Ethena-Backed “Based” on Hyperliquid Enters Top 10 Protocols by 24-Hour Revenue as Ethereum Foundation Rebrands Security Team

The decentralized trading platform “Based,” built on Hyperliquid and backed by Ethena Labs, surged into the top 10 blockchain protocols by 24-hour revenue, according to data from DeFiLlama. This milestone highlights the rapid growth of Hyperliquid’s ecosystem amid intensifying competition for its native stablecoin USDH issuance. Based is a trading platform integrated with Hyperliquid, a

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