Based, a web3 "SuperApp" built on the Hyperliquid blockchain, has closed an $11.5 million Series A funding round led by Pantera Capital. The equity investment with token warrants signals continued investor appetite for infrastructure projects focused on improving user experience in decentralized finance.
Funding Structure and Participants
According to Based co-founder and CEO Edison Lim, the round was structured as an equity investment with token warrants, providing investors with both traditional equity exposure and potential upside through future token rights. Pantera Capital led the round, though additional participating investors were not disclosed at the time of announcement.
This funding structure has become increasingly common in the crypto industry as projects seek to balance traditional venture capital expectations with the token-based economics inherent to blockchain protocols. For finance and legal professionals in web3, understanding these hybrid investment vehicles remains a critical competency.
SuperApp Development on Hyperliquid
Based is developing what it describes as a SuperApp on Hyperliquid, a Layer 1 blockchain designed for decentralized perpetual trading. The platform aims to create an integrated user experience that combines multiple web3 functionalities within a single application interface.
The Hyperliquid ecosystem has attracted developer attention for its focus on high-performance decentralized exchange infrastructure. Projects building on specialized Layer 1s like Hyperliquid often require teams with expertise in both DeFi mechanics and user experience design, creating demand for professionals who can bridge technical implementation with practical usability.
Workforce Implications
The Series A funding positions Based to expand its team as it develops and scales its SuperApp offering. Companies at this funding stage typically hire across engineering, product management, business development, and operations roles.
For web3 professionals, Based's growth reflects broader trends in the industry toward applications that prioritize seamless user experiences over fragmented protocol interactions. Candidates with experience in mobile-first design, cross-chain functionality, and DeFi product development may find opportunities as the company builds out its platform. The project's focus on creating comprehensive applications rather than single-purpose protocols suggests continued evolution in how blockchain teams approach product development and hiring priorities.
