Base L2 Attracts Institutional Capital with $11.5M Raise

The funding round for Based included participation from notable crypto investors Coinbase Ventures, Wintermute Ventures, and Karatage, structured as an equity investment with token warrants. This follows a previous $2.7 million seed investment when the team was operating under the name Suberra. The firm's valuation for this Series A round remains undisclosed. In just eight months since its launch, Based has attracted over 100,000 registered users and maintains 30,000 monthly active users. The platform has already processed approximately $40 billion in cumulative trading volume, generating nearly $14 million in revenue. The capital injection is earmarked for expanding the platform's user base and developing AI-driven "agentic commerce." This initiative aims to create AI-powered financial agents capable of identifying trading opportunities in prediction and perpetuals markets and executing trades automatically. The Base network itself has seen explosive growth, ending 2025 with its Total Value Locked (TVL) exceeding $11 billion and daily transactions growing 24-fold year-over-year. The network captured 62% of all layer-2 revenue in 2025, demonstrating significant market dominance and providing a robust foundation for applications like Based. Based is built on Hyperliquid, a high-performance decentralized exchange that has recorded daily trading volumes surpassing $5 billion. As of early March 2026, Hyperliquid leads the perpetual DEX market with a 24-hour trading volume of around $5.12 billion and a TVL of $4.25 billion. Lead investor Pantera Capital has shown strong interest in layer-2 scaling solutions, previously highlighting Arbitrum's role in Ethereum's growth. The firm is also increasing its focus on the intersection of AI and crypto, with plans to invest over $200 million from a new fund into AI-related blockchain projects.