Multicoin led the investment in Eden Network, but its research report was severely questioned by Flashbots developers

Author: Gu Yu
On September 8, Multicoin Capital announced its lead investment in the Ethereum priority transaction network Eden Network and released a research report. Following the announcement, the Eden Network token EDEN surged over 56%, currently priced at $8.8, with a fully diluted market cap reaching $2.2 billion.
However, early this morning, Eden Network competitor Flashshots developer Robert Miller questioned the accuracy of Multicoin Capital's research report and the operational mechanism of Eden Network on Twitter, arguing that the project has low transparency and is not permissionless.
According to Multicoin Capital's report, Eden Network determines the transaction order within a block by setting fair and transparent rules, protecting users from malicious MEV and financializing beneficial MEV in the form of tokens.
Multicoin Capital also pointed out that Eden focuses on reducing malicious MEV and creating positive externalities for the entire Ethereum ecosystem. Eden is completely transparent and permissionless: all block producers, bot operators, and users can join the network as long as they adhere to the publicly transparent rules of the protocol.
At the same time, Multicoin Capital's research report criticized other EVM projects such as Flashbots and BloXroute, stating, "These systems do not attempt to mitigate malicious MEV but rather make it easier to extract. Their systems are closed, and the centralized integration process excludes some block producers, utilizing opaque reputation scores that favor certain addresses over others."
In response to these descriptions, Robert Miller claimed that Multicoin lied about Eden, stating it is neither permissionless nor transparent. Eden is a permissioned system with multi-signature control that exclusively manages MEV payouts to miners, with its team alone deciding whether miners are mining "Eden blocks" and should be compensated.
"More importantly, Eden refuses to disclose how they determine what constitutes an Eden block and when they withhold MEV payments. Eden lacks transparency, and the subjectivity of their rules means no one can verify what an Eden block is. The Eden team claims high hash power, but only 6% of on-chain blocks contain any slot txs, and only 5% follow the ordering rules of the white paper," Robert Miller stated.
Robert Miller also mentioned that miners are abandoning the production of Eden blocks because low-priced trades from Eden miners during high gas prices create opportunity costs, fundamentally breaking Eden's economic system.
"Of course, providing more transparency is not in Eden's interest. Eden's success relies on their token pump. Only then can miners endure the 40% tax on MEV that Eden and their investors want to impose (with only 60% of the inflation rate going to miners)," Robert Miller said.
Below Robert Miller's tweet, Anthony Sassano, founder of The Daily Gwei, expressed agreement with his viewpoint, stating, "When I saw Tushar's (note: Multicoin Capital partner) tweet, I naturally laughed. He claims to want to help Ethereum but spends a lot of time undermining it while presenting other chains as solutions to Ethereum's problems. I know Multicoin is shameless, but this is a new low."