The "Real" Facts Based App Users Are Missing Many people compare Based App to other PerpDEXs, but this is a completely incorrect comparison. - Based is not a PubDEX, but a "gateway." * Essence: A platform that directly borrows the engine and order book of Hyperliquid (HL). * Role: A "front-end" service that improves login/UI/UX to attract users; it does not have its own engine. * Comparison: It should be compared to middleware like $HOME, $VOOI, and $TRIA, not other PubDEXs. - For a true PubDEX comparison, see "StandX." * StandX: A true PubDEX structure with its own engine and liquidity. * It differs fundamentally from Based. - Fair Value: $500M * Business Model (BM) already generating tangible revenue * Powerful VC lineup still shrouded in mystery - Conclusion Based App users, please don't get your hopes up by comparing it to Pubdex. The truth is that it's being evaluated as "middleware that maximizes Hyperliquid accessibility." Please create an image poster related to this.