Precedence exchange network Eden has brought $17.4 million up in a seed funding round drove by Multicoin Capital.
Investment additionally came from firms Jump Capital, Alameda Research, Wintermute, GSR, and Defiance Capital. Angel investors Joshua Lim, head of derivatives at Genesis Capital, and Andre Cronje, founder of Yearn Finance likewise partook.
The new capital will go toward supporting developers, miners, and client reception of the new network, as indicated by an official statement on Wednesday.
Eden tries to protect Ethereum traders from the menace of miner extractable worth (MEV). MEV is the proportion of profits miners can make by eccentrically reordering transactions inside blocks they produce.
Upheld by the absolute biggest Ethereum mining pools, Eden makes new motivations for block makers and reallocates MEV in a more even-handed manner, the organization said.
“Eden Network represents a fairer, more democratic and market-driven approach to fixing MEV than anything that has come before it,” said Tushar Jain, managing partner at Multicoin Capital, adding:
“Blockspace priority should be accessible to everyone, not just private mempool operators or exclusive bundling networks.”
Jain proceeded to say that Eden makes clear and straightforward standards with motivations for miners and traders to follow. Its cycle “creates a far more transparent system for transaction ordering,” he said.
Since Ethereum’s London hard fork went live on Aug. 5, Eden addresses half of the absolute hash power on the Ethereum network, which means Eden blocks are being created more than elsewhere, as per the delivery.
“For institutional [decentralized finance] participants, the market for MEV is becoming as critical as spot liquidity and depth,” said Joshua Lim, head of derivatives at Genesis Trading. “Eden Network offers a transparent MEV tokenization mechanism that protects large liquidity takers.” Genesis Trading is owned by CoinDesk parent Digital Currency Group.