ETHGas, a settlement infrastructure for Ethereum, announces the debut of Ethereum's blockspace futures market, with US$800m of commitments from leading builders in Ethereum and a $12m seed round led by Polychain Capital.
ETHGas, a settlement infrastructure for Ethereum, announces the debut of Ethereum's blockspace futures market, with US$800m of commitments from leading builders in Ethereum and a $12m seed round led by Polychain Capital.
ETHGas is settlement infrastructure making Ethereum's blockspace tradeable, enabling users of Ethereum and distributed compute applications to trade, acquire, sell-forward and hedge any quantum of computation and storage on the blockchain.
ETHGas addresses Ethereum's processing constraints and gas price volatility, through transaction futures ("pre-confirmations") across a range of maturities and precise order execution. ETHGas enables Ethereum's wholesale participants to reduce risks within the transaction pipeline, enhance staking yields, while reducing gas price volatility for enterprises and eliminating gas fees for consumers.
ETHGas works in close alignment with the Ethereum Foundation and follows Ethereum co-founder Vitalik Buterin's call for a gas futures market.
ETHGas marks the advent of Ethereum's blockspace futures markets and establishes blockspace as a unique and tradeable asset key to the viability of proof-of-stake blockchains. ETHGas is led by Kevin Lepsoe, a financial engineer and former head of Morgan Stanley's structured derivatives business in Asia. He leads a team of engineers and quantitative developers drawn from Morgan Stanley, Deutsche Bank, HKEx and Lockheed Martin.
ETHGas' launch is accompanied by the closing of a $12m seed round led by Polychain and featuring notable investors such as Stake Capital, BlueYard Capital, Lafayette Macro Advisors, SIG DT and Amber Group, as well as Ethereum validators, block builders and relays. Together, these parties have contributed an initial US$800m in commitments to support ETHGas's marketplace and product development.
SOURCE ETHGas
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