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I just saw that Based, the trading and payments platform built on Hyperliquid, closed a $11.5 million Series A round led by Pantera Capital. Quite interesting considering the current Web3 market landscape.
What catches my attention is that, in addition to Pantera, Coinbase Ventures and Wintermute Ventures participated, so the backing of serious investors is clear. The structure included equity with token warrants, although they did not disclose the exact valuation.
In numbers, Based already has over 100,000 registered users and 30,000 monthly active users. The accumulated trading volume is around $40 billion, with revenues close to $14 million. Not bad at all for an app aiming to democratize Web3 trading.
The interesting part is that this Series A will allow them to expand their AI-driven trading strategy and fully enter the North American market. If they execute well, they could become one of the main players in the decentralized trading space. It’s worth keeping an eye on how this platform evolves in the coming months.