There is no description of the protocol or of its security goals, so I am making some guesses based on a cursory look at the source and what I imagine this might be for. A single symmetric key is derived for both directions, and there is no checking of nonces, so as far as I can tell any message can be dropped, reordered, or replayed in both directions. (Including replaying message from A to B as if they were from B…
I once heard something along the lines of "if you're writing the words RSA, you're doing it wrong." I guess that goes for ED25519 also. If you want to secure a stream with asymmetric cryptography and don't need all the bells and whistles of TLS, what's the correct way to do it? Noise? Is there nothing simpler?
As far as alternatives go, Noise Pipes[0] never took off, but feel like they'd be well suited to this task.