TechFlow reports that Hedgehog, a protocol for hedging crypto transaction fees, has raised $1.5 million in pre-seed funding. The round was backed by venture capital firms Marshland Capital, Tenzor Capital, Prometeus Ventures, 3Commas Capital, and Nothing Research.
Angel investors include Vasiliy Shapovalov, co-founder of Lido Finance; Banteg, an anonymous developer at Yearn Finance; and ivangbi, an anonymous core contributor to Gearbox.
Hedgehog's primary goal is to create an asset whose price reflects the current transaction fee level on Ethereum. Specifically, it will track the moving average price across the latest 50 blocks on the blockchain. Once such an asset is created, anyone can go long or short on it to hedge against future fluctuations in transaction fees.
