Former Terra Developer Raises $15 Million For Solana Startup Eclipse

Former Terra developer Neel Somani raised $15 million for his Solana-based cross-chain modular rollup firm, Eclipse, becoming one of the few to get money from the defunct TerraUSD stablecoin ecosystem.

Somani formerly worked on Terranova, a TerraUSD stablecoin ecosystem to Ethereum Ethereum Virtual Machine (EVM) project. However, after the project imploded because of the failure of TerraUSD, the developer continued and started the Eclipse project.

Although Somani’s involvement with Terra, whose demise cost nearly $60 billion, was an impediment, he did not give up.

The following summer, Eclipse received $6 million in a three-week pre-seed round from investors including Solana co-founder Anatoly Yakovenko and Polygon. The funding was followed by a $9 million seed round sponsored by Tribe Capital and Tabiya, according to Blockworks.

Somani, a former Citadel quantitative analyst, began his crypto engineering job as a side project, and he stated he avoided attention. While working on TerraNova, Somani had the notion to take the Solana virtual machine and make it its own chain in some manner, shape, or form.

When the Terra project failed, Somani started up where he left off, using existing contacts and his closeness to the Solana headquarters in Chicago, he formed Eclipse.

According to Somani, Eclipse will open-source its initial protocol release early next year.

In terms of Terra, police in South Korea recently detained the former CEO of TerraForm Labs, the firm in charge of Terra network development, on a warrant that was subsequently overturned by a judge.

South Korean officials also announced that Interpol Terraform Labs founder Do Kwon had sought a red alert, and later forced the founder to forfeit his passport.

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