TechFlow News, February 23: Based announced the completion of its $11.5 million Series A funding round, led by Pantera Capital, with participation from Coinbase Ventures, Wintermute Ventures, and Karatage. The proceeds will accelerate global market expansion and deepen the development of onchain financial infrastructure.
Based is a Web3 consumer-grade super app built on the Hyperliquid ecosystem, integrating perpetual contract trading, prediction markets, and real-world cryptocurrency spending—including a crypto debit card—into a single interface. Since its launch eight months ago, Based has amassed over 100,000 registered users, with 30,000 monthly active users across five regions and approximately $40 billion in cumulative platform trading volume. Additionally, Based has open-sourced its core technology stack to provide infrastructure support for third-party trading platforms; HyENA—the native perpetual contract trading platform on Hyperliquid—has achieved over $1.5 billion in trading volume within just a few months of launch.
Jay Yu, Associate Partner at Pantera, stated: “Hyperliquid is building a skyscraper for global finance—and Based has become the most critical entry point to that skyscraper.”
