Key Questions Answered
- Eclipse (ECP) is a BSC project that focuses on developing platforms for BSC tokens.
- The Eclipse team has implemented various strategies to assure users that it is a safe and secure project.
- The developers behind the Eclipse project went to great lengths to create a transparent and safe investment opportunity.
Launched in 2021, Eclipse (ECP) is a BSC project that focuses on developing platforms for BSC tokens. Currently, ECP trades at $0.000000007 per token with a maximum supply of 1 quadrillion, for a fully diluted market cap of $7 million. The project burns part of its token supply, and the official whitepaper indicates that the circulating supply is around 693 trillion tokens with about 307 trillion tokens burned.
Why Is Eclipse Focusing on BSC Tokens?
Since the launch of Ethereum’s (ETH) smart contracts, smart contract usage has increased tremendously. Furthermore, the rise of decentralized finance (DeFi) further propelled the adoption of smart contracts, where platforms use them in protocols involving lending, collateralization, derivatives, and others. As a result, various new smart contract platforms such as Polkadot (DOT), Solana (SOL), and BSC emerged. Out of the mentioned platforms, the developers behind Eclipse are particularly interested in the BSC.
As smart contracts grew in popularity, the number of parties looking to profit through malicious means increased. As a result, there have been many high-profile rug pulls on the BSC, which are malicious acts where cryptocurrency developers abandon their projects and run away with user funds. For example, the developers of BSC projects such as TurtleDex and PopcornSwap have run off with user funds worth millions of dollars. The developers behind Eclipse also believe there is still a quality gap between the projects launched on centralized exchanges (CEX) and decentralized exchanges (DEX).
Additionally, from their perspective, it is difficult to follow such projects as there are only a few existing tools or platforms that users can utilize to determine project legitimacy. As a result, the Eclipse developers sought to create a platform with analysis tools that users can leverage to assess BSC projects and follow project development.
What Does Eclipse Offer?
The project’s utility token is Eclipse (or ECP). According to the project’s team, users can utilize the token to pay for the features and services coming to the Eclipse platform, such as advertising and project boosting. However, the project is very new.
Eclipse only offers CryptoMoonShot, a ranking platform for new BSC tokens. On the website, users can also identify “moonshots,” which are tokens that may have the potential to offer explosive gains. The website provides various functions and project information, such as the liquidity pool locking length, audits, and size of developer wallets. Additionally, users can cast votes on the projects to vouch for the project and show support. To vote on projects and post listings, users must hold ECP tokens. This requirement allows the website to reduce spam, avoid bots, and prevent vote manipulation.
The Eclipse team is looking to launch Eclipse Charts, their second utility platform in August 2021. Eclipse Charts is a charting tool that users can use to study the real-time price movements of tokens on the BSC. In addition, the platform will have features such as “WhaleTracker,” a tool to track whales on the BSC based on their wallet balance, and “DevWallet Tracker,” which users can use to monitor the funds within the developer wallets.
How Does Eclipse Work?
The Eclipse project relies on the ECP token and its smart contracts on the BSC to power its utility platforms. The platform uses a structure similar to SafeMoon (SAFEMOON), another project on the BSC. The arrangement involves the three functions: Reflection, LP acquisition, and Burn. The project team believes that this structure helps reduce potential dumps and offers token holders sufficient rewards.
The smart contracts have a built-in function that deducts a 6% fee for each transaction. The smart contracts then distribute half of the fee (3%) to ECP token holders in the “Reflection” process. The smart contracts then further split the other 50% of the fee (3% fee) into two. Finally, the smart contracts sell the first half (1.5% fee) into BNB, and the second half (1.5% fee) is automatically contributed into the ECP/BNB trading pair on PancakeSwap (CAKE) to provide liquidity in the “LP acquisition” process. In addition, part of the token supply is occasionally destroyed in the “Burn” process to limit liquidity, decrease circulating supply to increase scarcity, and ultimately boost the price.
Who Is Behind Eclipse?
Not much is known about the team behind the Eclipse project. Nonetheless, according to the Whitepaper, the project has two co-founders. One goes under the nickname “BlackWhale” and the second goes by “ValueScope”. BlackWhale is the blockchain developer, and ValueScope is the platform developer. As of the time of writing, the two have yet to reveal their identity to the public.
ECP Token Price History
The token listing on CoinMarketCap on April 21, 2021 generated immense hype around the Eclipse project, leading to a 3900% increase from $0.0000000049 to its all-time high of $0.00000019. However, the price plummeted the next day after whales sold the token in a coordinated fashion.
The token price fell to $0.000000053, which is less than 30% of its historic high. A few days later, the ECP token’s price rose by more than 250% to $0.00000014 following news of the CoinGecko listing and the launch of the CryptoMoonShot website. Nonetheless, the price fell the next day to $0.00000008 after a correction. There was a small peak on May 4 where the price increased to $0.000000096. This peak was possibly due to a report by CoinMarketCap that listed ECP as one of the top trending tokens in Europe.
On May 9, the token price reached another peak at $0.00000011, following news of a cryptocurrency exchange listing. ECP’s price dropped decreased again after a price correction. The price managed to recover slightly on May 12 before it dropped again due to overall negative cryptocurrency headlines in mid-May. At the moment, ECP trades at a stable price of around $0.000000007.
ECP price chart from May to August 2021. (Source: CoinMarketCap)
The ECP token supply is capped at 1 quadrillion tokens. According to the Whitepaper published in April 2021, the circulating supply is around 693 trillion tokens, with about 307 trillion tokens burned. Nonetheless, ECP’s market cap is unavailable as there is insufficient information regarding its more recent circulating supply.
Is Eclipse a Good Investment?
ValueScope, one of the developers stated that they created Eclipse as a project where developers are similar to normal token holders. As a result, developers will only have the same control over the system as ordinary token holders. For this purpose, the developers behind the Eclipse project went to great lengths to create a transparent and safe investment opportunity.
The developers avoid having huge holdings. They have two wallets where one is locked and the other is unlocked:
- Locked wallet: The locked wallet holds 4.5% of ECP tokens which will be unlocked in two phases. The first unlocking phase took place on July 11, 2021 and the second will happen on October 10, 2021. The funds within the wallet are for development and marketing.
- Unlocked wallet: The unlocked wallet holds 1.2% of ECP tokens. The developers sell the tokens in this wallet occasionally to fund development and marketing. The developers also stated that they would never sell tokens worth more than 5 BNB and cause a dump.
The Eclipse project has locked the liquidity pool on PancakeSwap for five years until April 11, 2026. The concept of liquidity locking prevents users from moving or redeeming funds until the pool is unlocked. The locking of these funds gives assurance to users as it means that a market for the ECP tokens will exist for the entirety of the locking period.
The smart contracts that the project uses are audited by solidity.finance and TechRate. The audit process looks for errors, issues, and security vulnerabilities in the smart contract code and provides suggestions for fixes and improvements. According to the audit reports, Eclipse’s smart contracts passed all of solidity.finance’s vulnerability tests and TechRate’s issue tests. The two smart contract auditing service providers concluded that the project’s smart contracts do not contain any high severity issues.
What Is the Future for Eclipse?
Even though solidity.finance and TechRate audited the Eclipse smart contracts, some believe that the audits do not necessarily ensure project safety. For example, TurtleDex, one of the previously mentioned BSC rug pulls also had its smart contract audited by TechRate. This audit did not find any huge issues with smart contracts, but the TurtleDex developers still managed to drain nearly $2.5 million from the protocol. On a positive note, the Eclipse platform implemented liquidity locking. As a result, the team cannot move funds from trading pools on PancakeSwap until the locking period expires.
Eclipse Charts, the second utility platform that the team planned to launch on July 1 has been delayed by more than a month. Nonetheless, the developers announced on August 9 that they would release the platform soon. Additionally, according to their roadmap, the team has more major platform launches and exchange listings lined up for 2021. However, the team has yet to announce the details about these platforms and exchange listings.
The Eclipse project is built on the BSC that focuses on creating tools to assess and analyze projects on the same chain. The team plans to introduce various utility platforms powered by its smart contracts and token that users can use to follow the development of the BSC projects. The project currently provides CryptoMoonShot, a platform where users can vote for specific BSC projects and vouch for their legitimacy. In addition, the team plans to release Eclipse Charts, its second utility platform where users can track the real-time price of BSC tokens using the provided analysis tools.
The Eclipse team has implemented various strategies to assure users that it is a safe and secure project. The project’s smarts contracts were audited and found to be free from significant issues by external smart contract auditing service providers. Furthermore, the developers have stated that they do not have large holdings of the ECP token and locked the liquidity pool on PancakeSwap to prevent rug pulls. If legitimate, Eclipse is a project that fills a niche in the cryptocurrency market by focusing on BSC tokens launched on DEXs. It has the potential to help users understand BSC tokens better and thus, make educated investments.