Thursday, December 8, 2022

Eclipse Raises $15M Across Two Funds For Customizable Layer-2 Technology

Blockchain infrastructure project Eclipse announced that it has raised $15 million fund in two separate early growth stage rounds for Web3.0 technology. Based on a Twitter post made by Eclipse, the company first raised $6 million in a pre-seed funding round led by Polychain Capital. 

The pre-seed round enjoyed participation from other investors including Galileo, Tribe Capital, Tabiya, Polygon Ventures, The House Fund, and Accel. Also, a few angel investors were involved in the pre-seed round. Some of such angel investors are Dawn Song of Oasis Labs, Sreeram Kannan of EigenLayer, and Ryan Fang of Ankr.

Next, was the $9 million seed round which was jointly led this time by San Francisco-based venture capital Tribe Capital and Tabiya. Precisely, Tabiya is a crypto venture capital firm started by former Binance executives.

Furthermore, the round was backed by Infinity Ventures Crypto, Soma Capital, Struck Capital, and CoinList. Consequently, the valuation of the blockchain scaling project had reached nine figures.

Eclipse is a customizable modular rollup technology provider that is seeking to provide solutions in the Web3.0 development ecosystem. Explicitly, all applications built on the same blockchain are expected to share the same throughput. This does not allow an application to exit the throughput if it experiences downtime or high transaction cost. Extensively, this is the case with protocols like StarkWare and Aptos.

Eclipse Introduce New Technology 

Ordinarily, Eclipse provides developers with flexibility which helps them define their balance of speed, cost, and decentralization. The project allows applications to come up with their trust-minimized app chains. These chains are supported by the Solana (SOL) virtual machine layer-2 technology. 

It carves out a “path for Solana’s runtime to communicate with Cosmos chains through IBC.” Eclipse intends to engage the total funds realized to develop a customizable Solana virtual machine layer 2 technology. Eventually, Eclipse will support the Move language. At the end of the day, Eclipse might make other protocols redundant.

The context of Web3.0 is expanding across several sectors with more funds going into innovative technologies. Northzone, a European venture capital firm announced that has secured $1.02 billion, one of the largest in the industry so far. The firm plans to invest the fund in Web3.0 innovations.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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