PANews reported on October 31 that according to The Block, Spire Labs, a startup focused on Ethereum expansion, has completed a $7 million seed round of financing, led by Maven 11 Capital and Anagram, with participation from a16z Crypto Startup Accelerator and Digital Currency Group. This round of financing will be used to develop "Based Stack", a rollup framework that helps developers deploy Ethereum Layer 2 application chains (appchains).
Kaito Yanai, co-founder of Spire Labs, said that Based Stack allows application chains to use Ethereum Layer 1 as a sorting layer, ensuring Ethereum's composability, fairness, and censorship resistance. In addition, Based Stack supports MEV (maximum extractable value) internalization, allowing appchain to capture the MEV generated by itself. Spire plans to launch the first testnet of Based Stack by the end of this year and launch the mainnet in the first quarter of 2025.
