data on Based does not show the proportion of individual users' total points, it is impossible to accurately calculate one's specific airdrop amount.
Nevertheless, based on my observations, if the sENA holdings remain unchanged, from Ethereal - Echelon - Strata, the proportion of points one occupies is increasing (reflecting the decrease in total staked amount), so one can actually slightly increase the proportion from Strata to estimate the airdrop ratio for Based.
Currently, it seems that the Based airdrop might be the most generous airdrop in the Ethena ecosystem, but constrained by the lock-up mechanism, it's hard to say how much recovery can actually be achieved.
-
※ The above content does not constitute investment advice (NFA). Users are advised to operate according to their own risk tolerance and to DYOR with caution in the investment market.
#BASED #Hyperliquid #ethena #Airdrops $ENA $HYPE
