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The new funding is billed to be used to develop the Eden Network infrastructure through product research and development.
Eden Network, a priority transaction network on the Ethereum blockchain has raised the sum of $17.4 million in a seed funding round. As reported by The Block, the funding round was led by Multicoin Capital, with participation from Jump Capital, Alameda Research, Wintermute, GSR, and DeFiance Capital. Other Angel Investors including Andre Cronje, founder of Yearn Finance, and Joshua Lim, head of derivatives at Genesis Capital also took part in the funding round.
Eden Network works to protect traders from frontrunning while aligning incentives for block producers and redistributes Miner Extractable Value (MEV). Miners in the Ethereum Network have the power to reorder transactions based on preferences, a move that can make them confirm those transactions with higher fees. This practice relegates small fee transactions, surfacing as the high latency being seen in the network.
Submitting transactions to the Eden Network will help prevent this broad network manipulation from miners. Additionally, users are offered protection from the actions of bots. According to the Eden Network, transactions on the protocol give traders priority within blocks with no waiting and wondering. Users are able to make trades (or any other transactions on the network) more efficiently and stress-free.
Eden Network transactions also come with a better slippage, and users are guaranteed the best value from each trade.
Eden Network to Utilize the Funding for Infrastructural Development
Per the report from The Block, the new funding is billed to be used to develop the Eden Network infrastructure through product research and development. The startup will also seek to boost its adoption rate by increasing the size of its workforce. According to Caleb Sheridan, a core developer of Eden Network, the protocol will seek to increase its current team of 10 with the hiring of software engineers.
Eden Network went live the same time the Ethereum London Upgrade was launched on the mainnet. Thus far, the network has gained traction in the ecosystem with the protocol controlling as much as 53.72% of the total Ethereum Network hashrate. This metrics implies that more Eden blocks are now being created against those created on the Ethereum network.
Users get to earn from contributing to the Eden Network functionalities as the native digital asset, the EDEN token can be staked to gain access to submissions in the block, as well as in earning rewards. The Eden Network operation is elaborate with the protocol renting block space in Eden blocks to so-called “Slot Tenants.” Securing these slots comes through an auction and bidding process with the higher stakers getting priority.
As a new kid in the block, the Eden Network is bringing a solution that will help improve the usability of the Ethereum Network as the broader ecosystem anticipates the ultimate switch to Ethereum 2.0. The funding round was secured through the sales of the EDEN token. The project’s ecosystem is seeing good growth with F2Pool, SparkPool, Nanopool, and 2Miners amongst the mining pools utilizing its solutions.