According to CoinJie.com, on February 23, Based, a Web3 trading and payment application built on Hyperliquid infrastructure, completed an $11.5 million Series A funding round. The round was led by Pantera Capital, with participation from Coinbase Ventures, Wintertermute Ventures, and Karatage. Edison Lim, co-founder and CEO of Based, stated that the funding round, initiated in the fourth quarter of 2025 and completed last week, used an equity plus token warrant structure, and the valuation was not disclosed. Pantera received an observer seat on the board. This is Based's latest funding round following two rounds of $2.7 million funding announced in 2022, when the team operated under the Suberra brand, focusing on crypto payments. Based, built on Hyperliquid's blockchain and trading infrastructure, positions itself as a consumer-facing Web3 "super app," integrating trading, wallet functionality, fiat currency deposits and withdrawals, and crypto Visa cards into a single interface. The platform combines perpetual contract trading, prediction markets, and crypto payments.