Eden Network
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Eden Network

Eden Network Announces Seed Round

We are excited to announce that Eden Network recently closed a $17.4m round of strategic investment. The seed round was led by Multicoin Capital, with support from Jump Capital, Alameda Research, Wintermute, GSR, Defiance Capital, and Andre Cronje.

This funding will support Eden Network as its core team grows, maintaining its position as the leader in the alternative Ethereum block ordering protocol space. As the majority of geth clients prior to Eden were harmful to traders by exposing them to malicious MEV, Eden Network stands out by providing a solution that protects DeFi users from malicious arbitrage, while simultaneously creating an open market for priority blockspace and augmenting decreasing miner revenue post EIP-1559.

What is Eden Network?

Eden Network is a priority transaction network that protects Ethereum traders from malicious MEV and arbitrary reordering. In technical terms, Eden Network is an optional, non-consensus breaking ordering protocol. The protocol creates a transparent and fair set of rules to order transactions within each block.

The goals of the Eden Network are:

  • Improve earnings for block producers and increase consensus-level security
  • Protect users from malicious MEV (frontrunning, sandwich attacks, etc.) and reduce the negative externalities MEV has on Ethereum
  • Tokenize MEV, and democratize access to it using network token incentives

Why Ethereum Needs Eden

DeFi users are recognized as a critical component in the Ethereum ecosystem, yet their best interests have historically been neglected. Over the past 20 months, they have been operating in a highly unfavorable transaction ordering environment, where their trades have been left completely open to malicious arbitrage from bots.

Previously, transaction ordering protocols favored searchers and bots over traders, by allowing them to freely exploit trader transactions in the form of frontrunning and sandwich attacks. Since January 2020, over $700 million has been extracted from everyday traders.

To address this critical problem, Eden Network has created an alternative transaction ordering protocol that takes a trader-first approach to transaction reordering. By prioritizing user protection for those who opt in to the network, Eden Network delivers a better user experience, which is important when considering how to scale adoption of Ethereum over time. What’s more, Eden Network achieves this while also offering institutions open access to priority blockspace and block producers a supplemental source of recurring income.

What’s Next?

Eden Network seeks to expand awareness of the malicious MEV problem, and the solutions currently available for traders. One of Eden Network’s previous products, Archer Swap, still maintains its functionality as a standalone MEV protection DEX today. Through governance, the Eden block structure is anticipated to undergo iterative adjustments to stay competitive with the evolving market structure and environment.

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