This is a collection of tools and templates that will allow developers of apps to make new prototypes fast and effectively using the Ethereum Development Environment and Network.
It has been announced that Eden Network, a network of priority transactions for Ethereum that is designed to provide protection against miner extractable value (MEV) and arbitrary transaction reordering, has raised $17.4 million in a seed round of funding.
Caleb Sheridan, one of the core developers of Eden Network, told The Block recently that the funding was secured through the sale of EDEN tokens. A number of other investors also participated in the round, including Jump Capital, Alameda Research, Wintermute, GSR, and DeFiance Capital, with Multicoin Capital leading the charge.
This round was also backed by angel investors, including Andre Cronje, the founder of Yearn Finance and Joshua Lim, the head of derivatives at Genesis Capital.
With this fresh injection of capital, Eden Network will be able to enhance its infrastructure through research and development, and grow its adoption to a much greater extent, according to Sheridan. In order to achieve this, the project is also looking to hire a total of 25 people, mostly engineers, in an attempt to triple its current team of 10.
With Ethereum’s London upgrade, Eden Network went live last month. With Eden, users can prioritize their transactions on the Ethereum blockchain due to the fact that it is a network that prioritizes transactions and protects against practices such as MEV or frontrunning because it is a transaction priority network. MEV, as reported in a recent article in The Block, refers to certain kinds of profit-generating opportunities that miners are empowered with by frontrunning their transactions. This is due to the fact that miners are the ones who determine the order of transactions in a block, so they are the ones who get to profit from them.
Among the benefits of staking EDEN tokens, Sheridan pointed out that users gain priority in Eden blocks with protection from MEV, improved trade privacy, and better price execution. Eden Network says it already represents more than 50% of the Ethereum hashrate, meaning more Eden blocks are now being produced on Ethereum than non-Eden blocks. But some market participants say Eden’s claims aren’t publicly verifiable. Sheridan said Eden is working on a public dashboard to make this information public and available for “deeper review.”
According to Sheridan, the Eden Network provides an additional revenue stream in the form of EDEN tokens to Eden block producers and miners. A number of mining pools are currently using the Eden Network, including F2Pool, SparkPool, Nanopool, and 2Miners.
The Eden Network rents prioritized block space in Eden blocks to “Slot Tenants,” which means projects interested in becoming tenants must participate in an EDEN stake auction. Eden Network provides protection against MEV or frontrunning to the winning projects or tenants.
Initiated by the Archer DAO team, Eden Network is a blockchain project. According to Sheridan, Archer DAO raised $1 million through the sale of ARCH tokens last year. EDEN tokens now represent a technical upgrade of ARCH tokens, and ARCH holders can upgrade 1:1 to EDEN.
How to Leverage Eden Network to Trade with Priority?
Eden’s priority Network can be leveraged in three ways:
- In order to increase your chances of getting allocation, snipe NFT drops and IDOs
- In large DEX swaps (>$5k), you’ll get more tokens for your trades and be protected from malicious bot attacks
- Curve and Bancor are examples of niche DeFi applications that get MEV protection and priority
NFT Drops and IDO Sniping
NFT drops and IDOs are more likely to receive allocations when Eden’s priority Network is leveraged. It’s best suited to situations with extremely low latency and time-sensitive requirements. It is better for users to stake and integrate with the RPC for NFT drops that last longer than 5 minutes without selling out.
It is recommended that you stake EDEN tokens at app.edennetwork.io/stake rather than integrating with Eden RPC itself if you have a very time-sensitive use case.
You have priority over the public wading pool if you stake without integrating, but you don’t have MEV protection. The public wading pool processes transactions on non-Eden blocks. The Eden Block accounts for 30 percent of blocks mined at the time of writing.
As an example of a low-latency application, Yield Guild Games sold out its entire token allocation within 31 seconds on July 27 during the Miso Launchpad IDO.
The trader would have maximized their absolute chances of getting allocation if they staked EDEN, submitted with a high tip, and then bid on this IDO. A +30% chance of the Eden Block prioritizing their transaction would have been given to them. When they submitted, the block had not been mined, but they would still compete on the basis of miner tip.
In Ethereum, one block is mined every 15 seconds and 30% of the blocks are Eden Blocks. As your transaction will have enough time to be processed on an Eden Block before the allocation sells out, it likely makes more sense to integrate with the RPC when doing NFT drops and IDOs that last more than a couple minutes.
Large DEX Swaps
MEV protection can be provided on large DEX swaps through Eden’s priority network. Malicious bot attacks and slippage loss are more likely to occur with large swaps (over $5,000). With Eden RPC, these issues are minimized, and block priority is ensured, which increases price execution accuracy. The long-term result of this is a greater number of tokens for your trades.
As a result, users would be better off not integrating Ethereum RPC for highly time-sensitive applications like those mentioned above. Transaction time decreases inversely as Eden Network’s hashrate increases.
To The Eden custom RPC must first be added and integrated, before you can stake EDEN tokens.
Niche DeFi Applications
I think one of the great benefits of integrating with Eden RPC is that it provides traders with priority and protection wherever they are on Ethereum. Curve and Bancor are just two examples of niche DeFi apps that fall under this category.
For example, Curve’s default slippage is 1% in their 3pool.
The liquidity in these pools is fantastic, but MEV protection on swaps was not available until now. Trading on a wide range of platforms and accessing niche liquidity is now easy with Eden RPC.
In addition to token approvals, first-generation MEV protection protocols have another limitation. Token swap approvals are required for each MEV protection product. Gas is now being wasted unnecessarily because of this annoyance. There are even some MEV protection protocols that charge users a fee for providing MEV protection.
Users are able to buy, sell, and trade unique digital assets on Magic Eden, a decentralized NFT buying and selling platform. In this trustless environment, users are able to interact with each other using the Solana blockchain.
What is Magic Eden?
Using Magic Eden, NFTs can be bought, sold, and minted on the Solana Network. Creatives have never been in short supply anywhere in the world. In order to showcase their creations, they must find innovative platforms. As NFTs have emerged, creatives have had access to new opportunities, but they have been hampered by exorbitant costs and a lack of technical expertise.
Using Magic Eden as a solution, these limitations can be mitigated by simplifying the minting process and reducing transaction fees, making non-fungible tokens (NFTs) more accessible and affordable. Due to the high throughput of the Solana blockchain, all fees involved in Magic Eden are essentially negligible.
With Magic Eden, you can buy, sell, and mint NFTs on the Solana Network. NFT transactions are very similar to Ethereum transactions, except that there will be a 2% transaction fee instead of a 0% listing fee, making it easier for buyers and sellers to get started. Payment for fees is made with SOL tokens.
What is the unique selling point?
A recent explosion in software use cases has resulted from new developments in blockchain technology due to its popularity and innovation. Magic Eden, for example, makes it easy to buy and mint NFTs through its platform. As a result, these NFTs are later used within Solana’s networked applications (which are built specifically to allow users to own digital assets).
Users of Magic Eden can take advantage of a variety of features, including:
- Upcoming Launches
- Popular Collections
- Attributes Filter
In the coming weeks, this feature will show upcoming NFT launches, so anyone can find out when their favorite launch will occur. By doing this, you won’t have to waste time searching for the next big release. The Twitter account of any project can be accessed directly by clicking on it.
These collections highlight the hot projects and what’s trending right now. Here’s your chance to profit from a crypto fad. You can easily see which digital assets are trending and who is getting the most attention.
Magic Eden stands out from other NFT platforms because of this feature. Creating and selling your non-fungible tokens has never been easier thanks to Magic Eden’s new Launchpad. In addition to providing full-service support worldwide, this straightforward technical process will make minting seamless and secure.
You don’t need to worry about technical stuff – all you have to do is upload your files, or create them ahead of time, and you’re done. Everything else is handled by Launchpad automatically, leaving you free to focus on what really matters: your creativity.
With this new filtering system, you can choose the NFT that best fits your taste, unlike any other platform. The attributes filter of Magic Eden allows you to find the exact NFT you’re looking for based on a wide range of discriminators, such as the background, clothes, earrings, eyes, and many others.
Magic Eden shows you the overall value, supply, and category of your digital asset instantly. The analytics provide you with a nice overview of all your current assets in their network, allowing you to determine which ones are most valuable and at what quantity.
This tool displays both volume percentages and floor prices, so you can determine which assets are popular and which aren’t. The platform offers an overview of digital assets similar to a stock market.
By using this feature, customers can immediately obtain their preferred NFT without waiting for the seller to lower the price. In addition, it provides users with minimal sell fees and commission bonuses for bidding on a variety of items regularly and successfully.
Thanks to its users, the platform constantly improves thanks to feedback and suggestions. In addition to Magic Eden’s other features and services integrated within this new marketplace, the more people use it and provide their input, the better it gets.
Magic Ticket Airdrop and DAO
An NFT marketplace based in Solana called Magic Eden is developing a DAO based on DAO fundamentals. NFTs have already been distributed to thousands of active wallets, according to the team. “Magic Tickets” were created by Magic Eden (ME) developers in three levels, which include
- ME originals – those who first transacted on ME between September 17 and October 17
- First-time ME buyers – those who transacted between October 18 and December 18
- Normies are those who transacted for the first time on ME December 19 and later.
Who Should Use Magic Eden?
As a marketplace made to benefit both parties, collectors and creators will enjoy this platform. Magic Eden is the ideal platform for making deals within your community, regardless of whether you want to sell multiple assets or just one item.
Due to its Launchpad, this platform is definitely worth a look for digital asset creators. The item creators can mint their very own custom NFTs with its easy integration and custom minting authority, in addition to the ease of integration.
Furthermore, the platform takes care of everything, from designing to sharing, without you having to set up any infrastructure. It is easy and fast for people who are not technically inclined to get started.
Magic Eden Pricing
According to Magic Eden, its transaction fees are minuscule in comparison to others in its niche. Buying and selling NFTs in Magic Eden requires a Solana compatible wallet, such as Phantom. According to their platform, these are the fees:
- There is no listing fee
- Fees of 2% on transactions
- The royalty percentage varies from creator to creator
- Fees for offers are zero
- 50% of the listing price is the minimum offer price
According to Digital asset minting company, Magic Eden aims to simplify the process. Nevertheless, the NFT marketplace ensures that all entries must adhere to quality standards. As a result of its absolute screening method, Magic Eden can guarantee the production of high-quality NFTs for the benefit of its community. With its cost-effective trading model, the NFT collections inside the platform are growing every day.