Ether Transaction Protocol Eden Network Raises Over $17M In Seed Funding

On the previous weekend, the London fork of Ether was released to the public. The change has significant consequences for digital currency mining pools that had started to adopt miner extractable value services in order to generate income.

The Eden Network, an Ether-centric payment protocol, has secured close to $17.4m in its initial financing from several of blockchain’s largest enterprise firms, highlighting the importance of resolving the critical issues confronting the block generation industry.

The investments would be utilized to promote the latest Network acceptance between miners, developers, and consumers, the firm said this Wednesday. Because of a better block manufacturing mechanism, the Eden network believes that its purchasing criteria will favor everyone.

Multicoin Ventures headed the financing phase, which included Wintermute, Jump Capital, Alameda Research, DeFiance Capital, and GSR. Andre from Yearn and finance, Lim from Genesis also contributed as business angels.

Eden debuted over the weekend alongside the release of London hard fork by Ethereum, stating of representing upwards of 1/2 of the overall network’s hash power. This meant that on Ether, far more blocks of Eden are created than blocks that are. The protocol’s core EDEN tokens may be staked to get accessibility to prioritized block space as well as the network’s Relay Remote Procedure Call, which enables payments to be completed anonymously.

Eden Network is aiming to democratize MEV, which will evaluate a miner’s capacity to benefit by determining when and transactions take place arbitrarily. Analysts have previously discovered that Ether block tampering as a method to attack some Decentralized Finance protocols, which was revealed by Cointelegraph revealed in October 2020. Following the Ether’s London hard fork, some mining pools had begun to use MEV to improve their net income. This action might directly contradict EIP-1559’s claim of decreased gas prices.

Nonetheless, the expectation and activation of the Ether’s London hard fork had indeed been largely supportive for ETH. The other week, the 2nd-biggest digital currency surpassed $4k for the very 1st time ever since the May of 2021. Bloomberg lead commodities analyst Mike previously informed Cointelegraph that $5k Ether is probable very soon. Following a significant flash dip for Ether and the biggest digital currency industry this Tuesday, the prognosis is unlikely to have modified.

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