CoinVoice has learned that, according to The Block, the Ethereum block space futures market ETHGas has announced the completion of a $12 million token round financing, led by Polychain Capital, with participation from Stake Capital, BlueYard Capital, Lafayette Macro Advisors, SIG DT, and Amber Group. The project had previously completed a round of undisclosed pre-seed financing of approximately $5 million in mid-2024.
This round of financing began in July and was completed last month, all conducted in the form of a token round, using the SAFT (Simple Agreement for Future Tokens) structure, consistent with the pre-seed round. In addition to the financing, ETHGas also announced that Ethereum validators, block builders, and relayers have committed approximately $800 million in support for its market and product development. Lepsoe emphasized that these are not cash investments, but rather liquidity in the form of Ethereum block space, where participants supply block space to the ETHGas market in exchange for higher and more predictable returns.
ETHGas has created a futures market for Ethereum block space, allowing block space to be bought and sold in advance, rather than just bidding in real-time when blocks are generated. Block space is the capacity within an Ethereum block that determines whether transactions are included, their order, and cost. ETHGas is upstream of the existing Ethereum block production process (i.e., proposer-builder separation) and does not replace the current system but rather integrates with it.[Original link]
