The closure of Eden Network has taken a surprising turn for the cryptocurrency market, as the value of EDEN Coin increased sharply by 70% within a day. This occurred following the announcement of the cessation of operations of a network established in 2020.
Reasons for Closure of Eden Network
Eden Network was initially launched as Archer DAO and began generating MEV revenue for Ethereum miners post-2020. The rollout of EIP-1559 negatively impacted miners' earnings, leading to its rebranding as Eden Network. At its peak, it had significant partnerships affecting over half of Ethereum's hashrate. However, rising costs in a competitive market made its operation unsustainable despite a $17.4 million investment in 2021.
What Remains After Closure of Eden Network
In the wake of its closure, Eden Network ceased all products, including Eden RPC and Mempool Stream. Users are encouraged to transition to alternatives like Flashbots Protect and Blocknative. Additionally, the network introduced a 'Coin Retirement' program to distribute 2,000 ETH to EDEN holders outside the U.S. at a predetermined exchange rate, applicable until September 2025.
Future Prospects for EDEN Coin Value
The technical trajectory of EDEN’s price is testing the limits of a long-standing symmetrical triangle. Current indicators, including the Relative Strength Index at 66.42 and a positive MACD alignment, underscore potential upward momentum. A decisive push past the $0.033–$0.035 zone with considerable trading volume could target $0.050 and $0.072. 'We are grateful for the support from our community and investors throughout our journey.' – Eden Network.
Despite the abrupt conclusion of Eden Network, the unexpected appreciation of the EDEN coin suggests underlying market dynamics and investor confidence, even as the project exits its chapter in the crypto world.
