Eden Network: Making Ethereum Safer for Users

Many cryptocurrency projects today focus on three major issues: security, scalability, and speed. While this is a good step, most projects lose sight of other problems they could solve. Eden Network emerges as a niche project with the capacity to become one of the most in-demand projects in the industry.

Eden Network offers a more secure way to make transactions on Ethereum, giving priority execution capabilities to its users. This article will discuss exactly how this project works and its potential to revolutionize blockchain technology as we know it.

What is Eden Network?

Eden Network is an innovative protocol designed to counter the negative effects of MEV (Miner Extractable Value). MEV refers to the additional profit aside from the standard block rewards and transaction fees that can be extracted from a blockchain network, particularly by miners or validators. Eden Network targets its services at Ethereum validators, MEV searchers, and users in general, helping them protect their transactions.

Eden Network provides three main interconnected products, namely Eden RPC, Eden Bundles, and Eden Relay, respectively.

The protocol has three main goals, the first of which is to improve the earnings for block producers while increasing the consensus level security. It also aims to prevent malicious MEV, combating issues like frontrunning while democratizing and tokenizing MEV. Lastly, Eden Network deploys technology that helps prioritize transparency and uses a fair set of rules to protect traders from frontrunning and transactions from malicious bots.

History of Eden Network

Eden Network was established in 2020 by Caleb Sheridan. It was formerly known as ArcherDAO, a project initially created as an optional, non-consensus-breaking transaction protocol guaranteeing block placement for participants. At the same time, the project protected arbitrary reordering (like front-running or sandwich attacks).

As ArcherDAO, the Eden Network spearheaded an MEV-resistant protocol to limit miners’ influence on new transactions on the Ethereum proof-of-work system. However, after Ethereum switched to its new proof-of-stake system, Eden Network began to implement its MEV-resistant software to limit the centralization of validator power in the network. It did this to ensure an equitable distribution of transactions from Ethereum’s army of block producers.

On August 5, 2021, The Eden Network rebranded from ArcherDAO. It raised$17.4 million in its seed round, led by Multicoin Capital and including investors like DeFiance Capital, Wintermute, GSR, Alameda Research, and Jump Capital.

How Does Eden Network Work?

Eden Network allows participants to rent priority block space slots that guarantee placement in Ethereum blocks by staking EDEN tokens. Those who rent the top three slots provided by Eden Network are known as “Slot Tenants,” and using these slot tenants is one of the easiest ways to use Eden Network.

The current Slot Tenants on Eden Network are Sushiswap, Uniswap, and 1INCH. Since Sushiswap is one of the top three slots, anyone using Sushiswap to process transactions on Eden Network is automatically protected from malicious MEV and guaranteed priority execution rights. These features are available to all users of a Slot Tenant.

Just behind Slot Tenants in order of priority, transaction bundling services like Flashbots are also given priority execution rights. Behind those transaction bundling services are users who stake $EDEN tokens. Within an Eden block, the transactions are ordered by the sender’s relative stake of tokens. The higher your stake, the more priority you receive over users with a lesser stake.

After staked users, the Eden Network processes the rest of the transactions in the public transaction pool. To avoid favoritism of certain stakeholders in the MEV system, Eden Network incentivizes honest block producers who validate transactions according to the order of transactions.

Additionally, Eden Network uses an innovative transaction ordering mechanism and a private relayer that any person or bot can leverage to ensure that transactions are submitted. Eden Network also implements a strong incentive system. Block producers receive income in EDEN tokens for their contribution to the network. These incentives further boost platform activity and increase overall security.

Main Features of Eden Network

As an innovative project, Eden Network comes with groundbreaking features. Some of these include;

Priority Execution

Traders benefit from knowing they have priority within a block and are more confident about faster transaction times. The network also enables better prices by accounting for better slippage and priority over public transactions.

DeFi users can stake EDEN to get access to the Eden Relay. Transactions on Eden Relay are privately processed to maintain added user security.

Eden DAO

Those who contribute to the expansion of the Eden Network as block producers and slot tenants are granted the ability to govern the protocol’s future direction. According to the team, the DAO aims to guarantee that block producers submit blocks by Eden Network’s implementation of EIP-1559. It also ensures block producers do not censor, reorganize, or insert transactions into a given block.

Incentives and Rewards for Block Producers

Eden Network builds upon Ethereum’s existing transaction fee system introduced by EIP-1559. This means every transaction block still requires a base fee to be paid in ETH. What sets them apart is that in Eden Network, the key factor influencing who gets to build blocks is the distribution of EDEN tokens across different addresses. This means that users with higher EDEN tokens have a better chance of being chosen to build the next block.

To incentivize block producers not to manipulate the network, every transaction block is required to pay an ETH base fee. The network then rewards block producers in proportion to their contribution to all produced Eden blocks throughout an epoch.

To distribute these rewards, Eden implemented a Merkle tree of balances. Each new distribution mints a non-transferable ERC-721 NFT, which any block producer can present to claim their rewards.

Eden Network’s Main Features

Eden Network provides six main products for users to get the most out of their transactions. These include:

Eden RPC

Eden RPC was launched in November 2021 as an RPC endpoint. Users can add Eden RPC to their wallets to send their transactions to Eden builders, powering the Eden Relay for more secure processing. The Eden RPC protects Ethereum users from malicious MEV (sandwich attacks).

Eden Bundles

Bundles can be a great option for Ethereum users who want to avoid the public mempool and make their transactions more efficient. This feature allows users to group multiple transactions and choose specific criteria for inclusion within a block.

Bundles is particularly useful for people who need quick and secure access to blockspace, such as arbitrage and liquidation bot operators. It is also helpful for users who want to protect their transactions from frontrunning and for dApps that require advanced features like account abstraction or gasless transactions.

One of the main benefits of Bundles is that it provides pre-trade privacy or confidentiality for transactions. This means that transactions are not directly broadcast to the public mempool. However, users must participate in a sealed-bid auction to include their bundle in a block. Bids are usually paid in gas tokens, although users can transfer ETH directly to the Coinbase address provided.

Eden Relay

Eden Relay enables Ethereum validators to connect with a network of proficient block builders who compete to identify profitable blocks, thereby maximizing yield. This relay is especially beneficial for validators who wish to outsource their block production, as well as for block builders who want to submit blocks to validators.

Eden Public Data

This is a collection of public datasets stored in BigQuery. These datasets are collected via different ETL processes, as specified in each dataset’s documentation.

The public datasets include MEV-Boosts, Flashbots, and Gnosis. MEV-Boosts are historical datasets of MEV-Boosts block builder bids collected from different MEV-Boost relays.

Flashbots allow the project to extract, transform, and load (ETL) data from Eden Network’s mempool dumpster as such Flashbot datasets contain public information provided by the mempool dumpster.

By making the data available in BigQuery, it can be merged with other public datasets like the Ethereum blockchain dataset. Flashbots also has an MEV Share feature that hides certain information and transactions from searchers.

Gnosis on the other hand, features an MEV blocker, which is an orderflow function that includes decoy transactions.

Eden Public Data also offers Ethereum Tags where they collect and store data from various sources about pubkey claims to ownership. They then make this data available in BigQuery.

Eden Network Mempool

Mempools essentially serve as a temporary holding area for transactions waiting to be finalized and validated on the Ethereum blockchain. With Eden Network’s Mempool, users get real-time access to a comprehensive outlook of the global mempool for the Ethereum blockchain.

Currently the Mempool streams over a million transactions daily, with over 95% of the transactions included on-chain, all for free.

0xProtect

0xProtect is a user-friendly smart contract registry designed to help streamline compliance efforts for people within the Ethereum block production ecosystem.

This product keeps an on-chain copy of the Office of Foreign Assets Control (OFAC) sanctions list. As such users can utilize this product to filter out transactions involving sanctioned wallet addresses.

What is EDEN?

EDEN is the native token of the Eden Network ecosystem. It is the primary payment method for users to utilize the Eden Network products.

EDEN Tokenomics

EDEN has a total supply of 250 million tokens and a circulating supply of about 13 million tokens. The Eden Network also implemented a unique tax mechanism called the Harberger tax for Slot Tenants. This mechanism, combined with the ongoing burning of EDEN tokens by protocols like SushiSwap and Bancor, is expected to drive a perpetual deflationary cycle for EDEN.

To counterbalance this deflationary pressure and ensure the network’s long-term growth, the Eden protocol incorporates a net issuance mechanism. This mechanism mints additional EDEN tokens equivalent to the amount burned, thus maintaining a sustainable token supply for the ecosystem.

The token was distributed as follows:

• Block producers were allotted 60%
• Liquidity providers were allocated 30%
• 10% went to the EDEN treasury

Is EDEN a Good Investment?

EDEN is an innovative project that ensures the maximum security of its users by keeping their transaction details private and giving them priority execution rights. Despite its groundbreaking achievements, it is important to note how volatile the crypto market is. As such, doing extensive research before investing in any project is advisable.

News on EDEN

On November 28, 2023, Eden Network announced via its Twitter account that it was rolling out Eden Public Data, a free and public Ethereum-based ecosystem of datasets. Eden Public Data is a collection of public datasets stored in BigQuery and collected using a variety of ETL processes described in the documentation of each dataset.

Take Action on EDEN

EDEN is available on both centralized and decentralized exchanges like gate.io. Click here to view and trade your favorite pairs.

• EDEN/USDT
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