Eclipse Launches First Ethereum Layer-2 Network Powered by Solana

Eclipse, a fresh blockchain network, has premiered its mainnet, combining the power of Ether and Solana into one platform. It’s the first of its kind: an Ethereum layer-2 (L2) network using the Solana Virtual Machine (SVM) to handle transactions faster and at lower costs.

Eclipse’s use of the SVM means it can process transactions more quickly and at lesser fees than ETH usually does. Like other Ethereum layer-2 (L2s), Eclipse groups transactions together and settles them on the main Ethereum network. But with Solana’s speed and efficiency, Eclipse brings a unique advantage for both developers and users.

Public mainnet is live with over 60 apps and service providers on day one.

Explore and participate in our ecosystem at https://t.co/i5CyG67nVU. pic.twitter.com/r6frGsRwIH

— Eclipse (🐮,🌑) (@EclipseFND) November 7, 2024

Building a Strong Ecosystem with Leading Projects

The Eclipse Foundation has partnered with well-known projects like Orca, an automated market maker, and Save, a lending protocol. On launch day, November 7, Eclipse introduced 60 decentralized apps (DApps) and service providers across various sectors, including finance (DeFi), consumer applications, and gaming.

“Our goal is to help developers from both ecosystems build and grow their DApps like never before, unlocking new opportunities across the biggest networks,” said Eclipse CEO Vijay Chetty. Chetty highlighted that Eclipse bridges the gap between Ethereum’s strong security and Solana’s speed and low fees, offering a platform for both communities.

Financial Support from Big Names

Ethereum is well-known for its high security and has over $500 billion in assets on-chain, while Solana is valued for being fast and cheap to use. Eclipse combines these strengths, allowing Ethereum-based DApps to connect with Solana apps, giving developers “the best of both worlds,” according to the Eclipse Foundation.

Eclipse has received strong backing from industry leaders. In March, the project raised $50 million in Series A funding led by Placeholder and Hack VC, bringing its total funding to $65 million. The project also secured investment from Solana co-founder Anatoly Yakovenko, Helius CEO Mert Mumtaz, and well-known blockchain investigator ZachXBT.

In May, Eclipse went through a leadership change. Former CEO Neel Somani stepped down after allegations of sexual misconduct surfaced. Although no charges were filed, Somani resigned, and Vijay Chetty, the former chief growth officer, took over as CEO.

Chetty brings over a decade of crypto-native experience to the helm, having held leadership positions at Uniswap Labs, dYdX Trading, and Ripple Labs in addition to his investing experience at BlackRock.

— Eclipse (🐮,🌑) (@EclipseFND) May 16, 2024

With its mainnet now live, Eclipse hopes to build stronger connections between Ethereum and Solana, making it easier and more cost-effective for developers and users to benefit from both networks.