ETHGas, a project focused on Ethereum block space derivatives, has raised $12 million in a seed funding round led by Polychain Capital. Other participants include Stake Capital, BlueYard, SIG DT, and Amber Group. The funding was conducted through a SAFT (Simple Agreement for Future Tokens) token sale. In conjunction with the funding announcement, ETHGas launched what it claims to be Ethereum's first block space futures market. The platform has secured approximately $800 million in block space liquidity commitments from validators, block builders, and relays, though these are non-cash investments. ETHGas enables the advance buying and selling of block space, up to 12.8 minutes ahead, which helps validators increase MEV (Maximal Extractable Value) earnings and allows traders and institutions to hedge against gas costs, congestion, and price volatility.