Ethereum transaction protocol Eden Network has raised $17.4 million in seed funding from some of blockchain’s biggest venture funds, underscoring the need to address ongoing challenges facing the block production economy.
The funds will be used to support the adoption of Eden Network among developers, miners and users, the company announced Wednesday. The network claims all users will benefit from its ordering rules thanks to an improved block production system.
The investment round was led by Multicoin Capital with participation from Alameda Research, Jump Capital, Wintermute, GSR and DeFiance Capital. Genesis Capital executive Joshua Lim and Andre Cronje of Yearn.finance also participated as angel investors.
Eden officially launched along with Ethereum’s London hard fork on Sunday, claiming to represent more than half of the network’s hash power. That assertion means more Eden blocks are being produced on Ethereum than non-Eden blocks. Users can stake the protocol’s native EDEN tokens to gain access to priority block space and the Eden Relay