TechFlow reports on August 26 that, according to The Block, blockchain research and development firm Chainbound has announced the completion of a $4.6 million seed round led by Cyber Fund, with participation from Maven 11, Robot Ventures, Bankless Ventures, and others. Chainbound is developing a protocol called Bolt aimed at enabling transaction pre-confirmations on Ethereum, reducing confirmation times from an average of 7 seconds to sub-second levels.
Paul Burlage, co-founder of the company, said that pre-confirmation technology allows users to receive confirmation before transactions are included in an Ethereum block, which is particularly useful for transfers, mints, and approvals. Bolt is set to launch first on the Helder testnet, with plans to deploy on the Ethereum mainnet before the end of this year. This technology originates from a concept proposed by Ethereum Foundation researcher Justin Drake at the end of 2023, aiming to reshape the transaction bundling mechanism and improve user experience.
