Founded in 2020 as Archer DAO to create additional income opportunities for Ethereum miners and renamed Eden Network in 2021, the project has decided to completely cease operations. The company announced this decision due to rising costs and shrinking profit margins in the highly competitive Miner Extractable Value (MEV) space.
According to a statement from Eden Network, products such as Eden RPC, Eden Bundles, and Mempool Stream were immediately disabled. Users were directed to alternative platforms such as Flashbots Protect, Flashbots Bundles, and Blocknative Mempool Explorer. The company also shut down other services such as Tx Explain, Eden Public Data, and 0xProtect and shared recommended alternatives.
Looking at the project's history, Archer DAO was initially launched to enable Ethereum miners to earn additional income by leveraging MEV revenues. With the implementation of the EIP-1559 update on the Ethereum network in 2021, which significantly impacted miner revenues, the project evolved into the Eden Network, focusing on both supporting miners and protecting users from the negative impacts of MEV.
At its peak, Eden Network boasted miner partnerships representing over 50% of the Ethereum hash rate, and thousands of daily transactions were routed through MEV-protected RPCs. Post-Merge, the company achieved the highest average block reward as an MEV-Boost relay operator. However, over time, the maturation of the space, increasing competition, and operational costs made it impossible for Eden to maintain its market position.
Altcoin Announces "Retirement Plan"
The most important step in Eden Network's closure will be the distribution of 2,000 ETH to EDEN token holders. The company has set a fixed rate of 0.00001506 ETH per token for this process, which it calls the EDEN Token Retirement Program. Approximately 66,401 EDEN equals 1 ETH. A total of approximately 132.8 million EDEN will be distributed from the circulating supply, and only users outside the US can participate in this program.
The program began on August 13th and will continue until September 30, 2025, at 02:59 GMT. Any unused ETH at the end of the period will be allocated to cover the company's liquidation costs. All tokens in the company's treasury that have not yet vested will be burned.
Price Rises
Following the closure announcement, the EDEN price saw a sharp rise in the markets. According to market data, the token gained over 70% in value in the last 24 hours, reaching $0.06778. This rise was driven by the anticipation of ETH distribution to token holders and short-term buying opportunities.
The closure of the Eden Network highlights the challenges faced by projects operating in the MEV ecosystem. In particular, high competition and cost pressures make it difficult for small and medium-sized enterprises in this field to survive in the long term.
