HEDGEHOG Raises $1.5 Million in Pre-Seed Funding to Hedge Crypto Transaction Fees

HEDGEHOG, a protocol aimed at hedging cryptocurrency transaction fees, has successfully raised $1.5 million in a pre-seed funding round. The round saw participation from venture capital firms such as Marshland Capital, Tenzor Capital, Prometeus Ventures, 3Commas Capital, and Nothing Research. Angel investors in this round include Vasiliy Shapovalov, co-founder of Lido Finance; Banteg, an anonymous developer at Yearn Finance; and Ivangbi, an anonymous core contributor at Gearbox. HEDGEHOG's primary goal is to create an asset whose price reflects the current transaction fee prices on Ethereum, specifically mirroring the moving average price of the last 50 blocks on the blockchain. This would allow individuals to long or short the asset to hedge against future transaction fee prices.