Blocknative is raising $15 million from Blockchain Capital, Foundry Group and others to build blocks for Ethereum
New Series A-1 funding will enable Blocknative to scale its blockchain infrastructure – contributing to resilience and diversity at its core Ethereum Network.
SAN FRANCISCO, 15 December 2022 /PRNewswire-PRWeb/ — Blocknative, the real-time web3 infrastructure company, announces a $15.0 million Series A-1 funding from Blockchain Capital, Foundry Group, Rho, IOSG Ventures, Robot Ventures, Fenbushi Capital, HackVC, Industry Ventures and others, bringing total funding to date to $34.0 million. The funding will be used to drive Blocknative’s leadership in the emerging block building market.
Matt CutlerCEO and co-founder of Blocknative, said: “With this new round of funding, Blocknative is ideally positioned to pursue the block building opportunities and help drive fair value recycling throughout the web3 transaction supply chain. chain, Blocknative remains committed to meaningfully contributing to the web3 ecosystem through real-time access to pre-chain data, increased transaction transparency and grid-scale infrastructure availability at every block.”
The Ethereum Merge introduced block builders as a new category of financial actors that provide core Ethereum abilities. These specialized providers decide exactly which transactions to include in the chain and in which order. To date, more than 475,000 Ethereum validators have staked over 15 million ETH – almost worth it 20 billion dollars collectively – to help secure the network and receive rewards for doing so. Every twelve seconds, or 7,200 times a day, block builders compete in a real-time auction to construct the most valuable block for the current proposed validator to add to the chain.
Just-in-time third-party production of blocks is essential to sustain Ethereum‘s long-term decentralization, security and accessibility. According to the industry dashboard MEVboost.org, the Blocknative relay and builders to date have contributed more than 17,000 blocks to Ethereum‘s mainnet, making Blocknative among the most prolific block builders.
To reliably transport high-value blocks to validators, Blocknative launched its block relay service immediately after The Merge. Blocknative Relay has been rapidly adopted by major staking pool operators and is now accepted by more than 290,000 registered validators, or over 60% of the global network. To support relay diversity and robustness, Blocknative has open-sourced its internally developed Dreamboat relay codebase.
Blocknative excels at building high-value blocks due to its comprehensive overview of the public mempool, low-latency simulation engine, and utility-grade global infrastructure. Blocknative also recently began accepting transaction bundles from MEV (Maximum Extractable Value) applicants, enabling the production of even higher value blocks for the connected validators.
Spencer BogartGeneral Partner at Blockchain Capital, said: “The merger marks a new era for Ethereum and a huge opportunity for Blocknative. We believe in their vision for a more transparent, more flexible and fairer ecosystem. This team has a track record of performing with professionalism and reliability. Blocknative’s recent launch of their relay and block building brings them ever closer to operating at the core of Ethereum. “
Queenie WuPartner at IOSG Ventures, said: “Blocknative has been a core infrastructure provider to many of web3’s leading projects. I first connected with them while leading partnerships for a top Ethereum wallet provider and was impressed with the reliability and quality of their platform. I am excited to help the team expand into block building and scale their offerings to more projects Asia.”
Since launching in 2018, Blocknative has consistently delivered the world’s best-in-class infrastructure, providing a solid real-time foundation for the wider web3 ecosystem. Blocknative’s rich product portfolio is the easy way to work with data before the chain, including searching for MEV (Maximum Extractable Value) opportunities and building profitable transaction packages. In addition to the relay and block architecture, Blocknative’s proven Transaction Orchestration solutions include Transaction Preview, Web3-Onboard, Mempool Explorer, Gas Estimation and Transaction Distribution Network. As part of this funding, Blocknative is actively growing its product team.
For media enquiries, please get in touch Phil LeRoy at (310) 260-7901 or Phil(at)MelrosePR(dot)com
About Blocknative
Blocknative is a leader Ethereum block builder. The company’s real-time infrastructure enables validators and applicants to optimize stake rewards and trading profits. Blocknative’s Transaction Orchestration platform prices, previews, distributes and monitors transactions so web3 users can transact with confidence. Blocknative democratizes access to pre-chain data and provides the power to look into the future, improve web3 user experiences and enable MEV value recycling. Founded in 2018, Blocknative helps inform and drive such forward-thinking projects as Lido, MetaMask, imToken, Curve, Balancer, Ethereum Foundation, Polygon Foundation and hundreds of others. #ShareTheMEV
Media contact
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SOURCE Blocknative
