Quick take:
- The fundraising also attracted participation from Maven 11, Robot Ventures and Bankless Ventures with Flashbot’s Hasu, Kubi Mensah and Mike Neuder joining as angel investors.
- Bolt will initially launch on the Helder testnet before going live on the Ethereum mainnet by the end of the year.
- Preconfirmations enable users to receive transaction confirmation before they are added to an Ethereum block.
Chainbound has raised $4.6 million in a seed round led by Cuyber Fund. The fundraising also attracted participation from Maven 11, Robot Ventures and Bankless Ventures with Flashbot’s Hasu, Kubi Mensah and Mike Neuder joining as angel investors.
The crypto research firm plans to use the fresh capital to accelerate the development of Bolt, a transaction pre-confirmation protocol built on Ethereum.
Introduced by Ethereum Foundation researcher Justin Drake in late 2023, transaction pre-confirmations are designed to improve user experience by remodelling how transactions are added into blocks.
“Preconfirmations enable users to receive transaction confirmations before they are added to an Ethereum block, which can take anywhere from seven seconds to multiple minutes,” Paul Burlage told The Block. “Inclusion preconfirmations guarantee only the inclusion of a transaction, making them useful for transactions like transfers, mints, and approvals.”
Bolt enables sub-second transaction pre-confirmations by communicating directly with block proposers. Users receive confirmations of transaction inclusions in under a second, backed by economic guarantees.
According to the announcement, the Bolt Protocol will initially launch on the Helder testnet before going live on the Ethereum mainnet by the end of the year.
Besides Bolt, Chainbound is also developing Fiber, a high-speed network for Ethereum transactions and blocks, and Echo, a unified interface for transaction dispatch to block builders.
According to the company’s statement on X, Chainbound also boasts backing from Delphi Ventures and Symbolic Capital Partners.
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