Eclipse Labs bans team member participation in upcoming ES token airdrop

Eclipse Labs, the company behind Eclipse, a layer-2 scaling solution for Ethereum, has barred its team members and employees from participating in the upcoming ES token airdrop. According to The Block, this move is scheduled to prevent the insider selling that has recently plagued the market. Eclipse claimed that the ES tokens allocated to its team and investors will be subject to a one-year lockup period after the coin's public listing, followed by a three-year vesting period. So far, the project has raised a total of roughly $65 million in funding, while having yet to decide the specific date for its ES token airdrop.