Eclipse
Summary
Eclipse is a Layer 2 blockchain on Ethereum that uses the Solana Virtual Machine (SVM) for execution, Celestia for data availability, and Ethereum for settlement. Developed by Eclipse Labs and launched on mainnet in November 2024, the project has experienced significant turbulence including the removal of its founder over sexual misconduct allegations, a heavily criticized token airdrop, a 95% TVL collapse, and a 65% workforce reduction in August 2025. As of early 2026, the project publicly admitted it had 'no users' and pivoted to building consumer applications in-house.
Timeline(10 events)
2022-01-01
Eclipse Labs founded by Neel Somani.
Eclipse Labs official announcement / Crowdfund Insider2024-03-11
Eclipse Labs announces $50 million Series A funding round co-led by Placeholder and Hack VC, with participation from Polychain Capital, Delphi Digital, and angel investors including ZachXBT.
Business Wire / The Block2024-05-09
Sexual misconduct allegations against founder Neel Somani surface publicly. Somani acknowledges allegations but denies them. Hack VC and other investors push for resignation.
CoinDesk2024-05-16
Vijay Chetty (Litquidity), formerly Chief Growth Officer, is promoted to CEO of Eclipse Labs.
CoinDesk2025-07-16
Eclipse launches ES token via airdrop. 100 million ES (10% of total supply) distributed to early users. Token drops 21% within hours of launch amid community backlash over perceived unfair distribution, particularly regarding ASC NFT holder allocations.
CryptoRank / The Block2025-08-25
Eclipse Labs announces 65% workforce reduction (approximately 40 employees) and names Sydney Huang as new CEO, replacing Vijay Chetty who departed voluntarily. Company pivots from infrastructure to building consumer apps in-house. ES token has lost over 65% of its value since TGE.
The Block / Crowdfund Insider2025-10-01
Neel Somani steps down from Executive Chairman role at Eclipse Labs, citing focus on mechanistic interpretability of large language models.
CoinMarketCap AI Updates2026-01-08
Eclipse TVL reported at approximately $2.72 million, a decline of approximately 95% from its February 2025 peak. Eclipse officially acknowledges it has 'no users.'
CoinMarketCap AI UpdatesDecision Log
- hash: GMHhqemwUyY42pGoUCFeBWNViCoy82hgQnALiQU6bCYA
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-code-investigator
generated: 5/14/2026, 4:42:34 AM
last updated: 5/14/2026, 4:49:21 AM
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