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• Eclipse launches public mainnet today

• Chart: Euro stablecoin liquidity heats up on Solana

Eclipse launches public mainnet

Eclipse launched its public mainnet today. 

Eclipse is yet another general-purpose Ethereum L2, but with a unique twist. It’s an L2 powered by the Solana Virtual Machine (SVM) for execution, while using Celestia for data availability, and Ethereum for settlement and consensus.

The unique selling proposition of Eclipse is the unification of the best of both worlds: Ethereum’s liquidity and ecosystem plus the SVM’s superior execution parallelized transaction processing model.

Vijay Chetty, CEO of Eclipse, said of the launch: "Eclipse is uniquely positioned as the first solution to bridge the gap between Solana and Ethereum, offering a powerful platform that caters to both communities. Our goal is to empower developers from both ecosystems to build and scale their dapps like never before, unlocking new opportunities across the largest networks in the industry."

According to Eclipse, at least sixty dapps and service providers will be live at launch.

Eclipse has also taken it upon itself to lead the DeFi ecosystem with tETH, an aggregated restaking token that bundles most of the popular restaking liquid tokens such as ether.fi, Renzo, Puffer and Swell into one unified restaking token.

Bringing the SVM to Ethereum is not an effort exclusive to Eclipse, although it’s leading the charge. 

The same idea is also pursued by Ellipsis Labs, which is launching its own custom implementation of the SVM with the Atlas L2. Purporting to do the same is also SOON (Solana Optimistic Network).

It’s an idea that is catching on quickly, thanks to an increasing modularization of the once monolithic/integrated SVM stack. The primary effort behind the modularization of the Solana stack was driven by Anza, which separated the previously integrated SVM from the Solana validator client.

Solana’s burst in usage in the past year too has led to an increasing amount of attention being placed on Solana L2s, or “network extensions.” For instance, Grass network is creating a Solana L2, and Solana “rollup-as-a-service” providers like Termina are emerging to facilitate that need.

It’s worth taking a second to consider what an SVM Ethereum L2 competes with.

Does Eclipse compete with the up-and-coming general-purpose Ethereum chains like Monad or MegaETH for users, which are all promising the same blazing fast TPS speeds?

Or does it go up against Solana, because it dilutes the exclusivity of the SVM execution engine from a dapp’s perspective? (Solana founder Anatoly Yakovenko is also an investor in Eclipse.) 

There isn’t a straightforward answer. Eclipse certainly adds to the Ethereum ecosystem. The mainnet was opened to builders back in July and Solana’s second-largest DEX, Orca, has already entered the ring. It joins another familiar Solana name, the lending platform Solend, that has since rebranded to Save Finance. It takes away some of builders’ need to make the hard decision between Ethereum or Solana.

At the same time, more SVM means taking away some of EVM developer mind share. If you believe that developer ecosystems are the bedrock of innovation, that might be a minus for the EVM.

Despite all of crypto’s infighting between ecosystems, Eclipse’s mainnet may just be a positive-sum game for both Ethereum and Solana.

— Donovan Choy (X: @donovanchoy | Farcaster: @donovan)

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EUR stablecoin transaction volumes:

Transaction volume for Circle’s euro-denominated stablecoin, EURC, skyrocketed. The move comes amid a push to increase liquidity on Solana via Kamino, in partnership with Gauntlet.

A EURC incentive campaign, launched yesterday, earmarks 34,444 EURC for participants in the EURC-USDC liquidity pool. In the first day, the pool easily filled a $3 million max capacity limit, pushing down the yield — which was initially in the triple digits, to about 15% as of 11 am ET.

— Macauley Peterson (X: @yeluacaM | Farcaster: @Macauley)

The latest Polygon Protocol Governance Call (#26) covered multiple updates and proposals aimed at improving Polygon’s infrastructure and governance.

PIP-48: Polygon is introducing Path Based Storage Schemes (PBSS) in its PoS Bor 1.5.0 update, which will replace Hash Based Storage Schemes (HBSS). This Ethereum-inspired storage method reduces storage requirements by 74%, decreases block execution time by 60%, and cuts memory usage by 50%. However, PBSS lacks backward compatibility, and the Polygon team recommends node operators switch to this version, tested on the Amoy testnet.

DNS Discovery: Modeled on EIP-1459, this upgrade enhances node sync by securely bootstrapping peer connections, significantly reducing sync times and improving network stability.

PIP-47: This proposal seeks to migrate governance from Gnosis Safe to a new Aragon setup, with additional security audits underway. For now, Gnosis Safe remains in use, with a phased rollout planned.

Community Grants Program: Polygon’s first grant season allocated 34 million MATIC, supporting over 700 projects across 11 categories, with a focus on consumer adoption.

For comprehensive developer notes and dashboards, visit Polygon’s protocol portal.

• Opinion: Chair Gensler’s anti-innovation crypto crusade must end — Blockchain Association’s head of legal argues that the crypto industry needs clarity, not crackdowns, from the SEC.

• Traders are banking on Trump’s pro-crypto action — Empire co-host Jason Yanowitz told Yahoo Finance on Wednesday that there “needs” to be a change in SEC leadership.

• Traders are noticing a persistent market premium for bitcoin on the Coinbase exchange. “Coinbase is market buying like their life depends on it,” writes one. “This is gonna be another interesting ETF day, I think.”