Audit log

Every state-changing event for Eclipse: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-05-14 04:49:21Z
   Score: ? → ? (no score change)
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   3LYqMGw21k5B…cU6xFJ8Ncopyexplorer ↗

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   {"actor":"system:backfill","investigation_id":"b89651d9-6f8d-4188-b5c8-6df51ee26616","kind":"publish","page_slug":"eclipse","published_at":"2026-05-14T04:49:21.842Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Eclipse","sections":[{"content":"Eclipse is described as the first Ethereum Layer 2 network powered by the Solana Virtual Machine (SVM). The architecture is modular: SVM handles execution (enabling parallel transaction processing), Celestia provides data availability, Ethereum provides settlement and consensus, and RISC Zero is used for fraud proofs. Eclipse Labs, the company behind the network, was founded in 2022. The project launched its public mainnet on November 7, 2024. The chain advertises throughput of 65,000 TPS theoretically, with reported real-world sustained loads of 1,000+ TPS, and transaction fees as low as $0.0002. The native token, ES, launched via airdrop in July 2025.","heading":"Project Overview","severity":"low","sources":[{"credibility":2,"name":"Eclipse Foundation Launches Public Mainnet - PR Newswire","type":"news_article","url":"https://www.prnewswire.com/news-releases/eclipse-foundation-launches-public-mainnet-with-a-novel-solana-virtual-machine-chain-on-ethereum-302298840.html"},{"credibility":2,"name":"SVM-based Ethereum L2 Eclipse launches mainnet - Blockworks","type":"news_article","url":"https://blockworks.com/news/eclipse-svm-ethereum-mainnet"},{"credibility":1,"name":"VC Darling Eclipse Finally Debuts Its Solana-Ethereum Blockchain Hybrid - CoinDesk","type":"news_article","url":"https://www.coindesk.com/tech/2024/11/07/vc-darling-eclipse-finally-debuts-its-solana-ethereum-blockchain-hybrid"}]},{"content":"Eclipse Labs was co-founded by Neel Somani, who served as CEO until May 2024. In May 2024, sexual misconduct allegations against Somani surfaced publicly on social media. Somani initially acknowledged the allegations but denied them, stating he had 'never sexually assaulted or harassed any woman.' Investor Hack VC stated it had worked with other investors to urge Somani to resign. Somani formally departed the company around May 14, 2024. Vijay Chetty, the company's former Chief Growth Officer (also known publicly as 'Litquidity'), was promoted to CEO on approximately May 16, 2024. No criminal charges have been filed against Somani in connection with the allegations, which remain unproven in court. In August 2025, Chetty voluntarily departed and was replaced by Sydney Huang ('0xSydney' on X), the former Product Lead, in conjunction with a major restructuring. Somani later stepped down from his Executive Chairman role in October 2025 to pursue machine learning research, and his departure from governance was noted publicly by December 2025.","heading":"Founding Team and Leadership Controversies","severity":"high","sources":[{"credibility":1,"name":"Eclipse founder Neel Somani departs company after sexual misconduct allegations - The Block","type":"news_article","url":"https://www.theblock.co/post/294768/eclipse-founder-neel-somani-departs"},{"credibility":1,"name":"Sexual Misconduct Allegations Lead Founder of Ethereum Layer-2 Chain Eclipse to Step Back - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2024/05/09/sexual-misconduct-allegations-lead-founder-of-ethereum-layer-2-chain-eclipse-to-step-back"},{"credibility":1,"name":"Eclipse Labs Promotes Vijay Chetty to CEO Nearly a Week After Neel Somani's Ouster - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2024/05/16/eclipse-labs-promotes-vijay-chetty-to-ceo-nearly-a-week-after-neel-somanis-ouster"},{"credibility":1,"name":"Eclipse Labs cuts 65% of staff, names Sydney Huang as new CEO in post-TGE pivot - The Block","type":"news_article","url":"https://www.theblock.co/post/368195/eclipse-labs-cuts-staff-names-new-ceo"}]},{"content":"Eclipse Labs raised $50 million in a Series A funding round announced in March 2024, co-led by Placeholder and Hack VC. The round brought total capital raised to $65 million. Other institutional participants included Polychain Capital, Delphi Digital, Maven 11, DBA, and Fenbushi Capital. Strategic contributors included Flow Traders, GSR, Apollo Global Management, and OKX Ventures. Angel investors listed at the time of the announcement included Barnabe Monnot (Ethereum Foundation), John Adler (Celestia Labs), Austin Federa (Solana Foundation), and on-chain investigator ZachXBT. ZachXBT's angel participation is notable as a signal of credibility within the crypto community, though it does not constitute an endorsement of the project's subsequent operational performance or governance conduct.","heading":"Funding and Investors","severity":"low","sources":[{"credibility":1,"name":"Eclipse Labs Announces $50M Series A Funding co-led by Placeholder and Hack VC - Business Wire","type":"news_article","url":"https://www.businesswire.com/news/home/20240311254845/en/Eclipse-Labs-Announces-$50M-Series-A-Funding-co-led-by-Placeholder-and-Hack-VC"},{"credibility":1,"name":"Eclipse Labs raises $50M in Series A ahead of mainnet - The Block","type":"news_article","url":"https://www.theblock.co/post/281566/eclipse-labs-raises-50-million-in-series-a-funding-ahead-of-expected-q2-mainnet"},{"credibility":2,"name":"Eclipse Labs raises $50M Series A - Blockworks","type":"news_article","url":"https://blockworks.co/news/eclipse-series-a-funding-mainnet-launch"}]},{"content":"Eclipse's native ES token launched via airdrop on July 16, 2025. The total supply is 1 billion ES tokens. The allocation breakdown is: Ecosystem and Development (35%), Early Supporters and Investors (31%), Contributors (19%), Airdrop and Liquidity (15%), and exchange liquidity (5%). The airdrop allocated 10% of total supply (100 million tokens) to early users. The token was deployed across Eclipse, Ethereum, and Solana mainnets simultaneously. Within hours of launch, the ES token dropped approximately 21%, trading at $0.3916 against its initial price. Community backlash was significant. One prominent complaint concerned the ASC NFT project, which was affiliated with Eclipse's community lead 'Alucard_eth.' Users alleged that in January 2025, Alucard_eth had encouraged community members to purchase ASC NFTs at approximately 0.548 ETH, but the airdrop allocation for ASC holders was calculated using the original mint price of 0.04 ETH. Users who purchased at peak prices received rewards deemed disproportionately small. Additional complaints noted that participants in an Eclipse meetup in Seoul received 2,551 ES tokens each, while ASC holders received only 330 ES tokens, which critics characterized as unfair. Eclipse's all-time high price of approximately $0.4977 was reached near the July 2025 launch. By August 25, 2025, the token had fallen over 65% from its launch price to $0.1586. As of early 2026, approximately 150 million ES tokens (15% of supply) were in circulation, with the remaining 85% subject to vesting schedules extending to 2028, representing a significant supply overhang from investor and team allocations.","heading":"ES Token Launch and Airdrop Controversy","severity":"high","sources":[{"credibility":2,"name":"ES Token from Eclipse Labs Drops 21% After Airdrop - CryptoRank","type":"news_article","url":"https://cryptorank.io/news/feed/307fb-es-token-from-eclipse-labs-drops-21-after-airdrop"},{"credibility":1,"name":"Eclipse Foundation set to airdrop 100 million ES tokens - The Block","type":"news_article","url":"https://www.theblock.co/post/362789/eclipse-airdrop-es-token-100-million"},{"credibility":2,"name":"Eclipse (ES) Token Unlocks and Vesting: Schedule and Tokenomics - CryptoRank","type":"research","url":"https://cryptorank.io/price/eclipse-fnd/vesting"},{"credibility":2,"name":"Eclipse (ES) Tokenomics and Vesting Schedule - Tokenomist","type":"research","url":"https://tokenomist.ai/eclipse-3"}]},{"content":"Following its November 2024 mainnet launch, Eclipse initially attracted user activity and locked value. However, by early 2025 the ecosystem entered a sharp decline. Eclipse's total value locked (TVL) reportedly reached a peak in February 2025, then fell approximately 95% to around $2.72 million by January 8, 2026. The official Eclipse account publicly acknowledged the user adoption failure with the statement 'We have no users.' Multiple year-end 2025 retrospectives in crypto media cited Eclipse as an example of a project that failed to achieve meaningful adoption after a high-profile launch. The project's 24-hour trading volume on the ES token was approximately $3.8 million as of early 2026, with a market capitalization of roughly $23.6 million — a fraction of its peak.","heading":"TVL Collapse and Ecosystem Decline","severity":"critical","sources":[{"credibility":2,"name":"Latest Eclipse News - CoinMarketCap","type":"research","url":"https://coinmarketcap.com/cmc-ai/eclipse-xyz/latest-updates/"},{"credibility":2,"name":"Eclipse Labs Announces Major Restructuring - Crowdfund Insider","type":"news_article","url":"https://www.crowdfundinsider.com/2025/08/248393-eclipse-labs-announces-major-restructuring-65-staff-reduction-and-new-ceo-to-focus-on-ethereum-connected-rollup-infrastructure/"}]},{"content":"On August 25, 2025, Eclipse Labs announced a 65% workforce reduction affecting approximately 40 employees across engineering, product, and operations. This followed the departure of CEO Vijay Chetty and the appointment of Sydney Huang as the new CEO. The company simultaneously announced a strategic pivot away from positioning itself as a neutral infrastructure provider, toward building in-house consumer-facing applications directly on the Eclipse L2. New CEO Sydney Huang stated: 'The market has shifted: interesting technology alone is no longer enough, and scale is meaningless without users.' The restructuring occurred approximately one month after the ES token generation event (TGE), prompting community speculation about the timing and whether the layoffs were a direct consequence of failed token performance.","heading":"Organizational Restructuring and Strategic Pivot","severity":"high","sources":[{"credibility":1,"name":"Eclipse Labs cuts 65% of staff, names Sydney Huang as new CEO - The Block","type":"news_article","url":"https://www.theblock.co/post/368195/eclipse-labs-cuts-staff-names-new-ceo"},{"credibility":2,"name":"Eclipse Labs Announces Major Restructuring: 65% Staff Reduction - Crowdfund Insider","type":"news_article","url":"https://www.crowdfundinsider.com/2025/08/248393-eclipse-labs-announces-major-restructuring-65-staff-reduction-and-new-ceo-to-focus-on-ethereum-connected-rollup-infrastructure/"},{"credibility":2,"name":"Eclipse shakes up executive ranks amid layoffs and app-first pivot - Crypto.news","type":"news_article","url":"https://crypto.news/eclipse-shakes-up-executive-ranks-amid-layoffs-and-app-first-pivot/"}]},{"content":"Eclipse has reportedly undergone multiple security audits. Auditing firms cited in relation to Eclipse include Zellic, OtterSec, and Halborn, with OtterSec reported to have conducted intensive penetration testing and code review that resulted in a passing grade. The protocol implements a delayed withdrawal mechanism intended to allow detection of and response to potential exploits, a fraud proof system for challenging invalid state transitions using RISC Zero, and a forced inclusion mechanism for transaction liveness. No confirmed exploits, hacks, or smart contract breaches have been publicly reported on the Eclipse mainnet through the research period. The use of the SVM execution environment on an L2 is novel and inherits complexity from both the Solana and Ethereum ecosystems simultaneously, which security researchers have noted as an area requiring ongoing scrutiny.","heading":"Security Audits and Technical Posture","severity":"medium","sources":[{"credibility":2,"name":"Eclipse on Solana: Project Review - Solana Compass","type":"research","url":"https://solanacompass.com/projects/eclipse"},{"credibility":2,"name":"Eclipse Developer Documentation - Frequently Asked Questions","type":"official","url":"https://docs.eclipse.xyz/developers/frequently-asked-questions"}]},{"content":"Community sentiment toward Eclipse deteriorated sharply following the July 2025 token launch. The 21% immediate price drop triggered widespread discussion on social media about alleged airdrop unfairness. The ASC NFT allocation controversy — involving allegations that Eclipse's community leader had encouraged purchases at prices far above what was used for airdrop calculations — was frequently cited as a betrayal of community trust. Investor commentary on forums and social platforms described the airdrop as favoring insiders over organic users. The project's public admission of having 'no users' following its mainnet launch was widely circulated in crypto media as emblematic of the gap between infrastructure ambition and real-world adoption. No ZachXBT investigation targeting Eclipse has been identified through this research; ZachXBT participated as an angel investor in the Series A and is not known to have publicly raised concerns about the project.","heading":"Community Sentiment and Red Flags","severity":"medium","sources":[{"credibility":2,"name":"ES Token from Eclipse Labs Drops 21% After Airdrop - CryptoRank","type":"news_article","url":"https://cryptorank.io/news/feed/307fb-es-token-from-eclipse-labs-drops-21-after-airdrop"},{"credibility":2,"name":"Latest Eclipse News - CoinMarketCap","type":"research","url":"https://coinmarketcap.com/cmc-ai/eclipse-xyz/latest-updates/"}]},{"content":"As of early 2026, only approximately 15% of the total 1 billion ES token supply (150 million tokens) is circulating. The remaining 85% is subject to lockup and vesting schedules extending through 2028. The investor allocation alone represents 31% of total supply, and the team allocation represents 19%, meaning that a combined 50% of all tokens are held by insiders with deferred unlocks. This supply structure creates a substantial overhang risk: as team and investor lock-up periods expire, selling pressure could exceed organic demand, particularly in an environment where the project has demonstrated weak user adoption and declining TVL. Community criticism of this allocation structure was present at the time of the TGE.","heading":"Token Supply Overhang and Investor Unlock Risk","severity":"high","sources":[{"credibility":2,"name":"Eclipse (ES) Token Unlocks and Vesting Schedule - Tokenomist","type":"research","url":"https://tokenomist.ai/eclipse-3"},{"credibility":2,"name":"Eclipse ES Token Unlocks - DropsTab","type":"research","url":"https://dropstab.com/coins/eclipse/vesting"},{"credibility":2,"name":"Eclipse (ES) Token Launch Explained - Phemex","type":"news_article","url":"https://phemex.com/academy/eclipse-es-token-launch-solana-ethereum-l2"}]}],"sources_used":[{"credibility":2,"name":"Eclipse Foundation Launches Public Mainnet - PR Newswire","type":"news_article","url":"https://www.prnewswire.com/news-releases/eclipse-foundation-launches-public-mainnet-with-a-novel-solana-virtual-machine-chain-on-ethereum-302298840.html"},{"credibility":2,"name":"SVM-based Ethereum L2 Eclipse launches mainnet - Blockworks","type":"news_article","url":"https://blockworks.com/news/eclipse-svm-ethereum-mainnet"},{"credibility":1,"name":"VC Darling Eclipse Finally Debuts Its Solana-Ethereum Blockchain Hybrid - CoinDesk","type":"news_article","url":"https://www.coindesk.com/tech/2024/11/07/vc-darling-eclipse-finally-debuts-its-solana-ethereum-blockchain-hybrid"},{"credibility":1,"name":"Eclipse founder Neel Somani departs company after sexual misconduct allegations - The Block","type":"news_article","url":"https://www.theblock.co/post/294768/eclipse-founder-neel-somani-departs"},{"credibility":1,"name":"Sexual Misconduct Allegations Lead Founder of Ethereum Layer-2 Chain Eclipse to Step Back - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2024/05/09/sexual-misconduct-allegations-lead-founder-of-ethereum-layer-2-chain-eclipse-to-step-back"},{"credibility":1,"name":"Eclipse Labs Promotes Vijay Chetty to CEO - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2024/05/16/eclipse-labs-promotes-vijay-chetty-to-ceo-nearly-a-week-after-neel-somanis-ouster"},{"credibility":1,"name":"Eclipse Labs Announces $50M Series A Funding - Business Wire","type":"news_article","url":"https://www.businesswire.com/news/home/20240311254845/en/Eclipse-Labs-Announces-$50M-Series-A-Funding-co-led-by-Placeholder-and-Hack-VC"},{"credibility":1,"name":"Eclipse Labs raises $50M in Series A - The Block","type":"news_article","url":"https://www.theblock.co/post/281566/eclipse-labs-raises-50-million-in-series-a-funding-ahead-of-expected-q2-mainnet"},{"credibility":1,"name":"Eclipse Labs cuts 65% of staff, names Sydney Huang as new CEO - The Block","type":"news_article","url":"https://www.theblock.co/post/368195/eclipse-labs-cuts-staff-names-new-ceo"},{"credibility":2,"name":"Eclipse Labs Announces Major Restructuring - Crowdfund Insider","type":"news_article","url":"https://www.crowdfundinsider.com/2025/08/248393-eclipse-labs-announces-major-restructuring-65-staff-reduction-and-new-ceo-to-focus-on-ethereum-connected-rollup-infrastructure/"},{"credibility":2,"name":"ES Token from Eclipse Labs Drops 21% After Airdrop - CryptoRank","type":"news_article","url":"https://cryptorank.io/news/feed/307fb-es-token-from-eclipse-labs-drops-21-after-airdrop"},{"credibility":1,"name":"Eclipse Foundation set to airdrop 100 million ES tokens - The Block","type":"news_article","url":"https://www.theblock.co/post/362789/eclipse-airdrop-es-token-100-million"},{"credibility":2,"name":"Eclipse (ES) Token Unlocks and Vesting Schedule - Tokenomist","type":"research","url":"https://tokenomist.ai/eclipse-3"},{"credibility":2,"name":"Eclipse ES Token Unlocks - DropsTab","type":"research","url":"https://dropstab.com/coins/eclipse/vesting"},{"credibility":2,"name":"Eclipse (ES) Vesting - CryptoRank","type":"research","url":"https://cryptorank.io/price/eclipse-fnd/vesting"},{"credibility":2,"name":"Eclipse on Solana: Project Review - Solana Compass","type":"research","url":"https://solanacompass.com/projects/eclipse"},{"credibility":2,"name":"Eclipse Price - CoinGecko","type":"research","url":"https://www.coingecko.com/en/coins/eclipse-2"},{"credibility":2,"name":"Eclipse price today - CoinMarketCap","type":"research","url":"https://coinmarketcap.com/currencies/eclipse-xyz/"},{"credibility":2,"name":"Latest Eclipse News - CoinMarketCap AI","type":"research","url":"https://coinmarketcap.com/cmc-ai/eclipse-xyz/latest-updates/"},{"credibility":2,"name":"Eclipse shakes up executive ranks amid layoffs - Crypto.news","type":"news_article","url":"https://crypto.news/eclipse-shakes-up-executive-ranks-amid-layoffs-and-app-first-pivot/"},{"credibility":2,"name":"Eclipse (ES) Token Launch Explained - Phemex","type":"news_article","url":"https://phemex.com/academy/eclipse-es-token-launch-solana-ethereum-l2"}],"summary":"Eclipse is a Layer 2 blockchain on Ethereum that uses the Solana Virtual Machine (SVM) for execution, Celestia for data availability, and Ethereum for settlement. Developed by Eclipse Labs and launched on mainnet in November 2024, the project has experienced significant turbulence including the removal of its founder over sexual misconduct allegations, a heavily criticized token airdrop, a 95% TVL collapse, and a 65% workforce reduction in August 2025. As of early 2026, the project publicly admitted it had 'no users' and pivoted to building consumer applications in-house.","timeline":[{"date":"2022-01-01","event":"Eclipse Labs founded by Neel Somani.","source":"Eclipse Labs official announcement / Crowdfund Insider","source_url":"https://www.crowdfundinsider.com/2025/08/248393-eclipse-labs-announces-major-restructuring-65-staff-reduction-and-new-ceo-to-focus-on-ethereum-connected-rollup-infrastructure/"},{"date":"2024-03-11","event":"Eclipse Labs announces $50 million Series A funding round co-led by Placeholder and Hack VC, with participation from Polychain Capital, Delphi Digital, and angel investors including ZachXBT.","source":"Business Wire / The Block","source_url":"https://www.businesswire.com/news/home/20240311254845/en/Eclipse-Labs-Announces-$50M-Series-A-Funding-co-led-by-Placeholder-and-Hack-VC"},{"date":"2024-05-09","event":"Sexual misconduct allegations against founder Neel Somani surface publicly. Somani acknowledges allegations but denies them. Hack VC and other investors push for resignation.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2024/05/09/sexual-misconduct-allegations-lead-founder-of-ethereum-layer-2-chain-eclipse-to-step-back"},{"date":"2024-05-14","event":"Neel Somani formally departs Eclipse Labs as CEO.","source":"The Block","source_url":"https://www.theblock.co/post/294768/eclipse-founder-neel-somani-departs"},{"date":"2024-05-16","event":"Vijay Chetty (Litquidity), formerly Chief Growth Officer, is promoted to CEO of Eclipse Labs.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2024/05/16/eclipse-labs-promotes-vijay-chetty-to-ceo-nearly-a-week-after-neel-somanis-ouster"},{"date":"2024-11-07","event":"Eclipse public mainnet launches on Ethereum.","source":"PR Newswire / CoinDesk","source_url":"https://www.prnewswire.com/news-releases/eclipse-foundation-launches-public-mainnet-with-a-novel-solana-virtual-machine-chain-on-ethereum-302298840.html"},{"date":"2025-07-16","event":"Eclipse launches ES token via airdrop. 100 million ES (10% of total supply) distributed to early users. Token drops 21% within hours of launch amid community backlash over perceived unfair distribution, particularly regarding ASC NFT holder allocations.","source":"CryptoRank / The Block","source_url":"https://cryptorank.io/news/feed/307fb-es-token-from-eclipse-labs-drops-21-after-airdrop"},{"date":"2025-08-25","event":"Eclipse Labs announces 65% workforce reduction (approximately 40 employees) and names Sydney Huang as new CEO, replacing Vijay Chetty who departed voluntarily. Company pivots from infrastructure to building consumer apps in-house. ES token has lost over 65% of its value since TGE.","source":"The Block / Crowdfund Insider","source_url":"https://www.theblock.co/post/368195/eclipse-labs-cuts-staff-names-new-ceo"},{"date":"2025-10-01","event":"Neel Somani steps down from Executive Chairman role at Eclipse Labs, citing focus on mechanistic interpretability of large language models.","source":"CoinMarketCap AI Updates","source_url":"https://coinmarketcap.com/cmc-ai/eclipse-xyz/latest-updates/"},{"date":"2026-01-08","event":"Eclipse TVL reported at approximately $2.72 million, a decline of approximately 95% from its February 2025 peak. Eclipse officially acknowledges it has 'no users.'","source":"CoinMarketCap AI Updates","source_url":"https://coinmarketcap.com/cmc-ai/eclipse-xyz/latest-updates/"}]},"v":1}

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