Eclipse, the first Ethereum L2 based on Solana launches mainnet

From cointelegraph by Tom Mitchelhill

Eclipse, the first layer-2 network that combines Ethereum and Solana into one blockchain, has gone live. 

Eclipse allows users to transact on Ethereum faster and more cheaply using the Solana Virtual Machine (SVM) to execute transactions. Like other Ethereum L2s, the network bundles transactions and settles them on the Ethereum mainnet.  

The Eclipse Foundation said that it has added automated market maker Orca, lending protocol Save and “other top projects” into the network.

Eclipse added at the Nov. 7 launch that its network offers 60 decentralized applications (DApps) and service providers across several sectors, including decentralized finance (DeFi), consumer apps and gaming. 

“Our goal is to empower developers from both ecosystems to build and scale their DApps like never before, unlocking new opportunities across the largest networks in the industry,” Eclipse CEO Vijay Chetty said in a statement. 

“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 best known for its robust decentralization and touts over $500 billion in onchain assets, while Solana is valued for its speed and cheap transaction costs. 

According to the Eclipse Foundation, the Eclipse network will provide users and developers with the “best of both worlds,” allowing DApps on the Ethereum L2 to communicate with native Solana apps. 

Eclipse has received funding from a swathe of major industry players, with the project closing a $50 million Series A funding  round  led by Placeholder and Hack VC on March 11, bringing its total funding to $65 million. 

Related:  Eclipse targets October to launch ‘Solana on Ethereum’ L2

The project also secured angel and strategic funding from several investors, including Solana co-founder  Anatoly Yakovenko , Helius CEO  Mert Mumtaz  and independent blockchain sleuth  ZachXBT . 

The project was  marred by controversy in May  when its now-former CEO, Neel Somani, stepped down after being accused of sexual assault. No charges have been filed. 

Somani was replaced by Chetty, formerly Eclipses’ chief growth officer.