Based vs HyENA
SwanBluechip verdict
SwanBluechip rates HyENA 8/10 versus Based 7/10, so HyENA is the higher-conviction pick today — but the right call depends on what you need. Compare the takes below.
| Metric | Based | HyENA |
|---|---|---|
| SwanBluechip Score | 7/10 · Strong | 8/10 · Strong |
| Category | Aggregator | Perps |
| Status | Farmable | Points Live |
| Airdrop | TGE Pending | Points Live |
| TVL | Mid | Mid |
| HIP layer | — | HIP-3 |
| Referral available | Yes | — |
Based
7/10 · Strong
Hyperliquid trading super-app — aggregates HIP-3 markets and earns builder-code fees. Roughly 20% of daily perps volume on Hyperliquid.
HyENA
8/10 · Strong
USDe-margined HIP-3 perps DEX from Ethena × Based — idle collateral earns yield while you trade.
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