Eden Network Partnership With Band Protocol
“Miner Extractable Value,” also known as “Maximal Extractable Value,” (MEV) is the monetary/financial value that miners can extract by intentionally changing the order of transactions on each Ethereum block. Changing the order in which transactions are processed allows miners to create and capture inter-block arbitrage opportunities. These typically appear in the form of “sandwich attacks”, “liquidation”, “arbitrages”, and “frontrunning.”
A new non-consensus breaking transaction ordering protocol, Eden Network, has collaborated with Band Protocol to provide frontrunning protections for developers and decentralized applications. One of the Tenant Slots at Genesis upon Eden Network’s launch has been secured by Band Protocol to deliver an even higher degree of price security and reliability
MEV is the process of a miner purposefully rearranging the order of transactions within a block being added to the blockchain for a measure of profit. This is most commonly used to execute harmful strategies such as frontrunning or sandwich attacks to extract large amounts of value from the blockchain ecosystem at the cost of genuine users.
“DeFi projects rely on decentralized and secure oracle middleware to ensure solvency, security and overall protocol sustainability. Yet, these oracle updates go through the public mempool, which can be frontrun and exploited for malicious gain. Without a transaction ordering network such as Eden, value accrual to liquidity providers and protocol users as a whole will continue to be suboptimal. Band Protocol is proud to work closely with Eden Network to tackle the issues caused by MEV and provide a more secure, private and efficient ecosystem for all dApps that depend on our oracle.”—Soravis Srinawakoon, CEO and Co-Founder of Band Protocol
As one of the owners of the Tenant Slots on Eden Network, Band Protocol has a maximum of 1.5M gas limit on Ethereum to utilize in each block which will effectively safeguard partners further against network congestion, gas spikes and frontrunning incidents.
Band Protocol is proud to share the slot with Alpha Finance, a close partner of Band Protocol to fill out the remaining gas capacity. Alpha Finance is exploring using Eden Network’s priority queue to operate a community liquidation bot for Alpha Homora v1 and v2 which may potentially redistribute liquidated assets back to ALPHA stakers — further enhancing the value accrual in the Alpha Ecosystem.
Together with Eden Network, Alpha Finance, Band Protocol is setting a new oracle update and security standard for the entire blockchain industry.
ABOUT BAND PROTOCOL
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
ABOUT EDEN NETWORK
Eden Network is a priority transaction network that protects Ethereum traders from malicious MEV and arbitrary reordering. In technical terms, Eden Network is an optional, non-consensus breaking ordering protocol. The protocol creates a transparent and fair set of rules to order transactions within each block
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