Blocknative, an infrastructure company that processes transactions on the Ethereum blockchain, raised $15 million in Series A-1 financing. This brings its total amount raised to $34 million. Blocknative will utilize the funding to pursue block-building opportunities and growing its product teams.
Matt Cutler, CEO of Blocknative, said the platform builds real-time infrastructure for Web3 and specializes in the pre-chain layer. He said everything happens to a transaction between the time that it’s an idea and it goes on-chain. Blocknative provides a range of capabilities and APIs to let builders and traders take control of the Web3 transaction lifecycle. Those capabilities, post-Merge, are highly applicable to the new domain of block building.
1/ Couldn’t be happier to share that our team at @Blocknative has closed an additional $15M financing to build blocks for Ethereum mainnet. As co-founder & CEO, it is both humbling and satisfying to see it all come together 4.5 years into our journey. 🧵👇 https://t.co/igncVsaoGC
— Matt Cutler | mcutler.eth (@mcutler) December 15, 2022
Culter revealed that Blocknative aims to provide the infrastructure that eliminates user anxiety when sending transactions on a blockchain and to create a smoother network experience. It takes transactions to be mysterious and anxiety-filled things that are kind of the core of the network. Culter said the transaction experience is pretty lousy, everyone knows that experience of submitting and the anxiety that builds while one is waiting for it to confirm.
Blocknative launched its Maximal Extractable Value (MEV) relay the week after the Ethereum Merge on September 6. The MEV is a process by which individuals who create new ETH can further profit by manipulating their control over the network and prioritizing certain users’ transactions. Basically, it relays acts as a parallel channel that connects miners to bots that want their transactions included in a block.
Ethereum is now the largest proof-of-stake (PoS) blockchain.