The sudden closure of Eden Network has brought a surprising twist as the EDEN coin recorded a remarkable spike in value, surging 70% within a day. This sharp rise came after the announcement that the network, launched originally as Archer DAO in 2020, would be ceasing operations after a significant journey. The coin’s value soared to $0.0721 before stabilizing around $0.06892, while trading volume surged by an astounding 409.25% during the same period.
Why Did Eden Network Shut Down?
Initially launched as Archer DAO, Eden Network transitioned post-2020 to generate MEV revenue for Ethereum miners. With the rollout of EIP-1559 impacting miners’ earnings, Eden rebranded as Eden Network. At its peak, it managed significant partnerships affecting over half of Ethereum’s hashrate with its MEV-protected RPC service. Though it stood out in the MEV-Boost relay space, escalating costs in a market with few competitors led to its unsustainable path despite a $17.4 million investment windfall in 2021.
What Does Eden Network Offer Users Now?
In the wake of its shutdown, Eden Network has 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” scheme to distribute 2,000 ETH to EDEN holders outside the U.S. at a predetermined exchange rate. This conversion can be applied for until September 2025.
The technical trajectory of EDEN’s price has tested the limits of a long-standing symmetrical triangle on the weekly chart. Currently, indicators like 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
If the EDEN token holds its value above $0.072, it might aim for a medium-term target of $0.10. Conversely, failing to breach resistance levels might lead to a retrace towards the $0.022 support point.
- EDEN price increased by 70% in a day.
- Trading volume soared by over 400% simultaneously.
- Shutdown marks Eden Network’s end, launched initially as Archer DAO.
- A “Coin Retirement” program will equitably return funds to certain holders.
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.
