Eclipse Labs, a multilayered blockchain builder, has raised $50 million in funding to fuel the launch of its solution for scaling the Ethereum network.
The announcement was made on March 11 via the X (formerly Twitter) handle, just weeks before the mainnet launch.
Eclipse Labs’ Developer-First Focus Approach
Eclipse Labs offers a flexible Layer-2 solution (rollup) for blockchain developers. It lets them choose from different virtual machines, like Sealevel, to build custom blockchains that benefit from the security of established networks like Ethereum and Polygon.
Last month, they launched the Sealevel virtual machine (SVM) Layer 2 blockchain for Polygon to ease migration from Solana to Polygon.
This newly funded release will emulate the Polygon SVM but with a focus on Ethereum, leveraging a blend of modern technologies from established blockchains. The multi-layered blend will combine Ethereum, Solana, Celestia, and RISC Zero elements.
The ultimate goal is to achieve faster transaction speeds on Solana without compromising Ethereum’s security.
Regarding the potential impact on both ecosystems, Neel Somani, CEO of Eclipse Labs, stated that the solution will be a “net additive for both ecosystems.”
He emphasized this significance, stating that from an ETH perspective, the development is an important way for Ethereum to scale.
“For Solana, we’re bringing more people into the Solana Virtual Machine,” he said.
In December 2023, Eclipse launched the test net with the intention of prioritizing developers. Opening the mainnet to developers in the coming weeks gives them a platform to build applications that benefit from the project’s architecture.
Eclipse Testnet is live.
This marks a significant step towards bringing the Solana Virtual Machine (SVM) to Ethereum L2. pic. .com/4VAZh2W5A0
— Eclipse (@EclipseFND) December 13, 2023
While a user-friendly bridge for regular cryptocurrency users may come later, this developer-centric approach is meant to be a foundation before wider adoption.
Eclipse Labs also prioritizes decentralization by planning to hand over control to its stakeholders gradually. This likely means a future shift towards a community-driven governance model.
The company has not yet publicized its specifics, but a potential token airdrop might be coming. This approach is similar to that decentralized projects adopt to facilitate community involvement.
Building Bridges Between Ecosystems
Eclipse Labs is essentially attempting to foster collaboration and interoperability between the Ethereum and Solana ecosystems. This approach allows applications built for Solana to run on Eclipse with minimal modifications.
Additionally, SOL tokens will remain the primary currency within the Eclipse ecosystem, further bridging the gap between the two major blockchain players.
While the initial launch caters to developers, the project has garnered interest from established players in the Decentralized Finance (DeFi) space.
Major Solana protocols like Solend have expressed their intent to deploy on Eclipse, highlighting its potential to streamline DeFi operations.
Rooter, the developer of Solend, expressed his enthusiasm about the potential benefits of deploying on Eclipse, stating that it was a good bet.
Like similar projects with exciting promises, its success lies in delivering on these promises of faster, secure, and interoperable transactions.
If successful, it could become a key player in bridging the gap between existing blockchains and fostering a more connected future for decentralized applications.