Pantera Capital Invests in Based to Propel Web3 Superapp Development
Pantera Capital spearheaded an $11.5 million Series A funding round for Based, a crypto application leveraging Hyperliquid’s technology, announced on February 23, 2026. The funding aims to accelerate Based’s global reach and reinforce its position as a pivotal gateway to the emerging Hyperliquid ecosystem.
Based is designed as a comprehensive Web3 consumer superapp to facilitate crypto trading and spending. Built atop Hyperliquid’s high-performance Layer 1 blockchain, the app provides features like zero transaction fees, robust order management, and the capability to process over 200,000 orders per second with near-instant confirmations. The integration of HyperBFT consensus allows for rapid transaction finality, establishing a competitive edge in the decentralized finance (DeFi) space.
Expanding Features and Market Presence
The newly acquired funding will be pivotal for expanding Based’s offerings, which include handling perpetual and spot markets seamlessly. Among its distinctive features, Based offers users the option to onboard using just their email, eliminating traditional seed phrase barriers often associated with crypto wallets. The platform further supports advanced transaction types—ranging from privacy-centric time-weighted average price (TWAP) orders to trailing stop-loss setups—enhancing user trading experiences. Moreover, users can access self-custodial wallets compatible across various platforms, including mobile and desktop devices, and even instantly spend through Visa-linked cards accepted by millions of merchants globally.
Notably, the application aims to integrate Hyperliquid’s builder codes, enabling users to earn up to 1% on spot transactions and 0.1% on perpetual trades while maintaining non-custodial features. This unique combination of capabilities will play a crucial role in attracting liquidity providers and expanding the user base in a highly competitive market.
Pantera Capital’s Jay Yu acknowledged the execution capabilities of Based’s founders, Edison and Zac, calling them pivotal in positioning Based as the “front door” to Hyperliquid’s vision of a fully on-chain financial system. This endorsement underlines the increasing investor confidence in high-performance DeFi platforms capable of offering innovative financial products.
Implications for the DeFi Landscape
As the DeFi sector continues to mature, high-performance applications like Based symbolize a shift towards integrating user-friendly interfaces with robust financial instruments. Industry analysts suggest the strategic focus on eliminating transaction costs and improving operational efficiency will enhance market liquidity and user adoption across different segments.
Such developments come at a time when other DeFi platforms are under scrutiny for operational inefficiencies and high gas fees. By challenging the status quo through innovative technological infrastructure, Based is poised to potentially influence DeFi applications and trading behaviors in the broader crypto market.
Looking forward, the collaborative efforts with major crypto exchanges to promote and embed Based could expedite its adoption and user growth. The integration into the Hyperliquid ecosystem may also yield further developmental opportunities, allowing Based to tap into an expanding user base eager for efficient and cost-effective trading solutions.
