Flashbots, an Ethereum-centric research and development startup, has successfully raised $60 million in a Series B funding round. The round, led by crypto-focused investment firm Paradigm, will be instrumental in the continued development of its maximum extractable value (MEV) network, SUAVE.
Flashbots secures 60 million $ for SUAVE Platform Development
The investors participating in the round were carefully selected based on their commitment to decentralization. Flashbots aims to mitigate the negative impacts of maximal extractable value (MEV), which refers to the potential profit that network operators can extract by previewing or re-ordering upcoming blockchain transactions.
SUAVE: A New Era in Blockchain Transaction Management
The SUAVE (Single Unifying Auction for Value Expression) platform is an independent network that functions as a mempool (a transaction waiting room) and a decentralized block builder. Developers can leverage SUAVE to launch intra-block applications such as block builders or order flow auctions.
These applications can compete to execute user preferences, resulting in transactions that are cheaper and more private than those traditionally found on chains like Ethereum.
Flashbots: Pioneering MEV-Optimizing Middleware
In addition to SUAVE, Flashbots also develops MEV-boost, a piece of MEV-optimizing middleware used by most of the validators that operate Ethereum. The funding round, which is expected to be completed soon, carries a $1 billion valuation, marking a significant milestone for the startup.
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