/PRNewswire/ — ETHGasa settlement infrastructure for Ethereum, announces the debut of the Ethereum blockchain futures market, with $800 million in commitments from major Ethereum builders and a $12 million seed round led by Polychain Capital.
ETHGas has raised a $12M seed round, led by Polychain Capital, to build Ethereum’s blockspace futures market.
ETHGas is a settlement infrastructure that makes Ethereum block space tradable, allowing users of Ethereum and distributed computing applications to trade, acquire, forward sell, and hedge any computing and storage quantum on the blockchain.
ETHGas addresses Ethereum’s processing constraints and gas price volatility, through forward transactions (“pre-confirmations”) across a range of timeframes and precise order execution. ETHGas enables Ethereum wholesale market participants to reduce risks within the transaction pipeline, improve staking returns, while reducing gas price volatility for businesses and eliminating gas fees to consumers.
ETHGas works in close collaboration with the Fondation Ethereum and follows the call of Ethereum co-founder Vitalik Buterin, in favor of a gas futures market.
ETHGas marks the advent of Ethereum’s blockchain space futures markets and establishes blocking space as a unique and tradable asset, essential to the viability of blockchain proofs of stake. ETHGas is led by Kevin Lepsoefinancial engineer and former head of Morgan Stanley’s structured derivatives business in Asia. He leads a team of quantitative engineers and developers from Morgan Stanley, Deutsche Bank, HKEx and Lockheed Martin.
The launch of ETHGas is accompanied by the closing of a $12 million funding round led by Polychain and attended by renowned investors such as Stake Capital, BlueYard Capital, Lafayette Macro Advisors, SIG DT and Amber Group, as well as Ethereum validators, block builders and relayers. Together, these parties have made commitments of an initial $800 million to support the ETHGas market and product development.
About ETHGas
ETHGas is a marketplace for Ethereum blockchain space pledges. ETHGas transforms the way users interact with Ethereum by enabling low latency, 3ms settlement times, and a full suite of products focused on precise order execution. ETHGas’ mission is to evolve Ethereum into a real-time network that will begin the next stage of its evolution. We envision a future where end users can protect themselves from gas price volatility, unlock additional yield opportunities, and improve their experience within the Ethereum ecosystem.
About Polychain Capital
Polychain Capital is a leading investment firm focused on blockchain and cryptocurrencies. With a mission to advance the global adoption of decentralized technologies, Polychain supports innovative projects that redefine finance, technology and community engagement.
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