Odaily Frontline | Upvest completes A+ round financing of 900,000 euros, intending to optimize Ethereum transaction costs

This article comes fromThe Block, original author: Yogita Khatri

Odaily Translator |

This article comes from

, original author: Yogita Khatri

Odaily Translator |

German asset tokenization startup Upvest announced that it has completed a 900,000 euros (approximately $1.01 million) A+ round of financing through the ProFIT project of the German investment bank, and the investor is the European Regional Development Fund (European Regional Development Fund).

With the new funding in place, Upvest plans to further develop its ethereum gas fee prediction tool. On the Ethereum chain, the execution of each transaction requires a certain gas fee, which will be distributed to the miners who verify the transaction.

Upvest said that there are two types of risks in estimating the gas fee for each transaction. One is that the gas fee paid is too high and the cost increases, and vice versa, the gas fee paid is too low and the transaction verification is delayed.

To address this, Upvest developed a transaction fee estimation engine in the form of an API (Application Programming Interface) using machine learning techniques. The engine can collect real-time network information and data—including the number of unconfirmed transactions and the number of active miners—to help customers estimate gas costs and achieve cost optimization.

According to Upvest, based on preliminary test results, its transaction fee estimation engine can improve transaction cost efficiency by 18%, which means faster transaction confirmation speed while paying lower transaction fees. Upvest explained that the engine is specifically designed for companies that need to perform a large number of Ethereum transactions.