Flashbots raises $60M for its Ethereum MEV platform

Flashbotsa startup that offers a infrastructure aimed at reduce l’negative impact of the Maximum Extractable Value (MEV) on Ethereumhas collected 60 million dollars at a valuation in excess of 1 billion dollars.

The Maximum Extractable Value (MEV) represents the maximum value which can be extracted from the production of a block on a blockchain network beyond the standard block reward and gas fees.

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Flashbots focuses on software development for a wide range of applications MEV extraction more efficient on the Ethereum blockchain.

The startup founded in the Cayman Islands in 2020 is thus attempting to mitigate the negative impact of MEV extraction techniques to promote a “trustless, transparent and fair ecosystem”.

In order to achieve its mission, Flashbots comes to collect 60 million dollars as part of a financing round of series B led by Paradigm. The California-based crypto VC had already invested in the blockchain infrastructure developer during its first year of operation, according to data from Crunchbase.

Fundraising boosts valuation from Flashbots at over a billion dollars. The new unicorn will use fresh capital to improve its platform SUAVE – Single Unifying Auction for Value Expression – which enables block builders to capture inter-domain SRM, at the validators to maximize their revenues and users carry out transactions with best execution.

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SUAVE dissociates the role of mempool and block builder blockchains and offers a highly specialized, decentralized plug-and-play alternative. Sharing the same sequencing layer allows crypto to remain decentralized,” explains the start-up in a blog post.

Flashbots also plans to offer MEV extraction functionalities for other networks.

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