PANews reported on February 23 that Based, a web trading and payment application built on Hyperliquid infrastructure, announced the completion of an $11.5 million Series A funding round. The round was led by Pantera Capital, with participation from Coinbase Ventures, Wintertermute Ventures, and Karatage. Based stated that it has over 100,000 registered users, 30,000 monthly active users, a cumulative transaction volume of approximately $40 billion, and cumulative revenue of nearly $14 million. The company plans to expand its AI-driven "agentic commerce" business and into the North American market. This funding round, which began in the fourth quarter of 2025 and closed last week, was structured as equity investment plus token warrants.