Blocknative, a blockchain infrastructure company that cut staff in October after suspending work on a major business project, is releasing a new tool to examine the “mempool” of pending transactions awaiting processing on Ethereum, an effort that could ultimately help to reduce instances of block-level manipulation and protect users from front-running bots. Source
The company completed a restructuring in the wake of its decision to exit services related to its MEV-Boost Relay, a type of software used by Ethereum network validators. Source
“What started out as an economically interesting opportunity turned into not a very economically interesting opportunity,” Cutler said. “We made a bunch of efforts that are still ongoing, both publicly and privately, to try to introduce economic incentives at the relay layer, but those didn’t really materialize.” Source
When Blocknative completed the other part of the Series A investment in 2021, the CEO revealed plans to expand the team. Web2 infrastructure company Blocknative has secured $15 million in a Series A-1 round for the block-building market in the Ethereum ecosystem. Launched in 2018, the company focuses on transaction processing on the Ethereum blockchain. And it plans to use the latest funding to grow its product teams and pursue block-building opportunities. Back in June 2021, Blocknative had a part of its Series A investments, featuring Foundry Group, Robot Ventures,…
The funding was led by Blockchain Capital, Foundry Group, Rho, IOSG Ventures, Robot Ventures, Fenbushi Capital, HackVC, Industry Ventures and others, and the financing will accelerate Blocknative’s initiatives in the block building market in the Ethereum ecosystem. Source