Eden Network’s Ambitious Move
Eden Network, stepping into the limelight, has just bagged a whopping $17.4 million in seed funding from some of blockchain’s most prominent venture funds. This investment underscores a significant move towards addressing persistent issues in the block production economy that many Ethereum users face. Talk about starting with a bang!
Who’s Footing the Bill?
The funding round was spearheaded by Multicoin Capital, with other notable investors including Alameda Research, Jump Capital, Wintermute, GSR, and DeFiance Capital. Not to mention, the likes of Genesis Capital’s Joshua Lim and Yearn.finance’s Andre Cronje have also dived in as angel investors, further solidifying Eden’s credibility. It seems like the who’s who of the blockchain world is backing this venture!
What’s in Store for Developers and Miners?
The funding will primarily be directed towards getting Eden Network into the hands of developers, miners, and users. The team claims that their enhanced ordering rules will ensure that all users can reap the benefits of this improved block production system. It’s almost like they’re saying, “Come for the transactions, stay for the less stressful block production!”
What’s the Deal with Eden Tokens?
Eden made its official debut alongside Ethereum’s London hard fork, and here’s a punchy claim: it reportedly represents over half of the network’s hash power. In simpler terms, more Eden blocks are being churned out than non-Eden ones. Holders of the protocol’s native EDEN tokens can stake them for access to priority block space. The icing on the cake? Transactions can be submitted privately via the Eden Relay Remote Procedure Call. It’s like ordering a secret menu item at your favorite fast-food joint!
Mining and the MEV Dilemma
Eden’s aim is to democratize miner extractable revenue (MEV) — a fancy term that describes how miners profit by deciding when and where transactions occur. After the London hard fork, several mining pools have jumped onto the MEV bandwagon, potentially undermining EIP-1559’s promise of lower gas fees. This spells out a funky situation for the crypto landscape.
The Market Response
Despite uncertainties, the buzz surrounding the London hard fork has been positively electric for Ether (ETH), pushing it above $4,000 for the first time since May. Market analysts, including Bloomberg’s Mike McGlone, aren’t shy in projecting a $5,000 ETH within the not-so-distant future. Ironically, even a recent market crash didn’t seem to dampen the enthusiasm, proving that crypto is as unpredictable as your uncle during Thanksgiving dinner.
