Eclipse Labs’ ES Token Plummets 21% After Airdrop
Date: 2025-07-17 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
Eclipse Labs’ L2 network recently airdropped its ES token, causing the asset’s price to plummet by 21% in just three hours after the launch. A total of 1 billion ES tokens were issued, of which 10% — 100 million — were allocated to the project’s early adopters.
The remaining tokens are distributed as follows: 35% (350 million) are allocated to ecosystem development, 31% (310 million) to investors and sponsors, 19% (190 million) to the project team and future employees, and 5 million (5%) are reserved for providing liquidity on exchanges. The airdrop started on July 16 and will last for 30 days. Only wallets that meet certain criteria were selected to participate. To avoid manipulation, the team made a snapshot immediately after the token distribution began, and did not participate in the airdrop itself to eliminate the risks of insider trading.
The ES token was launched simultaneously on three networks - Eclipse, Ethereum and Solana. It is designed to pay transaction fees and manage the protocol. After the release, the coin was immediately listed on several crypto exchanges, including Bitget, MEXC, Bybit and Gate.io. According to CoinGecko, the token capitalization reached $ 58.1 million in the first three hours, but the price has fallen since the launch and at the time of writing is about $ 0.3916, which is 21.7% lower than the initial cost.
Users expressed dissatisfaction with the launch of ES, accusing Eclipse and the related NFT project ASC of unfair token distribution and even “betrayal of the community.” Thus, one of the participants under the nickname Glenfiddich noted that Eclipse representatives distributed 2,551 ES to participants of an offline meeting in Seoul, while ASC holders received only 330 ES. He emphasized that the distribution was based on the price of the initial ASC mint - 0.04 ETH, although in January 2025, community leader Alucard_eth encouraged users to sell PENGU and buy ASC at a price of 0.548 ETH. According to Glenfiddich, this means that those who purchased ASC at a higher price received an airdrop according to the old criteria, which caused criticism of the project.
Another user under the nickname ApexV added that large investors ended up receiving very small amounts of tokens, which also negatively affected the reputation of the project. Eclipse Labs launched in 2022, aiming to combine the security of Ethereum with the high speed of the Solana network. In comparison, crypto exchange Kraken recently announced an additional airdrop of the PUMP token after problems with the token sale.
Thus, the launch of the ES token was accompanied not only by a sharp price drop, but also by disappointment on the part of the community, which may affect the further development of the Eclipse Labs ecosystem.
