Eden Network, an Ethereum transaction protocol, has attracted $17.4 million in early funding from some of blockchain’s largest venture funds.
The funding will be used to help developers, miners, and users adopt Eden Network, the company stated on Wednesday. Because of a better block manufacturing method, the network says that all users will benefit from its ordering rules.
Multicoin Capital led the financing round, which included Alameda Research, Jump Capital, Wintermute, GSR, and DeFiance Capital. As angel investors, Genesis Capital CEO Joshua Lim and Yearn.finance’s Andre Cronje took part.
Eden went live on Sunday, coinciding with Ethereum’s London hard fork, claiming to hold more than half of the network’s hash power.
That statement implies that Ethereum produces more Eden blocks than non-Eden blocks. Users can stake EDEN tokens to get priority block space and the Eden Relay Remote Procedure Call, which allows transactions to be submitted confidentially.
Eden is seeking to democratize miner extractable revenue, or MEV, which evaluates a miner’s potential to benefit from selecting where and when transactions take place arbitrarily.
Researchers have already discovered Ethereum block manipulation as a way to abuse some DeFi protocols, as Cointelegraph revealed in October 2020.
Following the London hard fork, a number of mining pools have turned to MEV to boost their net revenues. This decision could put EIP-1559’s promise of decreased gas fees in jeopardy.
Nonetheless, the London hard fork’s anticipation and trigger have been extraordinarily optimistic for Ether (ETH). Last week, the second-largest cryptocurrency surpassed $4,000 for the first time since May.
Bloomberg senior commodity strategist Mike McGlone recently told Cointelegraph that $5,000 ETH is likely in the near future. Following a large flash fall for ETH and the larger cryptocurrency market on Tuesday, the prognosis seems unlikely to change.