Eclipse launches Ethereum L2 network on Solana mainnet

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Grafa2024/11/09 00:37

By:Mahathir Bayena

Eclipse, the first blockchain layer-2 solution that bridges Ethereum (CRYPTO:ETH) and Solana (CRYPTO:SOL), has officially launched its mainnet.

This network aims to combine the benefits of Ethereum’s decentralised ecosystem with the speed and cost-effectiveness of Solana.

By using the Solana Virtual Machine (SVM), Eclipse allows transactions on Ethereum to be processed faster and at lower fees while finalising them on the Ethereum mainnet.

Eclipse Foundation announced that its launch includes notable decentralised applications (DApps) and service providers, such as the automated market maker Orca and the lending protocol Save.

The initial offering spans 60 DApps across various sectors like decentralised finance (DeFi), gaming, and consumer applications.

“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,” CEO Vijay Chetty emphasised, highlighting Eclipse’s unique position.

This initiative aims to enable developers from both ecosystems to create and scale DApps seamlessly.

With Ethereum known for its extensive asset base and decentralisation, and Solana prized for its speed and low transaction fees, Eclipse seeks to merge the strengths of both blockchains.

This integration promises improved communication between DApps on Ethereum L2 and native Solana applications.

Eclipse’s development has been backed by significant industry investments.

The project secured $65 million in total funding, including a $50 million Series A round led by Placeholder and Hack VC.

Additionally, notable investors include Solana co-founder Anatoly Yakovenko and blockchain researcher ZachXBT.

Earlier this year, Eclipse faced internal challenges when its former CEO, Neel Somani, resigned amid allegations of misconduct, though no charges were filed.

Chetty, who was the chief growth officer, stepped in as CEO following Somani’s departure.

At the time of reporting, the Ethereum price was $2,922.34, and the Solana price was $199.45.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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