Eclipse Labs replaces CEO, lays off 65% of staff

Layer 2 developer Eclipse Labs announces a leadership change and cutting down the whales by 65% of its workforce to shift its strategy towards developing applications for end users.

Sydney Huang (0xSydney), formerly the Product Lead, will take on the role of CEO after Vijay Chetty (Litquidity) departs. Eclipse stated that the next goal is to build a standout application on its Layer 2 infrastructure.

This move comes after Eclipse held its TGE last month, releasing the ES token on Eclipse, Ethereum, and Solana. The price of ES has fallen over 65% since the TGE, currently at 0.1586 USD.

Eclipse affirms that it continues to operate the Layer 2 chain and improve infrastructure, while increasing investment in internal applications. The company was founded in 2022, notable for its rollup connecting Ethereum, running the Solana Virtual Machine, dubbed “Solana on Ethereum.”