Everclear Launches Mainnet To Scale Chain Abstraction and Introduces New Token Mechanism

Everclear,
the
first
Clearing
Layer
for
web3,
has
launched
on
mainnet
to
solve
liquidity
fragmentation
for
modular
blockchains,
becoming
the
foundation
of
the
Chain
Abstraction
stack.
The
mainnet
will
operate
in
beta
for
the
first
weeks.
 Everclear
DAO
is
additionally
introducing
a
novel
vote-bonding
token
mechanism
for
its
token
NEXT. 

Chain
Abstraction,
the
design
pattern
that
simplifies
the
user
experience
of
interacting
with
multiple
blockchains,
is
getting
traction,
but
it’s
currently
limited
by
a
specific
issue:
bridges
and
their
operators
(solvers)
struggle
to
efficiently
rebalance
their
liquidity
and
maintain
the
balance
necessary
to
operate.
As
Layer-2s
have
become
faster,
cheaper,
and
easier
to
launch,
the
number
of
new
chains
has
grown
exponentially,
with 74 already
live
and
just
as
many
about
to
launch.
This
has
led
to
widespread
fragmentation
of
liquidity
and
UX.
Cross-chain
intent
systems
are
growing
in
popularity,
but
they
are
bottle-necked
because
rebalancing
their
capital
across
chains
remains
a
costly
and
complex
operation.
As
a
result,
there
are
just
a
 few
solvers,
they
are
barely
profitable, highly
centralized, and
cannot
support
all
assets
and
chains
needed
for
chain
abstraction
to
thrive. 

Everclear provides
the
foundation
for
Chain
Abstraction
to
scale
by
solving
the
challenge
of
coordinating
liquidity
settlement
between
chains.
Everclear
addresses
the
common
problem
of
solvers,
bridges,
and
protocols,
by
netting
bidirectional
flows
and
helping
them
rebalance
capital.
As
a
consequence,
all
those
entities
can
enable
chain
abstracted
experiences
at
a
fraction
of
the
cost,
making
any
cross-chain
intent
seamless
and
invisible
for
the
user.

Renzo,
a
liquid
restaking
provider,
secured
over $1
Billion in
additional
Total
Value
Locked
(TVL)
following
their
integration
with
Everclear
to
launch “Restake
from
Anywhere“.
Before
the
integration,
users
had
to
send
ETH
back
to
the
Ethereum
network
to
restake,
which
was
cumbersome
and
expensive.
Everclear’s
early
ecosystem
partners
include
Metamask,
Renzo,
Puffer,
Safe,
Near,
Router
Protocol,
Synapse,
Aori,
LiFi,
Socket,
Tokka
Labs,
Dialectic,
Rhino.fi,
Symbiosis,
and
many
more.
The
protocol
is
additionally
collaborating
closely
with
industry
heavyweights
such
as
Eigenlayer,
Arbitrum,
Hyperlane,
Gelato,
and
The
Graph
to
power
its
technology.

“In
a
world
of
1000s
of
chains,
the
future
of
application
development
is
Chain
Abstraction.
Developers
should
be
able
to
build
on
any
chain,
or
their
own
app
chain,
regardless
of
where
their
users
are,”
said
Arjun
Bhuptani,
co-founder
of
Everclear.
“To
make
this
possible,
blockchains
need
an
underlying
coordination
system,
the
Clearing
Layer,
to
net
off
and
settle
flows
of
user
funds
between
chains
efficiently.
Everclear,
and
its
novel
vote
bonding
mechanism,
promote
a
healthier,
more
unified
ecosystem
by
addressing
this
problem
for
every
new
chain
and
asset
out
there.”

New
Mechanism
To
Enable
Efficient
Clearing
At
Scale

Following
a
vote
from
the
DAO,
Everclear
is
upgrading
its
NEXT
token
to
incentivize
solvers,
blockchains,
and
protocols
to
keep
its
system
rebalanced.
NEXT
holders
can
stake
it
and
receive
vbNEXT
which
can
be
used
to
direct
emissions.
This
approach
encourages
solvers
and
intent
protocols
to
settle
activity
through
Everclear,
which
increases
liquidity
and
enhances
the
network’s
efficiency.
The
reward
system
will
be
set
up
in
advance
to
balance
token
supply
growth
and
ensure
strong
incentives
for
rebalancing
activities,
preventing
large
liquidity
providers
from
monopolizing
the
rewards.

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