Flashbots Closes $60 Million Series B Round Led by Paradigm

Ethereum infrastructure service Flashbots closed a $60 million Series B round at a $1 billion valuation, led by Paradigm.

Flashbots is an Ethereum-centric R&D startup that aims to eliminate the negative impact of maximal extractable value (MEV), which is the potential profit that network operators can extract by previewing or re-ordering upcoming blockchain transactions.

The funding will be used to develop Suave, a decentralized platform that is a standalone network that acts as a memory pool (essentially a transaction waiting room) and decentralized block builder. Developers can use Suave to launch intra-block applications such as block builders or orderflow auctions. These applications can compete to execute user preferences to create transactions that are cheaper and more private than those on traditional blockchains like Ethereum.