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The launch of Eclipse is one of the most hyped network launches of the year, with the hybrid blockchain project securing over $65 million in funding prior to its launch on Nov. 7.
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Eclipse, the first layer-2 network that combines Ethereum and Solana into one blockchain, has officially 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 shared that it has added automated market maker Orca, lending protocol Save, and “other top projects” into the network.
Eclipse also said its network offers 60 Decentralized applications (DApps) and service providers at launch on Nov. 7 across a number of sectors including decentralized finance (DeFi), consumer apps, and gaming.
Source: Eclipse
“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,” said Eclipse CEO Vijay Chetty 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 on-chain 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 says it offers users Solana’s speed with Ethereum’s liquidity. Source: Eclipse
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 from his position after being accused of sexual assault. No charges have been filed against Somani in relation to the allegations.
Somani was replaced by Chetty, formerly Eclipses’ chief growth officer, immediately following his departure from the company.
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This article first appeared at Cointelegraph.com News
