The research and development firm Flashbots has successfully raised $60 million in its Series B funding round. This achievement has elevated the company’s valuation to $1 billion, making it a unicorn in the industry.

Paradigm took the lead in the funding round. Other undisclosed investors are angels, dApps, and other MEV supply chain players. Flashbots benefited from Paradigm’s contributions, given that the company had already been a lead investor during the seed funding stage.

The company allocated the funding to develop the SUAVE platform. This development will enable blockchain transactions that are both cost-effective and highly private. The SUAVE platform, that stands for Single Unifying Auction for Value Expression, operates as an independent network capable of functioning as a mempool. It acts as a transaction waiting room and a decentralized block builder. 

SUAVE empowers developers to deploy intra-block applications, like block builders or order flow auctions. These applications compete to execute user preferences, resulting in more cost-effective and private transactions than traditional chains, like Ethereum.

About Flashbots

Flashbots, a startup focused on Ethereum research and development, strives to eliminate the adverse effects of maximal extractable value (MEV). MEV refers to the potential profits that network operators can gain by previewing or reordering upcoming blockchain transactions. 

Flashbots seeks to eliminate adverse perceptions regarding MEV of proactively examining and controlling forthcoming transactions to generate profits.