Eclipse, the first layer-2 network that integrates Ethereum and Solana into a single blockchain, has been launched.
Eclipse’s network launch on November 7 was one of the most anticipated network debuts of the year, as the hybrid blockchain project had already secured over $65 million in funding.
Eclipse Network Launch On Ethereum
The newly launched network enables users to execute transactions on Ethereum at a quicker and more cost-effective pace by utilizing the Solana Virtual Machine (SVM). The network consolidates transactions and resolves them on the Ethereum mainnet, as is the case with other Ethereum L2s.
The Foundation has announced the inclusion of “other top projects,” including the automated market maker Orca and the lending protocol Save, into the network.
The network also announced that it will provide 60 Decentralized applications (DApps) and service providers across a variety of sectors, such as decentralized finance (DeFi), consumer apps, and gaming, at its launch on Nov. 7.
https://twitter.com/EclipseFND/status/1854569797222072463
The CEO Vijay Chetty stated in a statement, “Our objective is to enable developers from both ecosystems to build and scale their dApps in a manner that has never been done before, thereby unlocking new opportunities across the largest networks in the industry.”
“Eclipse is uniquely positioned as the first solution to bridge the gap between Solana and Ethereum, offering a powerful platform that caters to both communities.”
Ethereum is most renowned for its robust decentralization and boasts over $500 billion in on-chain assets, whereas Solana is valued for its speed and low transaction costs.
The Eclipse Foundation asserts that the network will offer users and developers the “best of both worlds,” enabling DApps on the Ethereum L2 to communicate with native Solana applications.
The network’s total funding has now reached $65 million, following the completion of a $50 million Series A funding round led by Placeholder and Hack VC on March 11. The project has received funding from a wide range of key industry players.
Additionally, the initiative received strategic and angel funding from a number of investors, such as Helius CEO Mert Mumtaz, independent blockchain sleuth ZachXBT, and Solana co-founder Anatoly Yakovenko.
In May, the initiative was tainted by controversy when its former CEO, Neel Somani, resigned after being accused of sexual assault. Somani has not been charged in connection with the allegations.
It was immediately after Somani’s departure from Eclipses that Chetty, who was previously the company’s chief growth officer, succeeded him.
