Former Terra developer raises $15 million

• After his Terra ecosystem project failed, developer Neel Somani picked up where he left off and raised $15 million for the Solana start-up Eclipse
• Somani formerly worked on Terranova
• According to the developer, he developed a protocol that can swap out its Layer 1 component and learned how to avoid single points of failure

One of the few companies to emerge from the defunct TerraUSD stablecoin ecosystem with funding is Eclipse, a cross-chain modular rollup startup founded in Solana by former Terra developer Neel Somani.

Somani previously worked on the Ethereum Virtual Machine (EVM) project Terranova, which aimed to link Ethereum to the TerraUSD stablecoin ecosystem.The developer, on the other hand, moved forward and launched the Eclipse project after the project failed as a result of TerraUSD’s collapse.

Somani didn’t let the fact that he was associated with Terra, whose demise cost around $60 billion, stop him. Somani told The Block in an interview that he wanted to foster something similar because the ecosystem had strong developers.

 Eclipse raised $6 million from investors

Eclipse raised $6 million from investors Polygon and Solana co-founder Anatoly Yakovenko in a three-week pre-seed round the following summer.Blockworks first reported that the raise was followed by a $9 million seed round led by Tribe Capital and Tabiya.

Somani wanted to put the things he had learned at his previous job into practice, like not making a single mistake. Somani stated that roll-up as a service starts to make a lot of sense because as a roll-up, you don’t have to worry about security with our solution. 

He added that the roll-up as a service starts to make a lot of sense because as a roll up, you don’t have to worry about security with our solution. You can always change the L1 so you don’t have to worry about it being reliable.

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Eclipse will soon open source its first protocol release

Somani worked as a crypto engineer part-time before becoming a Citadel quantitative analyst. He said he avoided publicity. While working on TerraNova, Somani came up with the idea to make it its own chain in some way, shape, or form” with the Solana virtual machine.

Somani took advantage of his previous connections and the fact that he was close to Solana’s headquarters in Chicago when the Terra project failed and started Eclipse. Somani claims that Eclipse will open source its first protocol release at the beginning of the coming year.

Other notable individuals from the Terra ecosystem face investigation or are evading arrest, while Somani can count his success in raising investor capital among his accomplishments.

A warrant for the arrest of the former head of TerraForm Labs, the company in charge of developing Terra networks, was recently overturned by a judge in South Korea.

Do Kwon, the founder of Terraform Labs, was reportedly also reportedly sought a red notice from Interpol and ordered to surrender his passport by South Korean authorities.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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