Deep Tide TechFlow News, on October 31, according to The Block, the Ethereum scalability-focused startup Spire Labs has completed a $7 million seed round financing, led by Maven 11 Capital and Anagram, with participation from a16z Crypto Startup Accelerator and Digital Currency Group. This funding 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, introduced that Based Stack allows application chains to use Ethereum Layer 1 as the ordering layer, ensuring Ethereum's composability, fairness, and censorship resistance. In addition, Based Stack supports the internalization of MEV (Maximum Extractable Value), allowing appchains to capture the MEV generated by themselves. Spire plans to launch the first testnet of Based Stack by the end of this year and to go live with the mainnet in the first quarter of 2025.