Highlights from the year as a team included
* The long term investors we managed to secure
* Some of the largest Ethereum miners joined Eden Network and crossed the 50% hashrate threshold
* The successful ongoing security and maintenance of the Ethereum blockchain
* Working with fantastic people and partnerships including Bancor, Alpha Wallet, Coin98 Wallet, MathWallet, Gnosis, Band, Sushi and
Alpha Finance Labs to name a few
* Immense growth of our Eden RPC and Eden Rocket RPC products for private transaction execution
* Continued growth of active EDEN stakers
As a team it is also important to recognise and reflect on learnings.
Learnings From 2021
Slot auctions allow tenants to bid on priority block space using an open auction mechanism. The auction mechanism is a harberger tax, where anyone at any time can outbid the current tenant. Our expectation was an active market where slot tenants bid on slots to secure transaction priority in Eden blocks. Slots are designed to add balance in the Eden Network economy, as winning bids burn EDEN tokens over time.
Slot tenants have and continue to extract large multiples on the slot rental cost month in month out — the benefit of the slots to slot tenants is clear. We believe that the value of slots will grow with the emergence of cross-chain trading strategies where trade execution guarantees grow in importance. We believe the Eden Network open auction mechanism can allow the market to fairly reflect the value created from this.
Currently, the burn from slots has not yet reached a point where they offset Eden Network emission levels. Even in highly volatile times (when MEV extraction is at its highest), slot auctions have been utilized only by a small number of users. However, in just the past week we have seen a large uptick in slot activity that we believe will become a sustained trend as more and more teams recognise the value of slots and come online.
RPC Product Market Fit
When launching the Eden Network the team expected that the slots would be the key use case for the network (given their value of the right of first refusal for priority block space) and while the RPC was a launch product for Eden Network, it was not expected to be a core part of the ecosystem.
Eden Network is now responsible for >1% of all transactions on Ethereum via our RPC endpoints and these private transactions are one of the network’s greatest assets.
It is clear that value creation and yield generation for RPC users/stakers should therefore be a key focus in the first part of 2022 in order to sustain this tremendous growth.
Community Communication and Issues
At launch, the Eden Network found itself embroiled in controversy. Building a community and launching a new product is already a large task but what we didn’t fully appreciate was the power of the industry that we were upsetting.
Since launch, we have helped Ethereum users get better trade execution and avoid some common pitfalls when submitting transactions. In spite of criticism from vocal and influential communities, we have focused on serving our users and pushing ahead with meaningful innovation for our transaction execution product.
Some of those benefits and innovations haven’t always been apparent to our community due to poor communication and competing narratives that have muddled the message.
Visit the Eden Network Website: https://edennetwork.io/
Use the Eden Network App: https://app.edennetwork.io/
