ETHGas Introduces Ethereum’s Blockspace Futures Market with $800m in Commitments
ETHGas recently secured a significant $12 million seed round, spearheaded by Polychain Capital, in an effort to create Ethereum’s blockspace futures market. This innovative platform has garnered commitments totaling $800 million from key players in the Ethereum community. ETHGas is fundamentally a settlement infrastructure designed specifically for Ethereum, and its primary objective is to introduce a blockspace futures market within the Ethereum ecosystem.
The concept behind ETHGas is to provide users with the ability to trade Ethereum’s blockspace by acquiring, selling, forward-selling, and hedging any amount of computation and storage on the blockchain. This platform seeks to address the existing processing limitations and gas price fluctuations associated with Ethereum. By offering transaction futures, also known as “pre-confirmations,” with varying maturities and precise order execution, ETHGas enables wholesale participants within the Ethereum network to mitigate risks along the transaction pipeline. Additionally, this platform aims to enhance staking yields for users while simultaneously reducing gas price volatility for businesses and eliminating gas fees for consumers.
ETHGas is committed to supporting the vision set forth by Ethereum’s co-founder, Vitalik Buterin, in advocating for the development of a gas futures market. The establishment of Ethereum’s blockspace futures market through ETHGas signifies a significant step forward, recognizing blockspace as a valuable and tradable asset crucial to the success of proof-of-stake blockchains. The team behind ETHGas, led by Kevin Lepsoe, a seasoned financial engineer with prior experience at Morgan Stanley heading the structured derivatives business in Asia, consists of a talented group of engineers and quantitative developers from prestigious institutions such as Morgan Stanley, Deutsche Bank, HKEx, and Lockheed Martin.
In conjunction with its launch, ETHGas has successfully concluded a $12 million seed funding round, with Polychain Capital taking the lead in this investment effort. Other notable investors include Stake Capital, collectively demonstrating a strong show of support for the platform’s innovative approach to revolutionizing Ethereum’s blockspace futures market. ETHGas’ collaboration with leading figures in the Ethereum community and its strategic alignment with the Ethereum Foundation underscore the platform’s commitment to driving innovation and enhancing the overall functionality of the Ethereum network.
