The announcement of Eden Network's closure marks the end of a notable four-year journey that started as Archer DAO in 2020. Despite this, EDEN's price surged by 70% within 24 hours.
Closure of Eden Network
Eden Network, originally known as Archer DAO, built its history providing MEV services for Ethereum miners. Following the implementation of EIP-1559 and reduced miner incomes, the project was rebranded as Eden Network. It handled thousands of transactions daily through its MEV-protected RPC service and, at times, accounted for over 50% of the Ethereum network's hashrate. Despite securing $17.4 million in investments in 2021, the company could not achieve sustainability, leading to the closure decision. All products of Eden Network, including Eden RPC and Eden Bundles, will cease to exist, and users are recommended alternative platforms such as Flashbots Protect.
Surge in EDEN Price
Despite the closure, EDEN's price surged by 70%, temporarily peaking at $0.0721 before stabilizing around $0.06892. Trading volume also spiked by 409.25% during the same period.
Price Trend Analysis
Analyzing the technical aspects reveals a breakout at the upper band of a symmetrical triangle on the weekly chart. Analysts note that a breakout above the $0.033–$0.035 range with significant volume could lead to targets of $0.050 and $0.072. If EDEN maintains above $0.072, it could open up prospects for reaching $0.10.
The closure of Eden Network marks a significant event for the cryptocurrency community, yet the price surge of EDEN indicates ongoing interest from traders and investors, which may affect future market trends.
