Eden Network, a priority transaction network that protects Ethereum traders from malicious arbitrary reordering, has announced it has raised $17.4 million in a seed funding round led by Multicoin Capital. Other investors, including Jump Capital, Alameda Research, and Andre Cronje also joined the round.
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Funds are set to go toward core team expansion and maintaining its position in the alternative Ethereum block ordering protocol space.
"As the majority of geth clients prior to Eden were harmful to traders by exposing them to malicious MEV, Eden Network stands out by providing a solution that protects DeFi users from malicious arbitrage, while simultaneously creating an open market for priority blockspace and augmenting decreasing miner revenue post EIP-1559," the company said in an announcement.
The team behind Eden Network says it plans to keep the Eden block structure under iterative adjustments in order to stay "competitive with the evolving market structure and environment."
In June this year, Multicoin Capital also invested in Solana. Back then, the ecosystem raised over $314 million in a private investment round led by Andreessen Horowitz (a16z) and Polychain Capital through a private token sale.
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