BasedHype sold subtraction as spectacle: 200 million units sent away each month, liquidity sealed and insiders made to wait. The chain records a harder story. Ten billion still exist, HYPE split across two Base contracts, and the largest burn reserve remained recoverable.
The current asset is 0x84a9183C9D11146d8E6A820Dfc675a61B11EaDeb on Base chain 8453. Hyperliquid's HYPE instead pays gas on chain 999, and its canonical ERC-20 wrapper is WHYPE at 0x5555…5555.
The project first promoted 0x50e755613C167098335C6ED25aA05A0Da22ad308, another Base ERC-20 named HYPE. By 5 August 2025 its archived homepage pointed to BASEDHYPE. No reviewed migration, conversion or redemption contract joins the two.
Runtime code at the current address is a minimal clone fixed to implementation 0x8affcB2985AB7B02Ab2130f1BFa7Cf9f099c9695. It initialized one supply and now reports the zero address as owner.
The verified ABI contains no public mint, burn, tax, pause, blacklist, oracle, collateral, bridge, staking or redemption. The implementation address is embedded rather than selected through an admin upgrade slot.
GitHub publishes a different constructor-based example with an owner-only burn. It records what someone uploaded, not the callable production code; using it for current permissions would invent a function.
The archived plan assigned 6 billion units to transfers of 200 million every 30 days through December 2027. It called those transfers deflation.
By 5 September 2026 the dead address held 2.66 billion. The stream at 0xBdd767200B14230D9075600016D3f7759E3a7d27 still held about 3.351052891 billion, and its owner could withdraw that balance. The token's totalSupply remained exactly 10 billion.
All 1.45 billion LP units were locked until 29 June 2028 at 22:00 UTC. A separate 450 million BASEDHYPE founder allocation was locked until 31 December 2027 at 23:00 UTC.
Those contracts currently reject early withdrawal and release control after expiry. The burn stream is different: it allows its owner to recover remaining tokens. The 450 million listing wallet is an EOA, so its $500 million market-cap trigger is social rather than contract-enforced.
Pool 0x8948ec41c1dE8ff7b3370b65052cfDb21F3f75d0 pairs BASEDHYPE with the project's older Base HYPE, not with Hyperliquid's native asset. Swaps move the reserve ratio, so a displayed valuation can circulate between two project-issued meme tokens.
Uniswap V2's 0.3% fee accrues to LP positions. It is not passive BASEDHYPE yield. Locked LP ownership prevents withdrawal for a time, but does not guarantee depth, custody for holders or redemption into HYPE.
Archived terms denied an official team, equity, dividends, votes, staking, profit, access privileges and guaranteed utility. They named no company a holder could compel to redeem tokens or maintain a service.
The current domain serves an unrelated Ephemeral Chat page. With no transition notice, it cannot prove that the 2025 burn, screener or onchain-message products remain operated. What persists is the ledger and the limits written into it.
The project begins with old 0x50e7…d308 and a transparency narrative.
Token Tool creates 0x84a9…aDeb with 10 billion units.
The two positions receive separate release dates.
The site promises 200 million every 30 days through December 2027.
The target token's owner changes to the zero address.
The irregular manual pattern shows execution is not an automatic monthly burn.
Last evidence review: 2026-09-05
BasedHype is the Base ERC-20 at 0x84a9183C9D11146d8E6A820Dfc675a61B11EaDeb, named BasedHype with symbol BASEDHYPE and 18 decimals. It was initialized with 10 billion units as a fixed minimal clone; its owner is now the zero address.
Three similar labels hide three assets. An earlier project page used another Base token called HYPE. The new BASEDHYPE trades against that old HYPE. Hyperliquid HYPE is instead the native gas asset on chain 999, with WHYPE at 0x5555…5555 as its canonical wrapper.
The project presented itself as a protest against opaque allocations and inflationary launches. Its answer was visible locks and monthly transfers to a dead address. But published allocation labels cover 90.5%, the transfer-style burn leaves totalSupply unchanged, and no migration specification joining the two Base contracts was identified in the reviewed sources.
Accountability is thinner than the rhetoric. Archived terms mention volunteers but do not identify a legal issuer, and deny token-based rights. The live domain now hosts an unrelated chat interface, leaving chain state without a continuous product or operating-entity disclosure.
The deployed contract offers standard ERC-20 transfers and approvals. It has no public mint or burn, tax, pause, blacklist, oracle, collateral, bridge, staking, custody or redemption module. Its clone hardcodes implementation 0x8affcB2985AB7B02Ab2130f1BFa7Cf9f099c9695; no admin upgrade slot is active.
The burn campaign moves balances rather than calling _burn. On 5 September 2026, 2.66 billion tokens sat at the dead address and about 3.351052891 billion remained in the burn-stream contract. That stream's owner can withdraw its token balance, so future burns depend on human execution. totalSupply remains 10 billion.
Old HYPE and new BASEDHYPE meet in Uniswap V2 pool 0x8948ec41c1dE8ff7b3370b65052cfDb21F3f75d0. Its LP position is time-locked, but trades still change reserves and the 0.3% fee belongs to LPs. The pool is neither collateral nor a conversion promise.
The Base token at 0x84a9183C9D11146d8E6A820Dfc675a61B11EaDeb, not old Base HYPE, native Hyperliquid HYPE or WHYPE.
No. The HYPE/BASEDHYPE pool is an AMM market and no reviewed contract grants 1:1 redemption.
No. Dead-address tokens become practically inaccessible, but the contract has no burn call and still reports 10 billion.
Yes. The stream owner can withdraw the roughly 3.351052891 billion tokens still held there; it is not an irreversible burn locker.
Uniswap V2 LP positions earn swap fees. Merely holding BASEDHYPE creates no fee claim.
Reviewed terms grant no equity, dividend, vote, staking, profit, redemption or product-access right, and do not identify a legal issuer.
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