Which of the following is (more) correct?

1. I make the decision basing on his performance.
2. I make the decision based on his performance.


To me, "depending on" has a future meaning. "We/I'll see how he performs, then I'll make my decision". (I may be wrong). I think these are set expressions, "depended on" doesn't exist.
Dear sir,

Only number 2 is correct, I am sorry to say. Emotion: smile

Kind regards, Emotion: smile

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Thanks. However, isn't it correct to say:

I make the decision depending on his performance.

I don't understand when to use -ing and when to use -ed.
Is there any rule governing the usage?


 pieanne's reply was promoted to an answer.