Eclipse, a layer 2 platform combining Ethereum and Solana blockchain technologies, has launched an airdrop of its $ES token. According to the network's team, the initial distribution of tokens will occur over the next 30 days. A total of 1 billion $ES tokens have been minted, with 15% allocated for an airdrop and liquidity provisions to core community members and developers who have supported the network from its inception.
35% of the supply will be utilized to drive ecosystem growth and research and development, aiming to scale the network. Contributors, including team members, will receive 19% of the supply, subject to a four-year vesting period and a three-year lockup schedule.
The remaining 31% is reserved for early supporters and investors, who are required to adhere to a three-year lockup schedule to demonstrate their long-term commitment to Eclipse's roadmap. The $ES token serves multiple purposes on the network, including acting as the gas token for the Eclipse chain and enabling decentralized governance.
Token holders will have the ability to vote on key protocol upgrades and fee structures, such as Maximal Extractable Value (MEV) redistribution rates. The team has emphasized that the token's utility may evolve over time through its decentralized governance. The Eclipse network went live in November 2024, although its launch was not without controversy, including the ousting of co-founder and former CEO Neel Somani in May 2024 due to allegations of sexual misconduct, and a subsequent CoinDesk investigation revealing a secret allocation of $ES tokens to a Polychain partner, which no longer exists.