Web3 clearing layer Everclear officially launches mainnet and introduces new token mechanism

On September 18, 2024, Everclear, the first Web3 clearing layer, was launched on the mainnet, aiming to solve the liquidity fragmentation problem of modular blockchains and become the foundation of the Chain Abstraction technology stack. The mainnet will run in a test version in the early stage, and Everclear DAO also launched a new voting staking token mechanism for the token NEXT.

Chain abstraction is gaining more and more attention as a design pattern that simplifies the user experience of interacting with multiple blockchains, but currently faces a key problem: bridges and their operators (solvers) have difficulty rebalancing liquidity efficiently and maintaining the necessary operational balance. As Layer2 technology speeds up, costs down, and the threshold for launching is lowered, the number of new chains has grown exponentially, with 74 chains currently online and others coming soon. This has led to a serious fragmentation of liquidity and user experience. Although cross-chain intent systems are becoming more and more popular, these systems often encounter bottlenecks because rebalancing capital between chains is still a costly and complex operation. As a result, there are currently only a handful of solvers with limited profitability, high concentration, and unable to support all the assets and chains required for chain abstraction.

Everclear not only lays the foundation for the expansion of chain abstraction by solving the coordination challenges of inter-chain liquidity settlement, but also solves common problems faced by solvers, bridges, and protocols by cleansing two-way flows and helping to rebalance capital. As a result, these entities are able to achieve a chain abstraction experience at a lower cost, making any cross-chain intentions seamless and invisible to users.

Renzo, a liquidity re-staking provider, has obtained more than $1 billion in TVL after integrating with Everclear to launch "Restake Anywhere". Prior to this, users had to transfer ETH back to the Ethereum network for re-staking, which was a cumbersome and expensive process. Everclear's early ecosystem partners include Metamask, Renzo, Puffer, Safe, Near, Router Protocol, Synapse, Aori, LiFi, Socket, Tokka Labs, Dialectic, Rhino.fi, Symbiosis, and others. In addition, the protocol is working closely with industry giants such as Eigenlayer, Arbitrum, Hyperlane, Gelato, and The Graph to advance its technology.

"In a world with thousands of chains, the future of application development is chain abstraction. Developers should be able to develop on any chain or their own application chain, no matter where the users are." said Arjun Bhuptani, co-founder of Everclear. "To achieve this goal, blockchains need a basic coordination system - the clearing layer - to efficiently purify and settle user funds between chains. Everclear and its novel voting staking mechanism promotes a healthier and more unified ecosystem by solving problems for each new chain and asset."

New Mechanism Supports Efficient Clearing at Scale

Following a DAO vote, Everclear will upgrade the NEXT token to incentivize solvers, blockchains, and protocols to keep the system rebalanced. NEXT holders can stake tokens and earn vbNEXT, which can be used to guide emission. The approach is designed to encourage solvers and intent protocols to settle activity through Everclear, thereby increasing liquidity and improving network efficiency. The reward mechanism will be set in advance to balance token supply growth while ensuring strong incentives for rebalancing activity and preventing large liquidity providers from monopolizing rewards.

About Everclear

Everclear is building the first clearing layer for web3, solving the fragmentation problem of modular blockchains by coordinating liquidity settlements across chains around the world. Its goal is to create an open and accessible future that allows users to take full advantage of blockchain without requiring expertise or exposure to unnecessary risk. For more information, please visit https://everclear.org.

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