While bullish sentiment prevails in the cryptocurrency market, bad news came from an altcoin.
The MEV protocol, Eden Network (EDEN), announced that it was shutting down its services due to operational difficulties.
“Despite early momentum and success, Eden has been unable to maintain its position in the more mature MEV landscape. After careful consideration and consultation with community members, the difficult decision has been made to shut down Eden Network,” the X account said in a statement.
The team said that the services have officially ended and the entire treasury of 2,000 Ethereum (ETH) will be distributed to EDEN holders as part of the token retirement program.
The Eden Network currently holds 2,000 ETH, which will be distributed to EDEN holders at a fixed exchange rate of 0.00001506 ETH/EDEN. The buyback will be open from today until 23:59 UTC on September 30th and is only available to non-US residents. The team recommended that users with unstaking tokens repurchase and cancel their stakes in a timely manner. The team also added that any remaining funds will be used for company liquidation.
The announcement also stated that the network’s core products, such as Eden RPC, Eden Bundles, Mempool Stream, and Tx Explain, will no longer be operational.
While Eden Network announced its decision to shut down, its native token, EDEN, surprised investors and the market by gaining 73% in value in the last 24 hours.
*This is not investment advice.
