Chain abstraction is the next core narrative in the modular development path. With the rise of the Rollup solution and RaaS, developing L2 has become very simple. For example, with the modular solution, it is very convenient to build L2, such as Op Stack, Arbitrum Orbit, or ZK Stack. This has led to an exponential growth in the number of L2s. Currently, there are 74 L2s online in the market, and more are about to be launched. This has led to widespread fragmentation of liquidity and user experience. Users are forced to choose the correct network, bridge assets, and obtain Gas tokens. However, liquidity does not flow between each other, and LP pools cannot effectively realize value acquisition.
Everclear (@EverclearOrg) as the first clearing layer of Web3, is effectively addressing the above pain points. Today, the mainnet test version of Everclear is officially launched, which will effectively solve the liquidity fragmentation problem of modular blockchain and become the infrastructure of the chain abstraction stack.
As the culmination of chain abstraction, it simplifies cross-chain intentions and implements modular settlement and clearing networks, which is suitable for any product with cross-chain intentions. All intention systems follow the same three main steps:
• Auction: Users express their intention to conduct cross-chain transactions. This intention is broadcast to the open solver ecosystem, and solvers compete based on time, pricing, or other parameters.
• Execution: The winning solver uses their funds to execute the intention on the target chain.
• Settlement: Then, the intention protocol uses the original funds of the users on the source chain to repay the solver.
The core five modules for executing intentions are:
Permission layer: Express user intentions and grant permission to execute these intentions.
Auction layer: Select which solver should fulfill the given intention.
Solver: Execute the intention on the target chain.
Clearing layer: Net settlement of solver invoices and selection of the best settlement path.
Settlement layer: Finally allocate funds back to the solver.
Core advantages:
• Reduce costs by 10 times through net settlement: By settling transactions on a net basis, Everclear reduces settlement costs and complexity by up to 10 times.
• Programmable settlement: Everclear supports programmable settlement, allowing anyone to build connections and coordinate message passing protocols, token standards, bridge specifications, and any other mechanisms for settling users.
• Permissionless liquidity and chain expansion: Everclear can provide permissionless liquidity for new chains from day one, which can serve as the foundation for intent-based bridges and chain abstraction applications.
Strong ecosystem adoption:
Key infrastructure: Celestia, EigenLayer, Hyperlane, The Graph, Nektar Network, Frontier Research
Rollup/RaaS: Arbitrum, Linea, Optimism, Gnosis, X Layer, AltLayer, Gelato, Router, etc.
Aggregators/Bridges: LIFI, Router, Symbiosis, Synapse
Chain abstraction protocols: Kontos, Orb Labs, Particle, Socket, Aori, NEAR, Enso, Khalani, etc.
Real data growth case #Renzo:
After integrating with the chain abstraction technology of #Everclear, #Renzo achieved an additional TVL growth of over $1 billion, empowering "L2 Restaking"!
Through the "Restaking Anywhere" collaboration between #Renzo and #Everclear, the data of #Renzo has achieved rapid growth, with 19.9% of the ezETH supply on the L2 integrated by #Everclear. The "Restaking Anywhere" product is a strong case that fits the market for #Everclear, as it allows L2 users to directly participate in the hottest spots of ETH (Eigenlayer) while avoiding unnecessary high costs and complex bridging. The success of "Restaking Anywhere" and the broader xERC20s is believed to lead to more cooperation cases between L2 and DEFI with #Everclear, achieving rapid growth and value acquisition.
Token economics:
After DAO proposal approval, Everclear is upgrading the $NEXT token and introducing a novel voting-bound token mechanism to better support the realization of the great vision of chain abstraction. The team has extended the token unlocking plan from 12 months to 18 months, with the new unlocking start date being December 2024, demonstrating the team's confidence and long-termism.
According to the DAO vote, the new token economics aims to incentivize solvers, liquidity providers, and arbitrageurs to maintain efficient clearing behavior:
$NEXT holders can stake the token and earn $vBNEXT, which can be used to guide token issuance to underutilized paths or chains.
Incentivize solvers and intention protocols to solve chain abstraction activities through Everclear, increasing liquidity and improving network efficiency.
The reward system will be established in advance to balance token supply growth and ensure strong incentives for rebalancing activities, preventing large liquidity providers from monopolizing rewards.
In summary:
Everclear, as the first participant in the clearing and settlement field, has significant significance and opportunity value, effectively integrating favorable value for L2 and DEFI applications and even the entire ecosystem. With more partners, a certain network effect will be formed, and settlement will become more and more efficient as you obtain real value flow between all bridges and amortize transaction costs on a larger scale.
Suppose if all other bridges are already using #Everclear, why would competitors still build their own clearing layer internally? We hold very optimistic expectations for the chain abstraction track and look forward to #Everclear playing an important role in the modularization of billions of dollars in encrypted clearing and in ETH expansion and Web3 user experience in the near future. It is worth looking forward to!
If you are building a chain abstraction project or are a solver/market maker/CEX, please contact #Everclear (@EverclearOrg). Join the DAO and build a future of chain abstraction with #Everclear.
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