Eden Network, a protocol for optimizing maximum extractable value ($MEV) in the Ethereum ecosystem, announced its shutdown due to high competition and operational costs. Founded in 2020 as Archer DAO, the project transformed into Eden Network in 2021, collaborating with miners who controlled over 50% of Ethereum's hash rate. After Ethereum's transition to proof-of-stake in 2022, Eden became an MEV-Boost operator but failed to maintain competitiveness.
As part of the token retirement program, Eden Network will distribute its treasury reserve of 2000 $ETH among EDEN token holders (excluding residents of the USA) by September 30, 2025. The fixed distribution rate is 0.00001506 ETH per EDEN, based on a circulating supply of 132.8 million tokens. All treasury tokens and unvested team tokens have been burned, ensuring the transparency of the process. Following the announcement, the price of $EDEN increased by 70%, reaching $0.0721, although it is currently trading at $0.06751.
This decision marks the end of Eden Network's operations, highlighting the challenges in the MEV ecosystem. Stay updated on cryptocurrency news by subscribing to #MiningUpdates
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