ETHGas Completes $12 Million Token Sale, Led by Polychain Capital

BlockBeats News, December 17th, Ethereum block space futures market ETHGas announced the completion of a $12 million token seed round of financing, led by Polychain Capital, with participation from Stake Capital, BlueYard Capital, Lafayette Macro Advisors, SIG DT, and Amber Group. The project had previously raised an undisclosed amount of around $5 million in pre-seed funding in mid-2024.

This round of financing was initiated in July and completed last month, all in the form of a token seed round, using a SAFT (Simple Agreement for Future Tokens) structure, consistent with the pre-seed round. In addition to the funding, ETHGas also announced that Ethereum validators, block builders, and relayers have committed to providing approximately $800 million in support for its market and product development. Lepsoe emphasized that this is not cash investment, but rather Ethereum block space liquidity, where participants will supply block space to the ETHGas market in exchange for higher and more predictable returns.

ETHGas has built an Ethereum block space futures market that allows the advance buying and selling of block space, rather than just-in-time bidding at block generation. Block space refers to the capacity within an Ethereum block, determining whether a transaction is included, the order, and the cost. ETHGas sits upstream of Ethereum's existing block production process (i.e., proposer-builder decoupling) and does not replace the current system but interfaces with it.