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Cryptocurrency News Articles
Eclipse Labs CEO Vijay Chetty Reveals Mainnet Launch Timeline for Ethereum Layer 2 That Leverages Solana Virtual Machine
Sep 20, 2024 at 02:01 pm
Eclipse aims to bring "Web2 scale to Web3" by combining the best of Ethereum, Solana and the layer-1 blockchain Celestia.
Layer 2 blockchain Eclipse, which uses the Solana Virtual Machine to execute transactions, will launch its mainnet in October, the team announced.
“Public mainnet will be launching toward the end of October,” Vijay Chetty, CEO of Eclipse Labs, told Cointelegraph at the Solana Breakpoint conference in Singapore on Sept. 20.
Eclipse combines the best of Ethereum, Solana and layer-1 blockchain Celestia, which will be used to store data. The aim is to bring “Web2 scale to Web3.”
Chetty speaking with Cointelegraph at Breakpoint. Source: Cointelegraph
Chetty said that the vision of building a blockchain by combining the best components of each is something that “we very much subscribe to.”
It would also, in theory, mean Eclipse avoids the worst features of those blockchains, too.
Chetty suggested that Solana’s decentralization constraints and Ethereum’s slow transaction throughput on the base layer have hamstrung both blockchains from reaching widespread success.
While Ethereum layer 2s offer a higher transaction throughput, many blockchains store data offchain due to costs, among other things, Chetty said. Eclipse’s integration of Celestia aims to fix that.
Eclipse will face stiff competition in the cut-throat Ethereum layer-2 market.
Arbitrum One, Base and OP Mainnet are the three largest Ethereum layer-2 solutions with $13.7 billion, $6.5 billion and $6 billion in total value locked, respectively, according to L2Beat.
Chetty said that several existing “Solana blue chip apps” will be integrated to make up for the lost ground, as well as the creation of several native apps.
Solana apps that will be expanding to Eclipse include decentralized exchanges Mango and Orca, as well as lending and borrowing platform Solend. Some of these apps will be rebranded with different names, he noted.
Scenes from Solana Breakpoint conference in Singapore. Source: Cointelegraph
Magazine: Proposed change could save Ethereum from L2 ‘roadmap to hell’
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