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Ethereum’s Priority Transaction Network Eden Raises $17M to Protect Against Malicious MEV
The Eden network has raised about $17.4M in a funding round led by Multicoin Capital to protect its users against miner extractable value(MEV). Several frontiers, including Jump Capital, Alameda Research, and Yearn Finance Founder Andre Cronje, also procured the funding round.
The network raised funds following the sales of EDEN tokens. Consequently, the funds will enable it to increase adoption, improve infrastructure and develop its network. In addition, the network plans to protect users against front-running with MEV fully.
The Fight Against MEV
Eden network went live in August following Ethereum’s London hard fork. It came into the light in a bid to protect users against MEV and prioritize transactions on Ether. Using proof-of-stake, ETH miners can prioritize and select what transactions to confirm and add to a block.
Due to this, Ethereum miners benefit significantly. As of January 2021, the MEV estimation was more than $700 million. Research by Venture Company indicated that a significant arbitrage is between decentralized exchanges. Other malicious MEV include sandwich attacks and front-running.
Malicious MEV manipulates the whole system and makes it less stable, insecure, inefficient due to its “only value” script. Miners on the Ethereum network work to confirm transactions on higher fees. Unfortunately, the procedure neglects small fees transactions and creates high latency on the network.
Prioritizing EDEN Tokens
Eden’s network works by prioritizing blocks stacked on EDEN tokens. The process prevents transactions from MEV and offers better price execution. The network claims to represent 54.7% of Ethereum’s hash rate. Eden block producers earn revenue in the form of tokens.
The Network, formerly known as Archer DAO, raised $1 million last year in a similar stance. However, this time the funding round helped the EDEN network surge 47%, according to CoinGecko.
The project leaders have set a part of the network funding aside for infrastructure development. The reconstruction is through product research and development. According to Caleb Sheridan, the network’s core developer, the funds would increase the team often by hiring new software engineers.
As Ethereum shifts to Ethereum 2.0, the transaction network could prove helpful. It brings a solution to improve the usability of the Ethereum network on a broader spectrum. However, Eden’s claim to own more than half the network’s hash power is somewhat controversial. To that end, it indicates that Ethereum surprisingly produces more Eden blocks than non-Eden blocks.