Web3 settlement layer Everclear has officially launched its mainnet, aiming to address the liquidity fragmentation issue of modular blockchains and build the foundation for chain abstraction technology stack. The Everclear mainnet will run in a test version in its initial weeks. Additionally, Everclear DAO is introducing a new voting-bound token mechanism for its token NEXT.
The chain abstraction mechanism can effectively simplify the user experience of interacting with multiple blockchains. This design pattern has gradually gained significant attention, but it is currently limited by a specific constraint: the difficulty for cross-chain bridges and their operators (Solvers) to effectively balance their liquidity and maintain the necessary equilibrium to continue operations. With L2 networks running faster, at lower costs, and easier to launch, the number of new blockchain networks is growing exponentially—currently, there are 74 L2 chains live, with more networks set to be launched. This has led to high fragmentation of liquidity and user experience, making cross-chain intent systems increasingly popular. However, due to bottlenecks in cross-chain fund rebalancing, the operation costs are high and complex. As a result, only a few Solvers are currently undertaking this task, and they are almost unprofitable and highly centralized, unable to support the diverse assets and blockchain networks required for the flourishing development of chain abstraction.
By addressing the challenges of inter-chain liquidity settlement coordination, Everclear provides the foundation for the expansion of chain abstraction. It resolves the common problems faced by Solvers, cross-chain bridges, and protocols through bidirectional liquidity purification and fund rebalancing. As a result, all entities will achieve chain abstraction experiences at lower costs, making any cross-chain intent seamlessly and covertly accessible to users.
Liquidity restaking provider Renzo has launched the "Restake from Anywhere" event after integrating with Everclear, ultimately locking an additional total value locked (TVL) of over $1 billion. Before the integration, users had to send ETH to the Ethereum mainnet for restaking, which was both cumbersome and expensive. However, this process has greatly improved after the integration. Currently, early ecosystem partners of Everclear include Metamask, Renzo, Puffer, Safe, Near, Router Protocol, Synapse, Aori, LiFi, Socket, Tokka Labs, Dialectic, Rhino.fi, Symbiosis, and other protocols and applications. Additionally, Everclear has closely collaborated with industry giants such as Eigenlayer, Arbitrum, Hyperlane, Gelato, and The Graph, providing them with diverse technical support.
Arjun Bhuptani, co-founder of Everclear, stated, "In the crypto world with thousands of blockchain networks, the future of application development lies in chain abstraction. Developers should be able to build their products on any chain or conduct on-chain development in their own applications without considering where the users are. To achieve this, numerous blockchain networks need an underlying coordination system, namely a settlement layer, to efficiently offset and settle user fund flows between different networks. Everclear and its latest voting-bound mechanism will drive the emergence of a healthier and more unified ecosystem by addressing the relevant issues of each new blockchain network and its assets."
New Mechanism to Drive Large-Scale Efficient Liquidity Settlement
Based on community DAO organization voting, Everclear is upgrading its NEXT token to incentivize Solvers, blockchains, and protocols to maintain their system equilibrium. NEXT token holders can stake and receive vbNEXT, which can be used to guide token supply circulation. This method encourages Solvers and intent protocols to conduct relevant settlement activities through Everclear, increasing network liquidity and improving network operational efficiency. The reward system will be pre-set to balance token supply growth and ensure strong incentives for rebalancing activities, preventing large liquidity providers from monopolizing related rewards.
About Everclear
Everclear is building the first settlement layer in the Web3 space. By coordinating global liquidity settlement between blockchain networks, Everclear aims to address the fragmentation of modular blockchains, thus constructing an open and accessible future network. Users can enjoy the benefits of blockchain networks without requiring specialized knowledge or assuming unnecessary risks. For more information, please visit the official website: https://everclear.org.
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