Eclipse Labs ES Token Plummets 21% Amid Controversial Airdrop Fallout

The L2 network Eclipse Labs has released its ES token as part of an airdrop. Within three hours, the token’s price dropped by 21%.

Eclipse’s native coin has a total supply of 1 billion, with 10% allocated for early users, amounting to 100 million. The remaining tokens will be distributed as follows:

The airdrop started on July 16 and will continue for 30 days. Any wallet meeting the selection criteria can participate in the airdrop.

To mitigate manipulation, the project took a snapshot after the token distribution commenced. To prevent insider trading risks, the Eclipse team is not participating in the airdrop.

The ES token has been launched on three networks: Eclipse, Ethereum, and Solana. This crypto asset is designed for transaction payments and protocol governance.

The token is listed on exchanges including Bitget, MEXC, Bybit, and Gate.io. According to CoinGecko, ES’s market capitalization reached $58.1 million within three hours. At the time of writing, the token is trading at $0.3916, representing a 21.7% decrease from its launch price.

Users have expressed disappointment with the ES launch. Some accused Eclipse and the NFT project ASC of unfair token distribution and «betraying the community.»

«Eclipse distributed 2,551 ES tokens to participants at the Seoul meeting, while ASC token holders only received 330 ES. Alucard_eth, a community leader at Eclipse and co-founder of ASC, stated that the distribution was based on the initial mint price of ASC at 0.04 ETH. However, the issue is that in January 2025 he himself encouraged people in Discord to sell PENGU and buy ASC at 0.548 ETH,» wrote crypto investor Glenfiddich.

According to his post, users who purchased ASC at a high price received the airdrop at an old rate. Glenfiddich claimed that Eclipse and ASC’s actions are detrimental to the entire Web3 ecosystem.

Another community member under the nickname ApexV added:

«Investors put in significant amounts, but received almost nothing in return.»

Eclipse Labs was launched in 2022, aiming to combine the security of Ethereum with the speed of Solana.

It’s worth noting that cryptocurrency exchange Kraken announced an additional airdrop of PUMP following issues with its token sale.