Connext Rebrands as Everclear Amid New Clearing Layer Launch

The blockchain interoperability project Connext will rebrand as Everclear. This initiative coincides with the launch of a settlement layer for intent-based bridges.

Connext is now ✨ Everclear: The First Clearing Layer ✨

Everclear coordinates the global settlement of liquidity between chains, solving fragmentation for modular blockchains.

Learn more about Everclear and how it powers the Chain Abstraction Stack! ? pic.twitter.com/dhWD5wBAnQ

— Everclear (prev Connext) (@EverclearOrg) June 3, 2024

Everclear will serve as the foundation of a modular stack, utilizing an open network of intent solvers and the Everclear chain based on optimistic rollup.

The settlement layer will focus on addressing issues related to rebalancing and intent settlement. This clearing layer, functioning as its own blockchain, will act as an internal liquidity platform, facilitating order matching.

The scheme operates as follows: when a user from one network wishes to interact with dapps on another, they broadcast their intent, allowing solvers to compete for execution for a small fee, deploying their own capital if necessary.

The team will allocate $5 million towards the development and implementation of the solution, funds acquired from the sale of Connext (NEXT) tokens to Pantera Capital in an over-the-counter deal.

Everclear is constructed as a rollup based on Arbitrum Orbit.

It employs Hyperlane for public communication between different chains and will be secured by EigenLayer, operating as an active validation service.

With this approach, Everclear aims to facilitate user interactions with dapps on any blockchains and assets with minimal fees and latency of less than ten seconds.

To date, developers have launched a testnet with several partners, including Socket, Particle Network, Router, Enzo, and others. The mainnet launch is expected in the third quarter of 2024.

TVL of Connext stands at $1.19 billion, distributed across 10 supported blockchains, according to DeFi Llama.

In June 2023, the project raised $7.5 million in a strategic funding round at a valuation of $250 million.

In September of the same year, the Connext Network airdrop was subjected to an attack.