Web3 App Based Raises $11.5 Million From Pantera, Coinbase Ventures and Wintermute in Equity Deal With Token Warrants

Web3 application Based has secured $11.5 million in new funding from a group of prominent crypto investors, including Pantera Capital, Coinbase Ventures, and Wintermute, according to information highlighted by Coin Bureau via its official X account and reviewed by Hokanews.

The funding round was structured as equity with token warrants, signaling a hybrid investment model that blends traditional venture capital mechanics with crypto-native incentive structures.

Based is built on Hyperliquid, positioning the application within a fast-growing segment of decentralized trading and Web3 infrastructure.

The capital injection reflects sustained investor appetite for infrastructure-layer Web3 projects despite broader market volatility.

Source: XPost

A Hybrid Funding Structure

Unlike traditional token sales or pure equity rounds, Based’s funding was structured as equity accompanied by token warrants.

Equity grants investors ownership stakes in the company, aligning incentives with long-term corporate growth.

Token warrants, meanwhile, provide the right to receive tokens if and when the project issues them under predefined conditions.

This structure has become increasingly common in crypto venture financing, offering regulatory clarity while preserving upside exposure to potential token ecosystems.

Industry analysts view hybrid models as a response to evolving regulatory scrutiny around token issuance.

By combining equity with token-linked incentives, startups can attract capital while navigating compliance considerations more effectively.

Strategic Backing From Major Players

Pantera Capital is one of the longest-standing crypto-focused investment firms, with a portfolio spanning exchanges, infrastructure providers and decentralized protocols.

Coinbase Ventures, the investment arm of Coinbase, frequently backs early-stage Web3 startups that complement broader ecosystem growth.

Wintermute, known primarily as a digital asset market maker, also participates in venture investments tied to liquidity and infrastructure innovation.

The combined involvement of these firms lends credibility to Based’s development roadmap.

Institutional investors typically conduct rigorous due diligence before committing capital, particularly in the infrastructure segment of Web3.

Built on Hyperliquid

Based operates within the ecosystem of Hyperliquid, a decentralized trading protocol designed for high-speed execution and capital efficiency.

Hyperliquid has attracted attention for its performance characteristics and on-chain derivatives functionality.

By building on this infrastructure, Based positions itself within a competitive decentralized finance environment that prioritizes throughput and scalability.

The alignment with Hyperliquid may also provide synergies in liquidity access and user engagement.

Decentralized trading platforms continue to compete with centralized exchanges by offering transparency and non-custodial control.

Web3 Infrastructure Momentum

The funding announcement reflects broader investor confidence in Web3 infrastructure projects.

While speculative token-driven narratives have cooled in recent cycles, venture capital remains active in foundational technology layers.

Investors increasingly prioritize projects with tangible utility, scalable architecture and institutional-grade security.

Web3 applications that integrate seamlessly with decentralized trading protocols are often viewed as key growth vectors.

Institutional capital tends to gravitate toward projects that enhance ecosystem functionality rather than short-term hype.

Coin Bureau Confirmation and Hokanews Review

The $11.5 million raise was initially highlighted by Coin Bureau through its verified X account.

Hokanews independently reviewed the available funding details and incorporated the development into its broader Web3 coverage.

As with most early-stage rounds, additional operational specifics may emerge as Based expands product features and partnerships.

Investors and observers will likely monitor milestone achievements tied to infrastructure deployment.

Market Context

The Web3 venture landscape has matured significantly over the past several years.

Funding volumes fluctuate with macroeconomic cycles, but strategic rounds in infrastructure projects remain resilient.

The use of token warrants reflects lessons learned from prior market cycles, where token-only fundraising models faced volatility and regulatory uncertainty.

By structuring the round through equity plus warrants, Based signals an emphasis on sustainability.

Investors appear increasingly focused on long-term viability rather than short-term token speculation.

Competitive Environment

Web3 applications built on decentralized trading frameworks face competition from both emerging protocols and established exchanges.

Differentiation often hinges on user experience, liquidity integration and ecosystem partnerships.

Based’s access to capital may accelerate development timelines and marketing outreach.

However, success will depend on execution and adoption metrics.

The decentralized finance sector remains dynamic and highly competitive.

Broader Implications for Web3 Funding

The Based funding round underscores how venture capital continues to shape the Web3 ecosystem.

Hybrid financing structures may become the norm as projects seek regulatory alignment while preserving crypto-native incentives.

The involvement of major institutional investors reinforces the perception that infrastructure remains a priority investment theme.

As decentralized protocols expand globally, demand for integrated applications and liquidity solutions may rise.

Conclusion

Based’s $11.5 million raise from Pantera Capital, Coinbase Ventures and Wintermute marks a significant milestone for the Hyperliquid-based Web3 application.

Structured as equity with token warrants, the funding round reflects evolving venture strategies in the digital asset sector.

While market volatility persists, institutional capital continues to flow toward infrastructure-focused projects.

Hokanews will continue tracking developments in Web3 funding and the expanding decentralized finance landscape.