Eden Network ceases operation, distribution of treasury to token holders

Eden Network, a protocol specializing in minimizing the negative impacts of maximum extractable value (MEV), announced on Wednesday that it has officially ceased all services.

According to the announcement, the core products of the network, including Eden RPC, Eden Bundles, Mempool Stream, and Tx Explain, will no longer be operational.

Eden Network was launched in 2021 to provide Ethereum miners with an additional source of revenue by optimizing MEV through transaction prioritization. Following Ethereum’s The Merge event in September 2022, Eden gained attention as an MEV-Boost relay operator, supporting validators in the proof-of-stake system to enhance the efficiency and fairness of transactions within the DeFi ecosystem.

However, Eden stated that the relay and block building sector is quickly becoming fiercely competitive and costly, making it so that only a few operators can maintain profitability.

“Although there have been progress and initial success, Eden cannot maintain its position in the increasingly mature MEV environment,” Eden stated. “After careful consideration and consulting the community, we have made the difficult decision to officially suspend Eden Network.”

Token Withdrawal Program

Eden announced that it will distribute the entire treasury of 2,000 ETH to EDEN token holders through the token withdrawal program.

The distribution applies only to users outside the United States, expected to last until September 30, with a fixed rate of 0.00001506 ETH per EDEN token.

“Only the current circulating supply of approximately 132,800,000 EDEN is eligible to participate in the token withdrawal program,” the announcement stated. “All tokens held in the treasury and the unvested tokens of core contributors have been burned.”

Thạch Sanh