Chainbound, a crypto research and development company, has successfully raised $4.6 million in seed financing to develop a new protocol named Bolt, aimed at enabling preconfirmations on Ethereum transactions. This innovative protocol promises sub-second transaction confirmations, a significant improvement over the current average of seven seconds. The funding round was led by Cyber Fund, supported by Maven 11, Robot Ventures, and Bankless Ventures, with contributions from notable angel investors like Flashbot’s Hasu, Kubi Mensah, and Mike Neuder. Bolt, which is set to launch on the Helder testnet and later on the Ethereum mainnet by year-end, represents a breakthrough in transaction processing on Ethereum, offering faster and more efficient confirmations.

Chainbound, the crypto research and development company, has raised $4.6 million in seed financing. The startup is working to develop a protocol called Bolt, which will enable cutting edge preconfirmations on Ethereum ETH 
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 — allowing for sub-second transaction confirmations, significantly speeding up the current average seven-second confirmation period.The round was led by Cyber Fund, with support from Maven 11, Robot Ventures and Bankless Ventures, among others. Angel investors include Flashbot’s Hasu, Titan Builder co-founder Kubi Mensah and Ethereum Foundation researcher Mike Neuder.Preconfirmations are part of a cutting edge research area in Ethereum working to improve user experience. First proposed by Ethereum Foundation researcher Justin Drake in late 2023, it is a way of rewiring how transactions get included in 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 in an interview. “Inclusion preconfirmations guarantee only the inclusion of a transaction, making them useful for transactions like transfers, mints, and approvals.”Bolt one of Chainbound’s first products, will launch first on the Helder testnet, and plans to go live on the Ethereum mainnet by the end of the year.

Chainbound Raises $4.6 Million to Develop Ethereum Transaction Protocol Bolt