Eclipse raises $50M for its L2 Ethereum based on Solana VM

Eclipse Labsa startup that builds a Ethereum Layer 2 network using the Solana virtual machine (SVM)has completed a series A from 50 million dollars.

Founded in San Francisco in 2022, Eclipse Labs is focusing on the development of a Layer 2 solution dedicated to Ethereum, with the distinctive feature of being based on the Solana Virtual Machine (SVM). Also powered by the Celestia and Risk Zero networks, the modular blockchain aims to establish itself as the fastest L2 for Ethereum.

On Monday, Eclipse Labs announced that it had raised $50 million in a Series A round led by Placeholder and Hack VC. The round also includes participation from Polychain Capital, Delphi Digital, Maven 11 and Fenbushi Capital.

‘By combining the most powerful and battle-tested execution environment, Solana Virtual Machine, with Ethereum’s vast portfolio of established liquid and settlement assets, and Celestia’s best-in-class data availability, Eclipse combines the best infrastructure components that crypto has to offer,’ commented Chris Burniske of Placeholder.

The Eclipse network is expected to launch in Q2 2024. L2 already has a devnet and a testnet. Several DApps, including Rarible, Pyth Network and Solana Solend, are planning to deploy on it when it is released.

We’re excited to announce that Eclipse Labs, the development team contributing to Eclipse Mainnet, has raised a $50M Series A co-led by @placeholdervc and @hack_vc, bringing our total capital raised to $65M.

Eclipse brings Solana performance to Ethereum with the first SVM L2. pic.twitter.com/akq46v34lN

– Eclipse (@EclipseFND) March 11, 2024

Eclipse Labs had already raised $15 million by 2022 from Tribe Capital, Polychain and others.

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