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
AI trading cools down and storage chip competition intensifies, Korean stocks plunge over 5%, marking a second consecutive day of sharp decline; SK Hynix drops nearly 8%
On Tuesday, the Korea Composite Stock Index (KOSPI) dropped by as much as 5.1%, triggering the Sidecar circuit breaker mechanism on the exchange and suspending programmatic sell orders for five minutes. Both Samsung Electronics and SK Hynix fell more than 6%, marking five consecutive days of decline. Japan's SoftBank Group plunged over 8%, while AI industry-related stocks such as Tokyo Electron and Advantest also dropped by more than 5%.
Wall Street giants' financial reports tonight: With stock prices trapped in technical correction, even a 20% profit increase can hardly ease triple anxiety
Shares of major US banks hovered in a technical correction zone on Tuesday as the earnings season kicked off, with long-term borrowing costs rising to their highest levels in decades. This has heightened market attention on bank executives’ assessments of US consumer health and credit prospects.
UBS Earnings Season Preview: Strong Momentum from AI Spending, Favoring Lam Research (LRCX.US) and Texas Instruments (TXN.US), Remaining Cautious on Western Digital (WDC.US)
Lam Research (LRCX.US), Texas Instruments (TXN.US), and Western Digital (WDC.US) are set to release their quarterly earnings reports in the coming days. UBS believes that, with continued high spending on artificial intelligence, all three companies are likely to benefit from this trend.
Deutsche Bank (DB.US) upgrades AST (ASTS.US) rating: Has the SpaceX (SPCX.US) spectrum acquisition triggered an unjust sell-off?
Deutsche Bank has upgraded AST SpaceMobile to a "Buy" rating with a target price of $93. Despite stock price volatility triggered by SpaceX's spectrum acquisition, analysts believe that the cooperation potential with T-Mobile and government orders constitute core support. The recent short-term pullback may present a good opportunity to build positions.
Crypto prices
More
