Connext Rebrands to Everclear and Launches the First Clearing Layer Protocol to Fix Liquidity Fragmentation

Connext,
the
leading
protocol
for
blockchain
interoperability,
has
announced
its
rebrand
to
Everclear
to
build
the
first
Clearing
Layer
for
Web3,
aimed
at
solving
liquidity
fragmentation
for
modular
blockchains.
As
part
of
this
shift,
the
protocol
has
also
secured
$5
million
in
a
private
transaction*
with
Pantera
Capital
to
diversify
its
DAO. 

Modular
Fragmentation

As
L2s
have
become
faster,
cheaper,
and
easier
to
launch
than
ever,
the
number
of
new
chains
has
grown
exponentially,
with 53 already
up
and
running
and
even
more
on
the
way.
This
has
created
widespread
fragmentation
of
liquidity
and
UX.

Last
year,
the
Everclear
(prev.
Connext)
team
introduced the
Chain
Abstraction
vision:
users
should
never
need
to
care
what
chain
they
are
on.
Today,
there
is
a
growing
ecosystem
of
teams
working
to
realize
this
outcome,
primarily
using
a
technology
called intents that
allows
users
to
offload
the
complexity
of
managing
connections
to
many
chains,
paying
gas,
interacting
with
bridges,
and
other
user
experience
headaches
to
third-party
service
providers
called solvers.

Despite
the
growing
popularity
of
cross-chain
intents, solving
remains
a
highly
centralized
activity,
supporting
only
a
small
number
of
ecosystems,
largely
due
to
the
cost
and
complexity
of
rebalancing
inventory
between
chains.

“For
Chain
Abstraction
to
truly
fix
fragmentation,
we
need
intents
to
work
with
every
chain,
every
asset,
and
every
application,”
said
Arjun
Bhuptani,
co-founder
and
Chief
Researcher
at
the
Everclear
Foundation,
“This
means
we
need
to
rapidly
improve
the
economics
of
solving
and
rebalancing
liquidity for
everyone,
not
just
top
market
makers.”

Clearing
Things
Up

The
Everclear
team
believes
that
a
number
of
industry-wide
problems
related
to
fragmentation,
such
as
solver
rebalancing,
the
complexity
of
building
liquidity
on
new
chains,
the
trend
of
deploying
copies
of
dApps
to
each
chain,
and
the
lack
of
widespread
CEX
support
for
L2s,
are
all
manifestations
of
single
core
problem:
market
participants
today
are
playing
an
isolated,
PVP
game
for
managing
liquidity
across
chains.

On
a global basis,
however,
bidirectional
flows
of
liquidity
between
chains
are
quite
balanced
on
average,
with
over
80%
of
daily
volume
netting
off
between
chains.
In
other
words,
out
of
every
$100
transferred into chains
like
Arbitrum
per
day,
there
are
typically
$80
transferred
out.

Everclear
introduces
a
new
primitive:
Clearing
Layers.
Clearing
Layers
are
public
networks
that
let
market
participants
coordinate
the
netting
and
settlement
of
capital
flows
between
chains.
Clearing
Layers
act
as
the
foundation
of
the
emerging
Chain
Abstraction
stack,
powering
optimal
liquidity
and
settlement
for
intent
protocols,
solver
networks,
market
makers,
and
CEXs. 

Everclear
estimates
that
through
a
combination
of
netting
and
integrating
into
asset
&
ecosystem-specific
settlement
approaches,
such
as
CCTP
for
USDC,
their
system
can
reduce
the
cost
and
complexity
of
solving
(and
other
liquidity
management
across
chains)
by
as
much
as
90%.
Everclear
is
a
modular
system
comprised
of
an
open
network
of
intent
solvers
and
the
Everclear
chain;
an
Arbitrum
Orbit
rollup,
leveraging
Hyperlane
and
Eigenlayer
under
the
hood
to
connect
to
other
ecosystems. 

Lauren
Stephanian,
General
Partner
at
Pantera
Capital,
said,
“We’re
excited
to
support
Everclear
in
its
mission
to
streamline
blockchain
interoperability.
We
believe
this
innovative
Clearing
Layer
will
transform
the
way
liquidity
is
managed
across
modular
blockchains,
directly
enhancing
user
experience
and
operational
efficiency
across
the
ecosystem.”

The
rebrand
to
Everclear
follows
Connext’s
recent
growth
to over
$1
billion
in
TVL and
over
$500m
in
monthly
bridge
volume
while
maintaining
99.4%
network
uptime.
This
exponential
growth
has
been
driven
by
Connext’s
expansion
to
10
supported
chains
and
the
introduction
of
its
Restake
from
Anywhere
module
in
partnership
with
Renzo
Protocol.

Everclear’s
testnet
is
live
today
with
the
mainnet
scheduled
to
launch
in
early
Q3.

Everclear
launches
with
strategic
partners
including
Eigenlayer,
Arbitrum,
Hyperlane,
and
Gelato.
It
brings
together
supporters
including
Polychain,
Consensys,
1kx,
Ethereal
Ventures,
Coinbase
Ventures,
Polygon
Ventures,
Hashed,
OKX,
NGC,
KX
Bank,
Huobi,
a_capital,
Edge
and
Node,
eGirl
Capital,
Dokia,
IOSG,
Metacartel
Ventures,
Figment,
Scalar
Capital
and
No
Limit
Holdings.
Ecosystem
partners
include
Renzo,
Metamask,
Alchemix,
DappRadar,
LiFi,
Socket,
AltLayer,
Gnosis
Zodiac,
and
Lucid.
Infrastructure
partners
include
The
Graph,
P2P,
and
BWare. 

About
Everclear

Everclear
is
building
the
first
Clearing
Layer
for
web3.
Everclear
solves
fragmentation
for
modular
blockchains
by
coordinating
the
global
liquidity
settlement
between
chains.
Everclear
aims
to
build
an
open
and
accessible
future
where
users
can
reap
the
benefits
of
blockchains
without
specialized
knowledge
or
exposure
to
unnecessary
risk. 

For
more
information,
please
visit https://everclear.org

Disclaimer

*
The
lock-up
schedule
for
this
transaction
is
aligned
with
core
contributors
and
backers.