Despite lingering challenges in the macro environment, true builders never pause their progress. In the crypto market of 2026, capital is shifting from blind speculation to rational value capture. Recently, a funding announcement ignited industry enthusiasm like a spark in winter: Based, a consumer-grade super app built on Hyperliquid, has completed a $11.5 million Series A round led by top venture capital firm Pantera Capital, with participation from Coinbase Ventures, Wintermute Ventures, and others.
This isn’t just an infusion of capital—it’s a clear signal of market direction. Web3 payments and composable infrastructure are emerging as the main drivers of the new cycle. In the so-called "Year of Utility," besides the buzz around AI Agents, which infrastructure sectors are quietly attracting investments from top institutions? Drawing on Gate’s latest market data, this article aims to cut through the fog.
What Makes Based the "Warm Current"?
In an environment where capital remains cautious, Based has caught Pantera’s attention thanks to impressive business metrics and a clear commercial model. According to official disclosures, in just eight months since launch, Based has amassed over 100,000 registered users, nearly $40 billion in cumulative trading volume, and approximately $14 million in total revenue.
Based aims to solve one of the biggest pain points in the crypto space—fragmentation. It integrates perpetual contract trading, prediction markets, and real-world crypto payments (such as crypto cards) into a unified interface. Pantera partner Jay Yu commented, "If Hyperliquid is building the house of finance, Based is the front door." This super app model—"trade everything, spend everywhere"—combined with its strategic focus on AI-driven "Agentic Commerce," positions Based as the future gateway for institutional traffic.
Three Promising Infrastructure Tracks
Based’s rise is not an isolated case. In fact, it represents just the tip of a deeper industry trend. Considering the investment logic of firms like Pantera and the technological evolution heading into 2026, three major infrastructure tracks are showing strong capital attraction.
AI Agent Payment Rails: From "Human Approval" to "Machine Commerce"
For AI Agents to truly achieve autonomous economies, payment capabilities are the final piece of the puzzle. Tiger Research notes that payment entities are shifting from humans to AI Agents.
Currently, tech giants like Google are building approval-based automated payment systems via the AP2 protocol. Crypto-native solutions go even further: by combining ERC-8004 (identity and reputation NFTs) with x402 (payment standards), AI Agents can conduct machine-to-machine (A2A) transactions automatically, without intermediaries. For example, your AI assistant could autonomously order servers, purchase API services, or even make micro-payments to acquire exclusive images. Pantera predicts that the x402-based payment framework will expand significantly in 2026, with Solana potentially surpassing Base in transaction volume. This creates a strong demand for a complete overhaul of payment infrastructure.
Stablecoins and RWA: The Settlement Layer of Web3 Finance
"2026 will be the year of utility for cryptocurrencies," Pantera Managing Partner Paul Veradittakit reiterated at Consensus, highlighting investment themes such as tokenized RWA (real-world assets) and stablecoins.
Stablecoins are no longer just units of account for crypto trading—they’re evolving into the global settlement layer for payments. The joint report by SNZ Holding and Nanyang Technological University, "Top 10 Blockchain Industry Trends for 2026," also points out that stablecoins will be the new focal point for global payments in 2026, while RWA is moving from concept to product, with on-chain government bonds and cash management becoming essential.
Market data confirms these capital flows. On-chain data shows that on February 24, approximately $1.02 million worth of ONDO tokens flowed from Coinbase’s hot wallet into Gate, reflecting strong investor demand for leading RWA assets.
Intent-Centric Architecture and Account Abstraction: Lowering the Web3 Adoption Barrier
Based’s success is also rooted in its "consumer-grade" user experience, enabled by intent-driven architecture. Users no longer need to worry about backend routing or gas mechanisms—they simply express their intent, such as "I want to spend $200 on a jacket," and the system automatically handles bidding and execution behind the scenes.
Vitalik Buterin recently suggested introducing transaction simulation mechanisms to enhance Ethereum’s security and user experience, focusing on aligning user intent with execution outcomes. The widespread adoption of smart accounts is bringing on-chain interactions into everyday life, which is why platforms like Gate continue to optimize wallet experiences and lower user barriers.
Conclusion
The capital winter has never frozen true innovation. Based’s recent funding demonstrates that composability, consumer-grade experiences, and real revenue are replacing mere market narratives as new valuation standards.
Looking ahead to 2026, the latter half of the bull market will belong to infrastructure projects that truly bring crypto into daily life—whether it’s enabling autonomous AI transactions, connecting traditional finance with on-chain RWAs, or making user experiences seamless through intent-centric layers. As the gateway to the crypto world, Gate will continue to track these "warm currents" and journey with you through both bull and bear markets.
