Eden Network, an Ethereum transaction protocol that launched last month, received a $17.4 million funding round led by Multicoin Capital.
Alameda Research, Jump Capital, Wintermute, GSR, Defiance Capital, and angel investors Andre Cronje, founder of Yearn.Finance, and Joshua Lim, head of derivatives at Genesis Capital also participated in the round.
The new funds will be used to improve the network’s infrastructure through research and development, as well as to hire more software engineers.
Eden Network went live in August, coinciding with Ethereum’s London hard fork. The network aims to protect traders from malicious Miner Extractable Value, or MEV, which occurs when miners in the Ethereum Network have the power to choose which transactions are included in a block and in what order.
According to the Eden Network website, Eden blocks account for 53.33 percent of the participating hashrate, or more than half of the Ethereum network’s hash power.
“MEV is a major issue. The malicious MEV is the issue, according to Tushar Jain, managing partner at Multicoin Capital, in an interview with Blockworks.
“If the price of an asset differs between Uniswap and SushiSwap, the first trader who can execute the arbitrage will profit,” Jain wrote in a blog post. “The block producer for each block decides which transaction will be the first in that block and who will earn the arbitrage profit.” “MEV can be defined as the sum of guaranteed on-chain profits that block producers can claim,” Jain continued.
While the future of Ethereum and the Eden Network is unknown, Jain believes the environment will evolve and change rapidly. “We have no idea when ETH 2.0 will happen or what it will look like. But Eden is designed to be adaptable and compatible with any of the world’s future stakes,” he told blockworks.
Rocket Dollar’s $8 million Series A round
In other news, Park West Asset Management led a $8 million Series A financing round for Rocket Dollar, a self-directed retirement platform.
Other investors in the round include Hyphen Capital, Moneta Venture Capital, Kraken Ventures, and Primetime Partners, as well as Sure Ventures, an existing investor.
The company has over $350 million in customer assets and stated that the funding will be used to accelerate product development, improve customer experience, and focus on cybersecurity, investment education, and content to help investors understand the retirement investing ecosystem.
“The financial sector is undergoing a technological revolution,” according to Brandon Gath, managing partner at Kraken Ventures. “Diversification is the only free lunch in investing,” he adds, “but consumers have long struggled to move their retirement savings into a wide range of asset classes due to siloed operating systems and outdated tech stacks.”
According to Gath, Rocket Dollar helps a wide range of users gain financial independence, from recent college graduates to 60-year-olds looking to maximize their savings.
“Kraken Ventures believes that technology ultimately empowers the investor, and Rocket Dollar allows anyone to add crypto—the highest performing asset class over the last decade—to their retirement account,” Gath added.