Eden Network, a priority transaction network for Ethereum that provides protection against miner extractable value (MEV) and arbitrary transaction reordering, has raised $17.4 million in a seed funding round.
The round was secured via selling EDEN tokens, Caleb Sheridan, a core developer of Eden Network, told The Block. Multicoin Capital led the round, with Jump Capital, Alameda Research, Wintermute, GSR, and DeFiance Capital also participating.
Angel investors, including Andre Cronje, founder of Yearn Finance, and Joshua Lim, head of derivatives at Genesis Capital, also backed the round.
The fresh capital injection will help Eden Network strengthen its infrastructure through research and development and further grow its adoption, said Sheridan.
To that end, the project is also looking to triple its current team of 10 by hiring mostly engineers, he said.
Eden Network went live last month with Ethereum’s London upgrade. Since it is a transaction priority network for Ethereum, Eden helps users prioritize their transactions on the blockchain while providing protection against practices such as MEV or frontrunning. As The Block reported recently, MEV refers to certain kinds of profit-generating opportunities that miners could have by frontrunning their transactions, because they are the ones who choose the order of transactions in a block.
Sheridan said users who stake EDEN tokens get priority in Eden blocks with protection from MEV, improved trade privacy, and better price execution.
Eden is an optional, non-consensus breaking transaction ordering protocol for Ethereum blocks which allows network participants to guarantee placement and protection from arbitrary reordering. The system offers a transparent and fair set of rules to order transactions within each block. An accompanying token reward system realizes MEV profits to block producers to maximize network security.
git clone https://github.com/eden-network/eden-geth cd eden-geth make geth
See here for further info on building Eden-Geth from source.
See here for Eden Network documentation.
Eden Network says it already represents more than 50% of the Ethereum hashrate, meaning more Eden blocks are now being produced on Ethereum than non-Eden blocks.
Eden Network provides an additional revenue stream to Eden block producers or miners in the form of EDEN tokens, said Sheridan. Miners that are currently utilizing the Eden Network include F2Pool, SparkPool, Nanopool, and 2Miners.
Eden Network rents prioritized block space in Eden blocks to so-called “Slot Tenants.” That means projects looking to become tenants have to participate in a slot auction where the highest EDEN staker wins. In return, the winning projects or tenants get access to Eden Network for processing their trades with protection from MEV or frontrunning.
Eden Network is a project initiated by the Archer DAO team.
Sheridan said Archer DAO raised $1 million last year via an ARCH token sale.
This practice relegates small fee transactions, surfacing as the high latency being seen in the network.
Submitting transactions to the Eden Network will help prevent this broad network manipulation from miners. Additionally, users are offered protection from the actions of bots. According to the Eden Network, transactions on the protocol give traders priority within blocks with no waiting and wondering.
Users are able to make trades (or any other transactions on the network) more efficiently and stress-free.
Eden Network transactions also come with a better slippage, and users are guaranteed the best value from each trade.
Eden Network to Utilize the Funding for Infrastructural Development
Per the report from The Block, the new funding is billed to be used to develop the Eden Network infrastructure through product research and development.
A malicious miner or bot notices the trade occurring. The miner executes its own trade, then reorders the transactions within the block so that its trade happens first, robbing the investor of the opportunity.
“Eden Network represents a fairer, more democratic and market-driven approach to fixing MEV than anything that has come before it,” said Tushar Jain, managing partner at Multicoin Capital. “Blockspace priority should be accessible to everyone, not just private mempools operators or exclusive bundling networks.
Eden officially went live with the Ethereum London hard fork on Aug. 5, and it now represents more than 50% of the hashpower, meaning the power that a computer uses to run and solve different hashing algorithms, on Ethereum.
Make trades (or any other transactions on the network) more efficiently and stress free.
Better Prices Accounting for better slippage, priority against the public transaction pool and MEV protection, your tokens go further on Eden Network. Get the most tokens out of every trade.
Open to Everyone Eden Network is open to all traders on Ethereum to benefit from.
MEV Protection If you’re not using Eden Network, you’re exposed to front-running. The Eden Network protects traders from these types of attacks and other malicious MEV.
Block Producers of Eden
Consistent Block Revenue Boost Block Producer revenue using EDEN block rewards for participating in the network.
Eden Relay Remote Procedure Call that allows transactions to be submitted privately from the public Ethereum mempool.
More sophisticated traders and applications will also have access to Eden’s “Slot Tenant” auctions. These processes transactions on one of the three top slots of every Ethereum block and make certain that they have priority above all other parties in Eden blocks.
The company claims this will help avoid malicious MEV actors including bots and miners attempting to steal arbitrage opportunities.
The Eden Network is currently supported by some of the largest Ethereum mining pools in the world, including Sushi, Band Protocol, Alpha Finance Labs and Bancor.
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PoA parity blockchain including authorities, members, explorers and monitors
Toolbox with Truffle, Oyente and some development utilities
Open-Ethereum development chain including explorer, monitor and dashboard
Private IPFS network including IPFS peers and clusters
Single SKALE node environment
- Get a local copy of the repository, master branch is the latest version available:
git clone https://github.com/MaibornWolff/eden.git
Install Docker Desktop
Install EditorConfig plugin for your editor/IDE
Refer to the README file of each blockchain.
Eden Network, a priority transaction network that protects Ethereum traders from arbitrary block reordering, said today it has raised $17.4 million in funding.
The seed round was led by Multicoin Capital and included Jump Capital LLC, Alameda Research, Wintermute Trading Ltd., GSR and Defiance Capital.
Eden provides private and priority transactions for traders and miners on the Ethereum blockchain to help deal with an issue known as “miner extractable value” or MEV. Because miners choose transactions from the public mempool — the queue in which all transactions await to be added to blocks on the blockchain — they can also pick which order they are being added to blocks and can exploit their execution order.
For example, an investor could see an arbitrage opportunity between exchanges for a pair of tokens and then decide to execute the trade on the open network.
Eden is a priority transaction network that protects traders from frontrunning, aligns incentives for block producers, and redistributes miner extractable value.
Eden Network Network Objectives The broad aims of the network are to: 1. Protect users from malicious MEV (frontrunning, sandwich attacks, etc.) and reduce the negative externalities MEV has on Ethereum 2. Improve earnings for block producers and increase consensus-level security against block reorganization 3.
Tokenize access to MEV, and redistribute value to network stakeholders
Traders of Eden
Priority Execution Eden Network transactions give traders priority within blocks. No more waiting and wondering.
The startup will also seek to boost its adoption rate by increasing the size of its workforce. According to Caleb Sheridan, a core developer of Eden Network, the protocol will seek to increase its current team of 10 with the hiring of software engineers.
Eden Network went live the same time the Ethereum London Upgrade was launched on the mainnet. Thus far, the network has gained traction in the ecosystem with the protocol controlling as much as 53.72% of the total Ethereum Network hashrate.
This metrics implies that more Eden blocks are now being created against those created on the Ethereum network.
Users get to earn from contributing to the Eden Network functionalities as the native digital asset, the EDEN token can be staked to gain access to submissions in the block, as well as in earning rewards.