Ethereum’s London hard fork went live on Sunday. The transition has
important implications for mining pools, which have begun deploying
miner extractable value solutions to increase revenues.
Ethereum transaction protocol Eden Network has raised $17.4 million
in seed funding from some of blockchain’s biggest venture funds,
underscoring the need to address ongoing challenges facing the block
production economy.
The funds will be used to support the
adoption of Eden Network among developers, miners and users, the company
announced Wednesday. The network claims all users will benefit from its
ordering rules thanks to an improved block production system.
The
investment round was led by Multicoin Capital with participation from
Alameda Research, Jump Capital, Wintermute, GSR and DeFiance Capital.
Genesis Capital executive Joshua Lim and Andre Cronje of Yearn.finance
also participated as angel investors.
Eden officially launched
along with Ethereum’s London hard fork on Sunday, claiming to represent
more than half of the network’s hash power. That assertion means more
Eden blocks are being produced on Ethereum than non-Eden blocks. Users
can stake the protocol’s native EDEN tokens to gain access to priority
block space and the Eden Relay Remote Procedure Call, which allows
transactions to be submitted privately.
Related: Ethereum London hard fork goes live
Eden
is attempting to democratize miner extractable revenue, or MEV, which
measures a miner’s ability to profit from arbitrarily deciding where and
when transactions occur. As Cointelegraph reported in October 2020,
researchers have already uncovered Ethereum block manipulation as a means to exploit certain DeFi protocols. In the wake of the London hard fork, several mining pools have begun resorting to MEV to increase their net revenues. This move may pose a direct challenge to EIP-1559’s promise of lower gas fees.
Nevertheless, the anticipation and trigger of the London hard fork have been overwhelmingly bullish for Ether (ETH).
The second-largest crypto reached above $4,000 last week for the first
time since May. As Cointelegraph recently reported, Bloomberg senior
commodity strategist Mike McGlone believes $5,000 ETH is likely in the near term.
The outlook likely hasn't changed in the wake of a sizable flash crash
for ETH and the broader cryptocurrency market on Tuesday.
source link : https://cointelegraph.com/news/multicoin-capital-leads-eden-network-s-17-4m-seed-raise
