Rebar, a Bitcoin analytics software startup, announced on Thursday that it raised $2.9M in seed funding to build what is being described as the first dedicated Bitcoin-based MEV product. The round was led by 6th Man Ventures, with participation from ParaFi Capital, Arca, Moonrock Capital, and UTXO Management.

MEV, or maximal extractible value, is the process of ordering transactions to earn higher fees.

“Rebar recognizes that MEV (Maximum Extractable Value) strategies are emerging on Bitcoin, similar to those seen in DeFi on Ethereum,” according to a press release. “The company recognizes both the challenges and opportunities presented by MEV, aiming to develop solutions that balance network efficiency with user protection and equitable value distribution across the Bitcoin ecosystem.”