Pantera Capital Invests $11.5M in Based App on Hyperliquid L1 for Crypto Trading

Venture capital giant Pantera Capital has led a significant $11.5 million funding round for Based, a new crypto trading application. The app is built on and powered by the Hyperliquid Layer 1 (L1) blockchain, which is designed specifically for decentralized perpetual futures trading. This major investment highlights growing institutional confidence in decentralized finance (DeFi) infrastructure and next-generation trading platforms. The capital infusion will accelerate Based's development, focusing on enhancing its user interface and expanding its feature set to compete in the rapidly evolving DeFi and perpetuals market. The backing from a top-tier firm like Pantera signals strong validation for the Hyperliquid ecosystem and its potential to capture market share in the high-volume derivatives sector.