Eden Network’s 2 Month Recap + Future Roadmap

Wow, what a 75 days it has been since launching the network and we have so much more to come.

In this post we will review milestones of Eden Network in its first 75 days post launch and for the first time give an overview of the network’s future roadmap.

After we successfully migrated tokens and liquidity from ARCH to EDEN, Eden Network went live on August 5, 2021.

In the first 75 days of the network:

1. Reached over 50% participating hashrate on Ethereum for four consecutive weeks and recovered from an unexpected hashpower loss
2. Hit 3,000+ stakers with millions of EDEN staked, and dozens of slot tenants with hundreds of thousands of EDEN burned
3. Secured the integrity of Ethereum during a chain split
4. Launched the Eden Block Explorer and upgraded the Eden-Geth client

Hashrate and Sparkpool

Eden Network’s participating hashrate reached over 50% in just two weeks post-launch. After Sparkpool unexpectedly closed down our hashrate dropped to ~37%, but has since recovered to ~43%, and is expected to continue to rise as more block producers make the economically rational decision to become an Eden block producer.

Staking and Slot Tenants

Eden has reached over 3,000 stakers who have been taking advantage of block priority and private transactions granting MEV protection, and this number is steadily climbing. There are over 4.5M Eden staked in the network, and ~40–50,000 transactions are prioritized via the Eden RPC every day.

We’ve seen healthy turnover in the slots and interest from a variety of applications. Currently slots 1 and 2 are occupied by highly profitable arbitrage bots, with Bancor holding slot 3. The current bid for slot 1 is 85,184 EDEN which burns down over 30 days. Over 200,000 EDEN have been burned since launch.

The Chain Split

On August 18, 2021 the go-ethereum team notified the community of the discovery of a security issue in geth, along with their intention to release an update to resolve the issue. On August 24, 2021 geth 1.10.8 was released, and the Eden Network team quickly incorporated the fix into Eden-Geth and rolled out the update to participating miners.

On August 27, 2021 a transaction was executed that exploited the previously undisclosed vulnerability. This resulted in a chain split, with 1.10.7 and earlier nodes following a different chain than those that had updated. While the chain split resulted in a large portion of non-mining nodes following a side chain, Eden Network miners (which constituted around 59% of the hash power at the time) continued to mine the correct, canonical chain helping to ensure the on-going health of Ethereum.

Block Explorer + Geth Updates

Shortly after the network went live we launched the Eden Network Explorer, which displayed current staking balances through an open-sourced front-end and data package. We then deployed a subgraph to The Graph’s decentralized network for higher data availability, and two weeks ago released the open source Eden Block Explorer, a color-coded block analysis tool aimed at being the best MEV exploration tool on Ethereum. Read the full blog post on the explorer here.

On October 5, Eden Network released Eden-geth version 10.1.08 to improve longevity and viability of the Eden Block Structure. The key change in this upgrade was an adjustment to how staker transactions are determined to be included on Eden Blocks. See the full blog post with more details here. We will continue to add new features and create releases as both Eden and Ethereum evolve to improve the network.

Eden Network’s Future Plans

As the core team developing the technology powering Eden Network we have consistently been first to market with innovative products in the MEV space. To maintain our competitive advantage we have often pivoted to new innovations with no prior notice. We must however adapt this due to the size and scope of the Eden Network and the importance of iterative feedback from the community. We are pleased — for the first time — to share with you the pillars and items that currently appear in our roadmap.

Three Pillars of Our Strategy:

• Token Economy Upgrade. The Eden token is a unique asset that powers the Eden Network and its economy. This is an important element that needs to be nurtured and upgraded. In the short term Eden has plans to further monetize its high daily transaction flow for the benefit of miners and stakers in the network.
• Enhanced Transaction Flow Security/Transparency. Security and transparency is a problem that every private relay faces today but also represents fundamental expectations of any organisation handling transactions. Eden Network will focus on users having more access to secure real time data on their private transactions.
• Optimizing Block Formation. In an ETH 2.0 world, block optimization will become even more important as MEV becomes a larger share of block producer revenue. Eden Network is uniquely positioned to provide the right mix of incentives via its token economy to form a coalition of relevant stakeholders involved in block production to create the very best blocks on Ethereum.

The Eden Network Roadmap

Staking Economy V2 + SEV (Staker Extractable Value).

Introducing Staker Extractable Value — rewarding the stakers of the Eden Network.

The landscape for MEV protection + transaction priority has changed meaning our staking and token economies must also evolve.

• Introduce SEV to generate revenue on transaction flow
• Remove 100 EDEN staking requirement for Eden RPC integration + MEV protection
• Staking requirement remains for transaction priority and yield
• Staking EDEN earns sustainable APY from SEV
• Block explorer UI upgrades for potential MEV savings + tx prioritization
• NFT distribution marketing campaign to reward stakers

Eden RPC has one of the largest daily Tx flows on the market. It’s time to monetize it. Stakers should be rewarded for their contributions in stake size and tx volume.

Both simple (backrunning) and complex (arbitrage) SEV solutions are being worked on to maximize value add.

Block Formation As A Service (ETH 2.0 BFAAS)

ETH 2.0 Validators are required to run an ETH 1.0 Node. Eden Network has been in close communication with ETH 2.0 teams and is researching opportunities to assist validators with block formation, including:

• Plug and play Block Formation As A Service
• Forming regulatory-compliant blocks
• Offering different block formation templates based on validator profit & risk preferences
• Allowing Eden to run on ETH 2.0 without custom client

Optimizing block production to both maximize profit and ensure regulatory compliance is a difficult task and it is our view that the majority of validators will choose to outsource their block production to specialized entities such as Eden that have a proven track record of innovating in the MEV space and providing reliable infrastructure.

ETH 2.0 does not yet have a definitive timeline for rollout and the landscape is constantly changing, so we will continue to evolve our strategy alongside our ETH 2.0 partners as things progress.

Block Explorer Upgrades

We believe that the Eden block explorer is already one of the best explorers for private transaction pools/MEV in the space, but we have big plans to continue upgrading the experience to make it truly best-in-class. We will continue adding features + content that increase the transparency of the network and expand the awareness + understanding of MEV. Stay tuned!

Acquisition + Partnerships

Lastly, the core Eden Network team is negotiating with projects tangential to our product to complement and expand our footprint, reach and skillset.

• Use treasury funds to fund development of promising crypto projects to join under the Eden Network umbrella
• Base-layer integration of Eden’s product with large partners to increase transaction flow and optimize Eden blocks

We have already secured a number of very promising partnerships, but we’re looking to expand our scope in this area. If you’re a team working on something novel in the MEV or ETH2 space, please reach out!

While this roadmap represents the best current iteration of our thoughts and goals, crypto moves fast, and being flexible and adaptable is key to performing well in the space. Progress updates, and any changes/ developments relating to our roadmap will be released on our socials. Furthermore, we need to hear from you. We are excited for our community to read, question and iterate on our roadmap.

Please jump into our discord to share your opinions on our plan so far.