Based Raises $11.5M Series A for Crypto SuperApp
Based, a Web3 consumer SuperApp, has raised $11.5M in Series A funding led by Pantera Capital. The platform enables seamless trading of crypto perpetuals and spot markets on Hyperliquid, prediction markets on any event, and spending crypto via Visa debit cards at over 90 million merchants worldwide. The capital will fuel scaling of trading features, prediction markets, and card offerings.
DeFi Consumer Apps Surge Forward
The timing aligns with booming activity in decentralized finance consumer tools. Based's products have driven $39B in total trading volume and 30k+ monthly active users, powering exchanges like Hyena with $50M open interest and $1.5B volume. This positions Based ahead of fragmented alternatives by combining trading with real-world spending.
Siloed Platforms Stifle Retail Crypto
Retail crypto users navigate separate apps for perpetuals trading, spot markets, event predictions, and everyday spending. Self-custody remains complex, with key management deterring mainstream adoption. Amid $39B volumes on unified platforms like Based, the pain point scales to millions of traders seeking frictionless experiences across chains like Solana, Arbitrum, Polygon, and Hyperliquid.
Omni-Channel SuperApp Unifies Access
Based built the first omni-channel experience on Hyperliquid, spanning web terminals, desktop, and mobile apps. Its self-custodial wallet offers email or Google login via Privy, deposits from multiple chains, and auto-conversion for card spends—no seed phrases required.
Prediction markets cover any event, exemplified by a single Fed rate market hitting $659M volume. The Hype Card (physical/virtual) integrates with Google Pay for 90M+ merchants, bridging on-chain trading to off-chain utility.
Superior Affiliates Boost Growth
Compared to Hyperliquid's native referrals, Based's 3-tier program distributes 76% of fees uncapped, with top affiliates referring over $2.5B volume and $1M+ fees paid out. This incentivizes rapid user acquisition versus standalone DEXs lacking consumer tools.
Pantera Backs Web3 Everyday Use
Pantera Capital's lead signals strategic validation for SuperApps evolving DeFi into daily finance. Beyond hype-driven rounds, this $11.5M targets growth amid proven traction like 30k MAU and massive volumes. It aligns with Based's strategy to expand from trading leader to full consumer stack.
Volumes Signal Massive Market Potential
Crypto perpetuals and prediction markets are exploding, with Based capturing $39B total volume including Hyena's $1.5B. Affiliate leaderboards show sustained momentum, top partners driving billions. The sector's shift to composable apps like Based addresses retail gaps, powering self-custodial spending at scale.