Eclipse Explained: Architecture, Release Date & More

What is Eclipse?

Eclipse is an Ethereum Layer 2 solution that taps into the Solana Virtual Machine (SVM) for better speed and scalability. By merging Ethereum’s strong liquidity with Solana’s parallel execution, it offers a faster way to build decentralized apps (dApps) on Ethereum, solving the performance bottlenecks seen in most Layer 2s that rely on single-threaded execution.

The system is modular, using Ethereum for settlement, Celestia for data availability, and RISC Zero for fraud proofs. This setup keeps transactions secure while reducing costs with Celestia's efficient data publishing. The SVM allows for higher throughput, local fee markets, and smarter state management, all crucial for handling more intensive applications.

Eclipse’s real value comes from its ability to support complex apps, like DeFi and gaming, with low fees and fast speeds while maintaining Ethereum’s security. It’s designed to scale Ethereum efficiently without compromising decentralization or usability.

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How Eclipse Works

Eclipse is designed to be the best of both worlds for Ethereum and Solana users. It leverages a combination of both blockchain designs to improve scalability, user experience and security. Here is a quick breakdown of Eclipse Mainnet's architecture: 

• Settlement Layer (Ethereum): Eclipse uses Ethereum for settlement, ensuring secure and decentralized finality. Transactions are validated through a bridge, making Ethereum’s security available to Eclipse.
• Execution Layer (Solana Virtual Machine - SVM): The SVM handles transaction processing, allowing for parallel execution, which dramatically improves throughput compared to single-threaded systems like the Ethereum Virtual Machine (EVM).
• Data Availability (Celestia): For scalable and cost-effective data availability, Eclipse posts its data to Celestia. This allows the network to support high transaction volumes with lower costs than relying on Ethereum for data.
• Fraud Proofs (RISC Zero): To maintain integrity, Eclipse uses RISC Zero for zero-knowledge fraud proofs, ensuring that the network can detect and correct invalid transactions without directly re-executing them on-chain.

By combining these elements, Eclipse achieves faster transaction speeds, lower fees, and better scalability while maintaining Ethereum's security and decentralization.

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Eclipse Release Date

Eclipse Mainnet officially launched on July 30, 2024, and is now live for developers to start building decentralized applications. While the canonical bridge for moving assets like ETH to Eclipse Mainnet is live, withdrawals are currently disabled, and the user interface is still under development.

A full Mainnet release with all features, including bridge withdrawals, is expected in October 2024.

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Eclipse Valuation

Eclipse, currently valued at $200 million, has raised $65 million across multiple funding rounds. 

The most recent Series A in March 2024 brought in $50 million, led by prominent investors like Hack VC, Placeholder Ventures, and Polychain Capital. Earlier Pre-Seed and Seed rounds in 2022 raised $15 million, with support from Tribe Capital and P2 Ventures.

The token is expected to go live in Q4 of 2024 at its current valuation of $200 million. With other Layer 2’s valued in the billions (e.g. Arbitrum and Optimism), investors are hopeful that Eclipse’s modest initial valuation will result in strong early price action.

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Eclipse Founder

Neel Somani, the founder of Eclipse, is a UC Berkeley graduate with a background in Computer Science, Mathematics, and Business Administration. Before launching Eclipse, he held roles at Citadel and Airbnb.

In May 2024, Somani stepped down as CEO amid sexual assault allegations, which he denies. Eclipse is now led by Vijay Chetty, its former Chief Growth Officer.

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Why Use Eclipse Over Solana

Eclipse offers Solana's speed with Ethereum's liquidity and security, making it a more balanced option. Solana is fast but lacks Ethereum's deep liquidity and security guarantees. Eclipse, as a Layer 2 on Ethereum, taps into Ethereum’s $80B in stablecoins and composability, while using Solana's Virtual Machine (SVM) for high-speed execution.

This setup ensures decentralized security, lower fees, and better access to Ethereum's DeFi ecosystem. For developers needing both Solana's performance and Ethereum's liquidity, Eclipse is a more technically robust and scalable solution.

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Bottom Line

Eclipse is leading the charge in modularising the layer 1 stack by combining Ethereum’s security and validator set with Solana’s parallelized SVM. Its new design, also leveraging Celestia for data and RISC Zero for fraud proofs, keeps things fast and scalable without losing decentralization.

With the full mainnet and token launch coming later in 2024, Eclipse is shaping up to be a solid choice for developers wanting low costs, fast transactions, and secure access to Ethereum’s liquidity.