Eclipse Labs cuts 65% of staff, names Sydney Huang as new CEO in post-TGE pivot
Quick Take Eclipse Labs announced Monday that it has named a new CEO and laid off 65% of its workforce. The restructuring is to pursue a new direction that focuses on in-house development of applications that can attract end users.
Layer 2 developer Eclipse Labs announced a leadership change and major layoffs Monday as it pivots toward building user-facing applications.
Eclipse announced on X that Sydney Huang, known as "0xSydney" on X, will take over as CEO following the voluntary departure of Vijay Chetty , also known as Litquidity. Huang previously served as Product Lead for Eclipse.
As part of the restructuring, Eclipse is reducing its workforce by 65% to "align resources with our updated strategy," according to the post.
"Going forward, we'll prioritize building a breakout application on top of Eclipse's L2 infrastructure, with more details to come," Eclipse said.
The move comes after Eclipse's token generation event (TGE) last month, with native token ES deployed on Eclipse, Ethereum and Solana. ES price fell over 65% since the TGE, trading down 13.2% in the past 24 hours to $0.1586 as of 10:50 p.m. ET Monday, according to CoinGecko data .
While Eclipse has previously focused on infrastructure and supporting developers, the new CEO said the company's next chapter will prioritize in-house development of applications that can attract end users.
"Our mission has always been to build infrastructure that can serve real-world applications. That remains unchanged, but our focus is evolving. The next chapter is about serving end users and building those applications in-house," Huang said on X on Monday.
Despite the layoffs, Eclipse said it will continue operating and improving its layer-2 chain while directing more resources to applications on top of it.
Founded in 2022, the Layer 2 developer launched its Ethereum-connected rollup in November 2024, which runs the Solana Virtual Machine. It describes itself as the "Solana on Ethereum" as it seeks to pair Solana's speed with Ethereum's security.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Dow Jones Industrial Average bounces on Iran's latest Hormuz offer
U.S. stocks opened higher and fluctuated, the Japanese yen rebounded more than 1% intraday, 10-year U.S. Treasury yields broke above 5.22% again, and U.S. crude oil once fell nearly 3%.
After the release of U.S. consumer confidence data, the S&P and Nasdaq turned negative, while the Dow is poised to break a three-day losing streak but is set for a fourth consecutive weekly decline. Meta pulled back, falling more than 3% during the session. The U.S. 10-year Treasury yield surpassed 5.22% again, marking a new high for the third day in a row since 2007, while the 30-year yield reached its highest level since 2004. The yen/dollar pair surged 1.2% intraday, as Japanese and U.S. officials successively signaled concerns over the weak yen. Expectations for a diplomatic resolution between the U.S. and Iran are rising, halting crude oil's two-day climb.
US Treasury volatility surges, triggering alarms! BofA’s Hartnett warns of rising deleveraging risks as higher yields become main threat to the market
Bank of America strategist Michael Hartnett warns that the recent sharp rise in volatility in the US bond market is increasing the risk of broader deleveraging in financial markets.
U.S. diesel prices surge 83% this year! Apollo Chief Economist warns: Cost pass-through may make core inflation more stubborn, Federal Reserve can't ignore it
Torsten Slok, Chief Economist at Apollo Global Management, has warned that the inflation threat posed by the surge in U.S. diesel prices to historic highs may be more serious than the Federal Reserve currently realizes.
Crypto prices
More
