Even in an overall bullish market, not every project is able to withstand competitive and operational pressures.
Amid a generally bullish crypto market, MEV-focused project Eden Network has announced it will cease operations, citing an inability to compete in a more mature and challenging MEV ecosystem.
The decision marks the end of core services, including Eden RPC, Eden Bundles, Mempool Stream, and Tx Explain.
Treasury to Be Returned to Holders
As part of its closure plan, Eden Network will distribute its remaining 2,000 ETH treasury to EDEN holders through a fixed-rate buyback at 0.00001506 ETH per token.
The redemption process, open exclusively to non-U.S. residents, runs until September 30 at 23:59 UTC. Holders with unstaked tokens have been urged to complete the process promptly, as any unclaimed funds will go toward company liquidation.
A Surprising Price Spike
Despite the shutdown announcement, EDEN’s price defied expectations, surging 73% in the past 24 hours. The rally has left many traders speculating on short-term market dynamics rather than the project’s long-term fate.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/altcoin-shuts-down-but-surges-73-in-surprise-market-reaction/