The launch of Eclipse, a cutting-edge Layer 2 blockchain that merges innovations from both the Ethereum and Solana ecosystems, marks a significant milestone in the cryptocurrency realm. With the recent release of its $ES token, Eclipse aims to reshape how users interact with decentralized technology.
In an announcement, the Eclipse team confirmed that the initial distribution of the $ES token will occur over the next 30 days, providing early adopters an opportunity to engage with the platform. According to a press release shared with CoinDesk, the total supply of $ES tokens has been capped at 1 billion, with 15% allocated for an airdrop and liquidity provisions benefiting core community members and developers who have contributed to the project since its inception.
Allocations from the $ES supply are designed to foster growth within the ecosystem. A substantial 35% will be directed towards growth initiatives, research, and development efforts aimed at scaling the network effectively. Furthermore, contributors, including team members, will receive 19% of the total supply, which will be subject to a four-year vesting period accompanied by a three-year lockup. The remaining 31% has been set aside for early supporters and investors, also under the purview of a three-year lockup schedule, to ensure alignment with Eclipse’s long-term roadmap.
The $ES token plays a pivotal role within the Eclipse ecosystem, functioning as the gas token required for transactions on the Eclipse chain. Additionally, it enables a decentralized governance structure, allowing token holders to participate in critical decision-making processes regarding protocol upgrades and adjustments to fee structures, including Maximal Extractable Value (MEV) redistribution rates. The team has expressed that the utility of the token may evolve over time, adapting to the needs of a decentralized governance framework.
Despite its promising launch in November 2024, the Eclipse network has not been without controversy. Neel Somani, a co-founder and former CEO of Eclipse Labs, faced serious allegations of sexual misconduct, leading to his ousting in May 2024. The situation was further complicated by a CoinDesk investigation in July, which revealed that Somani had previously allocated a significant portion of the $ES supply to a partner at Polychain without public disclosure. Eclipse has since confirmed that this allocation no longer holds.
As Eclipse embarks on this ambitious journey, the community anticipates how the newly minted $ES token will influence the broader blockchain landscape. For further insights, read more about the launch in CoinDesk’s feature article.
Read more: VC Darling Eclipse Finally Debuts Its Solana-Ethereum Blockchain Hybrid
