ETHGas raises $12 million in seed round

Doohyun Hwang

Summary

Ethereum infrastructure project 'ETHGas' said it raised $12 million in a seed investment round.
This investment round was conducted via SAFT, and major venture capital firms such as Polychain Capital participated.
ETHGas secured approximately $800 million in Ethereum blockspace liquidity, saying it will enable participants to obtain stable returns.

Ethereum (ETH) infrastructure project 'ETHGas' announced on the 18th that it raised $12 million in a seed investment round.

The round, led by Polychain Capital, included participation from Stake Capital, BlueYard Capital, Lafayette Macro Advisors, SIG DT, and Amber Group. The seed round began in July and closed last month.

The investment structure was conducted using a Simple Agreement for Future Tokens (SAFT), the same as the pre-seed, and the company's valuation was not disclosed.

Along with this funding, ETHGas secured approximately $800 million in liquidity from key Ethereum ecosystem players. Ethereum validators, block builders, and relayers agreed to supply blockspace to the ETHGas marketplace.

However, this is not a cash investment; it is a structure that provides Ethereum blockspace as liquidity. Participants supply blockspace through ETHGas and, in return, receive higher and more predictable yields than before.

Kevin Lepsoe, founder of ETHGas, said, 'Ethereum blockspace has been a resource with high price volatility and uncertainty,' and 'ETHGas aims to financialize blockspace to enable validators and ecosystem participants to secure stable returns.'