Based has introduced Based Streams, a video broadcasting platform operating on Hyperliquid's blockchain infrastructure that allows content creators to stream directly from their digital wallets without intermediaries. The service marks the first time Hyperliquid's Layer 1 network, primarily known for decentralized perpetual swaps trading, has been used to support real-time video distribution with payments processed entirely in HYPE tokens.

What to Know:

• Based Streams runs on Hyperliquid's Layer 1 blockchain, using the network's HyperEVM smart contract layer to enable low-latency video streaming without centralized control.
• Creators can broadcast directly from their wallets, with all subscriptions, pay-per-view access and tips handled through HYPE token transactions on the blockchain.
• The platform eliminates traditional advertising and algorithmic content curation, instead offering viewers micro-rewards for participating in on-chain chat and content curation.

Platform Architecture and Blockchain Integration

Based Streams operates on Hyperliquid's blockchain, a network that handles millions of dollars in daily trading volume through its perpetual swaps exchange. The platform uses HyperEVM, Hyperliquid's compatibility layer for Ethereum-based smart contracts, to process transactions and authenticate users through native wallet connections. The underlying validator network, which expanded earlier this year, provides the infrastructure for rapid transaction settlement.

The streaming service removes the gatekeeping functions typical of Web2 platforms.

Broadcasters connect their wallets and begin streaming without approval processes or content moderation by a central authority. Payment flows occur directly on the blockchain, with viewers using HYPE tokens for subscriptions and tips.

The system mirrors the economic model Hyperliquid uses for its decentralized exchange, where community participation drives platform development.

Viewers can earn small rewards for engaging in on-chain chat functions and helping curate content. The platform's developers designed these features to incentivize active participation without requiring algorithmic recommendation systems or advertising revenue.

Market Position and Regulatory Considerations

Hyperliquid's ecosystem has grown throughout 2025, adding applications for non-fungible tokens, social networking and decentralized finance. The network has distributed tokens through large-scale airdrops and provided incentives for developers building on its infrastructure. Based Streams enters a market where decentralized social platforms compete for users leaving mainstream services.

The platform's founders say the open protocol structure lowers barriers for new creators.

Without algorithmic sorting or promoted content, discovery happens through direct user interaction and community curation. The absence of advertising changes the revenue model entirely, replacing it with direct blockchain-based payments.

Developers have noted that smart contracts offer built-in transparency for compliance purposes. All transactions occur on public ledgers, and the programmable nature of the contracts allows for automated enforcement of terms.

These features create different regulatory dynamics than traditional streaming platforms face.

Understanding Key Technologies

Hyperliquid functions as a Layer 1 blockchain, meaning it operates as an independent network rather than building on top of another blockchain like Ethereum.

Layer 1 networks handle their own security and transaction processing without relying on a separate base layer. Hyperliquid specializes in perpetual swaps, which are derivative contracts that allow traders to speculate on cryptocurrency prices without expiration dates.

HYPE serves as the native token for the Hyperliquid network. Users need these tokens to pay transaction fees and access platform services. In Based Streams' case, all payments between creators and viewers use HYPE tokens rather than traditional currency or other cryptocurrencies.

HyperEVM enables developers to deploy Ethereum-compatible smart contracts on Hyperliquid. This compatibility layer allows programmers familiar with Ethereum development tools to build applications on Hyperliquid without learning entirely new systems. Smart contracts are self-executing programs that automatically enforce agreements when specific conditions are met.

Closing Thoughts

Based Streams provides a working example of permissionless broadcasting over decentralized finance infrastructure. Industry observers are monitoring whether the platform will spawn additional features like live event prediction markets or viewer-driven staking mechanisms. These applications would leverage Hyperliquid's programmable financial capabilities in ways traditional streaming platforms cannot support. The project offers early evidence of how blockchain architecture might reshape content distribution as the technology matures.