MEV protocol Eden Network shuts down operations, plans treasury distribution to token holders
Quick Take MEV protocol Eden Network said it is winding down its services due to operational challenges. The network said it will distribute its entire treasury of 2,000 ETH to EDEN token holders as part of a token retirement program.
Eden Network, a protocol that focuses on minimizing the negative externalities of maximum extractable value or MEV, announced Wednesday that it is officially winding down its services.
With the announcement, the network's core products, including Eden RPC, Eden Bundles, Mempool Stream and Tx Explain, became no longer operational.
Eden Network launched in 2021 to provide Ethereum miners with an extra revenue stream by optimizing Maximal Extractable Value (MEV) through transaction prioritization.
After Ethereum's Merge in September 2022, it gained brief prominence as an MEV-Boost relay operator, supporting validators in the proof-of-stake system to enhance transaction efficiency and fairness in the DeFi ecosystem.
However, Eden said the relay and block building space quickly became a fiercely competitive and costly environment, ultimately making it profitable for only a handful of operators.
"Despite early momentum and success, Eden was unable to maintain its position in the more mature MEV landscape," Eden said. "After careful consideration and consultation with community members, a difficult decision has been made to retire Eden Network."
Token retirement
Eden said it will distribute its entire treasury of 2,000 ETH to EDEN token holders as part of a token retirement program.
The distribution, only available to non-U.S. residents, is scheduled to last until Sept. 30, with a fixed distribution rate of 0.00001506 ETH per one EDEN token.
"Only the current circulating supply of ~132,800,000 EDEN is eligible for the retirement program," the announcement noted. "All tokens currently held in the treasury and all unvested core contributor tokens have been burned."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Berkshire increases investment by $330 million, this "APP Renovation Factory" sees its stock price soar over 40% in a single day
Berkshire Hathaway has made an additional $330 million investment in Bending Spoons, increasing its stake to 4%. This news sent Bending Spoons’ stock soaring over 41% in a single day. The transaction marks the latest major capital deployment under new CEO Greg Abel. Bending Spoons specializes in acquiring "outdated apps" and uses AI to restructure cost structures and business models to generate cash flow.
US chip stocks plunge, evaporating over $1 trillion in market value! Inflation exceeds expectations, reigniting rate hike prospects; AI infrastructure financing bottlenecks trigger valuation reassessment
With the September inflation data exceeding expectations and further strengthening the Fed's rate hike outlook—coupled with rare warnings from the CEOs of Broadcom and Intel about financing bottlenecks in AI infrastructure—the global AI-themed trade, centered on semiconductors, experienced a massive sell-off in the past week.
Defying the Market Downturn! Apple Joins the $5 Trillion Club
On Wednesday, the S&P 500 fell more than 1%, but Apple defied the trend, with its market capitalization officially surpassing $5 trillion, becoming the second company worldwide to reach this milestone after Nvidia. This market value breakthrough coincides with Cook stepping down and new CEO Ternus taking over. However, challenges such as Apple's shortcomings in AI and OpenAI's ambitions in hardware are creating undercurrents at the top of this $5 trillion summit.
CoreWeave Dilemma for Nvidia: Forced to Rescue or Stand By?
As both a shareholder of CoreWeave and its sole GPU supplier, Nvidia now faces a dilemma after the sharp decline in CoreWeave's stock price. If it intervenes, each rescue strengthens expectations of a safety net, raises the threshold for future rescues, and risks getting further entangled in this high-leverage game. If it does not intervene, CoreWeave's liquidity crisis will directly cut off demand for GPU purchases, simultaneously devaluing Nvidia's equity investment and severely damaging its market reputation.
Crypto prices
More
