/PRNewswire/ —ETHGasan Ethereum settlement infrastructure, announces the launch of Ethereum’s Blockspace futures market, with $800 million in commitments from leading players in the Ethereum ecosystem, as well as 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 the Ethereum blockspace tradable, enabling Ethereum and distributed computing users to trade, purchase, resell and secure any amount of computing power and storage on the blockchain.
ETHGas addresses Ethereum’s processing limitations and gas price volatility through transaction futures (“pre-confirmations”) across various maturities and through precise order execution. ETHGas helps institutional participants in the Ethereum market reduce risks within the transaction pipeline, increase staking yields, reduce gas price volatility for businesses, and eliminate gas fees for consumers.
ETHGas works in close coordination with the Ethereum Foundation and follows the call of Ethereum co-founder Vitalik Buterin for a gas futures market.
ETHGas marks the beginning of Ethereum’s blockspace futures markets and established Blockspace as a unique, tradable asset that is critical to the viability of proof-of-stake blockchains. ETHGas is produced by Kevin Lepsoe directeda financial engineer and former head of Morgan Stanley’s structured derivatives business in Asia. He leads a team of engineers and quant developers from Morgan Stanley, Deutsche Bank, HKEx and Lockheed Martin.
The launch of ETHGas coincides with the closing of a $12 million seed round led by Polychain and in which well-known investors such as Stake Capital, BlueYard Capital, Lafayette Macro Advisors, SIG DT and Amber Group as well as Ethereum validators, block builders and relays participate. Together, these parties have contributed an initial $800 million in commitments to support ETHGas’ market and product development.
Information about ETHGas
ETHGas is an Ethereum blockspace staking marketplace. ETHGas is changing the way users interact with Ethereum by enabling low latency, 3ms settlement times, and a comprehensive product range with a focus on precise order execution. ETHGas is committed to evolving Ethereum into a real-time network that unlocks the next stage of its development. We envision a future where end users can protect themselves from gas price volatility, unlock opportunities for additional yield, and enhance their experience with the Ethereum ecosystem.
Information about Polychain Capital
Polychain Capital is a leading investment firm focused on the blockchain and cryptocurrency space. With the aim of driving global adoption of decentralized technologies, Polychain supports innovative projects to redefine the areas of finance, technology and community engagement.
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