Ethereum Block Building Market Blocknative raised $15 million
Blocknative, a provider of blockchain infrastructure, revealed recently that it secured $15 million in Series A-1 funding, which makes its total funding $34 million. Some of the investors include Blockchain Capital, Foundry Group, Rho, IOSG Ventures, Robot Ventures, Fenbushi Capital, HackVC, and Industry Ventures are among others.
This fund will be used to expand its product teams and aggressively pursue block-building prospects which will enable Blocknative to drive its leadership in the emerging block building market.
Blocknative's mission is to offer the infrastructure necessary to reduce user anxiety while transmitting transactions on a blockchain and to improve network performance.
Blocknative launched its MEV relay around September this year. Blocknative launched its MEV relay. MEV, or "maximum extractable value," is the method through which those who produce fresh ETH can make more money by influencing their authority over the network and giving priority to particular users' transactions. Bots that want their transactions to be included in a block can communicate with miners through MEV relays, which function as a parallel channel.
The Blocknative relay and builders have added more than 18,686 blocks to the Ethereum mainnet.
Blocknative provides additional solutions in addition to the relay and block construction, such as Transaction Preview, Web3-Onboard, Mempool Explorer, Gas Estimation, and Transaction Distribution Network. In order to produce even higher-value blocks for its linked validators, Blocknative has just started accepting transaction bundles from MEV searchers.
Blocknative the real-time web3 infrastructure company, was introduced in 2018 and handles transactions on the Ethereum blockchain. In addition to being one of Ethereum's largest block builders, Blocknative also determines which transactions are included in blocks and in what order. Blocknative plans to use the funding to drive its leadership in the emerging block-building market.
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