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have as the foundation for (something); use as a point from which (something) can develop. "the film is based on a novel by Pat Conroy" situate as the center of operations. "a London-based band" The latter usage is the original use as coined by rapper Lil B, and the word originally took off on the meta-ironic website 4Chan with the latter meaning. For that reason the word is largely used meta-ironically (without context you can't tell if it's being used ironically or sincerely as it's used in both ways) and was popularized in online political slang of conservatives and the political right before being adopted into mainstream online political slang (likely through shitposting websites or subreddits such as r/politicalcompass memes that are similar to 4chan in their meta-irony and "edginess" but contain a wider variety of political beliefs) and eventually adopted into general online vernacular.