Focusing on solving the problem of fragmented cross-chain liquidity, the Clearing Layer project Everclear announced today that its DAO has approved several key proposals, including the introduction of a new token economic system and the migration of tokens from NEXT to CLEAR. These decisions come as the mainnet Beta version has shown strong performance.
With the rapid development of modular blockchains, over 250 chains are now live on Everclear, with more chains being launched continuously. However, this rapid expansion has also brought about significant fragmentation in liquidity and user experience. Since the release of the mainnet Beta version, Everclear has achieved cross-chain transaction fees as low as 0.02% (2 basis points), with net settlement transactions accounting for 50% and monthly transaction volume tripling. As mainnet transaction volume continues to increase, the net settlement rate is expected to rise further, and transaction costs will decrease. These results demonstrate that Everclear can significantly reduce the cost and complexity of cross-chain operations while utilizing liquidity providers' funds more efficiently than existing protocols.
Challenges of Chain Abstraction
The challenge of chain abstraction lies in the need for liquidity providers to maintain liquidity within the ever-expanding Rollup ecosystem. Currently, newly launched Rollups must establish independent relationships with their respective cross-chain bridges, leading to inefficiencies in system scalability. The vbCLEAR model creates a market that allows each chain to directly incentivize solvers on any platform, significantly reducing the complexity of obtaining bridging support. By allowing chains to lock CLEAR tokens and allocate incentives to their ecosystems, this model provides solvers with the motivation to allocate funds in advance before natural trading volume forms on new chains, effectively addressing liquidity issues during the launch phase.
Arjun Bhuptani, founder of the Everclear Foundation, stated: “The strong performance of the mainnet Beta version validates Everclear's unique approach to building the first Clearing Layer to address liquidity fragmentation. The DAO's approval of these proposals marks a critical step towards creating a sustainable decentralized system that can efficiently coordinate global settlements and reward ecosystem participants.”
CLEAR Token Migration
The DAO-approved CLEAR token migration introduces a brand new token economic system, the vote-bonding system, aimed at incentivizing ecosystem growth and rewarding active participants. In this new model, CLEAR holders can stake their tokens for up to two years, allowing them to participate in protocol governance and share in protocol revenues. This system allows participants to allocate incentives to specific blockchains, ensuring optimal liquidity distribution within the ecosystem while creating a market for blockchain to incentivize support from liquidity providers, addressing the challenge of insufficient liquidity for new chains in their initial stages.
The approved proposals also establish a comprehensive reward program, with the first quarter set to launch at 9 PM Beijing time on December 6, 2024, lasting for three months. The total reward pool for this program includes 70 ETH and 6.25 million CLEAR tokens, aimed at driving early participation and promoting ecosystem growth. Reward tokens will be distributed to liquidity providers based on settlement activity to ensure that active contributors are rewarded for expanding liquidity.
The protocol has attracted participation from several well-known ecosystem participants, including Synapse Protocol, Router Protocol, Tokka Labs, and Aori, who actively engage in coordinating the settlement market and serve as fund allocators and liquidity providers. Everclear's vision and expertise have also garnered support from top investment institutions, including Polychain Capital, Pantera Capital, NGC Ventures, 1kx, Polygon Ventures, Coinbase Ventures, and Ethereal Ventures.
Token migration will begin at 9 PM Beijing time on December 6. Users holding NEXT tokens on any Layer 2 (such as Arbitrum, Optimism, Polygon, BNB, Gnosis) will automatically upgrade to CLEAR without any action required. NEXT holders on the Ethereum mainnet can manually migrate their NEXT tokens to CLEAR at a 1:1 ratio through a simple process provided in the official Everclear announcement. After migrating to CLEAR, mainnet users can stake their tokens to receive vote-bonded CLEAR, allowing them to participate in governance decisions and share in protocol fees and rewards during the first quarter.
About Everclear
Everclear is the first Clearing Layer for Web3, addressing the fragmentation issues of modular blockchains by coordinating global settlements of inter-chain liquidity. Through its innovative net settlement and clearing methods, Everclear reduces the cost and complexity of cross-chain operations while enabling seamless liquidity flow and permissionless chain expansion. The protocol serves as the foundation of the chain abstraction stack, driving the realization of next-generation blockchain interoperability.
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