TechFlow news, October 31 — According to The Block, Spire Labs, a startup focused on Ethereum scaling, has raised $7 million in seed funding led by Maven 11 Capital and Anagram, with participation from a16z Crypto Startup Accelerator, Digital Currency Group, and others. The funding will be used to develop "Based Stack," a rollup framework that helps developers deploy Ethereum Layer 2 application-specific chains (appchains).
Kaito Yanai, co-founder of Spire Labs, explained that Based Stack allows appchains to use Ethereum Layer 1 as the sequencing layer, ensuring Ethereum’s composability, fairness, and censorship resistance. Additionally, Based Stack supports MEV (Maximum Extractable Value) internalization, enabling appchains to capture their own generated MEV. Spire plans to launch the first testnet for Based Stack by the end of this year, with mainnet deployment expected in Q1 2025.
